MAS step in to stop traders manipulate SIBOR

[Yewheng]

133 traders in all around 20 banks is involved and 3/4 has resigned or ask to leave. 19 Banks are now to set aside reserves by end of this month for the traders action, some bank need to set aside as high as 1billion.

 

Looks like this year bankers will not get good bonus due to so much opportunity cost lost and also large amount of $ taken out to put into reserves.

 

 

http://www.channelnewsasia.com/news/singap...nks/710364.html

Edited June 14, 2013 by Yewheng

[CH_CO]

Normal , easy money comes at a high price no bonus for them no big deal job merry go round and life carries on.

[Blackyv]

If got balls, go after the oil cartel also lar.....

[Matrix0405]

How do they make money when they rig sibor?

[Kezg1]

If got balls, go after the oil cartel also lar.....

 

 

 

You askg them to throw away $$ that come easily...iirc 40% every dollar

[Throttle2]

133 traders in all around 20 banks is involved and 3/4 has resigned or ask to leave. 19 Banks are now to set aside reserves by end of this month for the traders action, some bank need to set aside as high as 1billion.

 

Looks like this year bankers will not get good bonus due to so much opportunity cost lost and also large amount of $ taken out to put into reserves.

 

 

http://www.channelnewsasia.com/news/singap...nks/710364.html

 

 

Er....

Work in bank = banker ?

 

 

Muayhaha

 

[Wind30]

will sibor goes up because of this?

 

I not banker but should be right? since the cost of doing business in Singapore has just gone up...

Edited June 15, 2013 by Wind30

[Wind30]

How do they make money when they rig sibor?

 

dunno leh... maybe rig it to like super low at 1% for 1-2 years. Suck in all the people who want to take 20-30 year loan, then change the rate to 5+%???

 

That sound like a viable method of earning money...

[Icedbs]

The old saying still holds true...never trust a banker!

 

I have many banking friends. I never trust one of them.

Edited June 15, 2013 by Icedbs

[Fcw75]

You askg them to throw away $$ that come easily...iirc 40% every dollar

 

40 cents per Litre.

[Icedbs]

will sibor goes up because of this?

 

I not banker but should be right? since the cost of doing business in Singapore has just gone up...

 

It's not a difficult concept....read this: http://en.wikipedia.org/wiki/Libor_scandal

 

 

[Tedlhw]

133 traders in all around 20 banks is involved and 3/4 has resigned or ask to leave. 19 Banks are now to set aside reserves by end of this month for the traders action, some bank need to set aside as high as 1billion.

 

Looks like this year bankers will not get good bonus due to so much opportunity cost lost and also large amount of $ taken out to put into reserves.

 

 

http://www.channelnewsasia.com/news/singap...nks/710364.html

 

 

haha, sounds like sour grapes.

Unfortunately, there's no reason to be happy.

This has very minimal impact.

Now this(see below), is a different thing, fines running into hundreds of millions GBP.

http://www.bloomberg.com/news/2013-02-26/r...llion-plus.html

 

If bankers are getting smaller bonuses, it will not be because of MAS.

 

With statements like yours, i think MAS has achieved their motive, because the headline number is bound to impress the general public.

Setting aside money without interest for 1 year?

I think its a very friendly slap on the wrist, if you ask me.

 

[Wind30]

haha, sounds like sour grapes.

Unfortunately, there's no reason to be happy.

This has very minimal impact.

Now this(see below), is a different thing, fines running into hundreds of millions GBP.

http://www.bloomberg.com/news/2013-02-26/r...llion-plus.html

 

If bankers are getting smaller bonuses, it will not be because of MAS.

 

With statements like yours, i think MAS has achieved their motive, because the headline number is bound to impress the general public.

Setting aside money without interest for 1 year?

I think its a very friendly slap on the wrist, if you ask me.

 

I think you did not read the fine print. It is not for 1 year. MAS says depending on how the banks perform, the 1 year duration can be varied, ie can change to 2 years, 5 years or 10 years. I think that is quite clever. Basically, you don't want to just fine them, you want them to fix things. To do that you have to give them some incentives. Much better than the UK way of doing things. I think some online news sites already said so.

 

http://www.mas.gov.sg/news-and-publication...benchmarks.aspx

Edited June 15, 2013 by Wind30

[Duckduck]

Why isnt anyone asking if the CEO n CFO knew wat was happening? The values involved look like something under at least CFO office. So far no CEO n CFOs have been under fire or left right?

[Staff69]

why worry so much about others. since few years back, MAS already implemented 40 or 50% down payment.

 

so even affected, only half of the amount. 为什么要担心 ,

 

如果要担心，担心自己

Edited June 15, 2013 by Staff69

[Solar]

is this 'reserve' set aside also mean like 'guarantee money' they don't play play?

can get makan anytime by mas?

 

 

[Throttle2]

Why isnt anyone asking if the CEO n CFO knew wat was happening? The values involved look like something under at least CFO office. So far no CEO n CFOs have been under fire or left right?

 

On the contrary, such things got nothing to do with CEO / CFO, its with the trading desks.

 

Of course the CEO will be under fire when such things happen.

Eg. If a rifle gets lost due to the actions of a serviceman, what happens to the CO?

 

 

[Windwaver]

haha, sounds like sour grapes.

Unfortunately, there's no reason to be happy.

This has very minimal impact.

Now this(see below), is a different thing, fines running into hundreds of millions GBP.

http://www.bloomberg.com/news/2013-02-26/r...llion-plus.html

 

If bankers are getting smaller bonuses, it will not be because of MAS.

 

With statements like yours, i think MAS has achieved their motive, because the headline number is bound to impress the general public.

Setting aside money without interest for 1 year?

I think its a very friendly slap on the wrist, if you ask me.

 

Senior management will still be getting their big fat bonus irregardless of how severe the 'slap' is . I see until sian liao, year after year also the same la.