http://www.ft.com/cms/s/0/fed38a0a-d4d5-11e2-b4d7-00144feab7de.html#axzz2eeCLYJk4
http://online.wsj.com/article/SB10001424127887323734304578545110537362372.html
Global scandals involving rate-rigging in banks are being thrust into the spotlight. In Singapore, it has recently been revealed that 20 banks and 133 traders attempted to manipulate key benchmarks in order to make a profit on the resulting derivatives. The Monetary Authority of Singapore (MAS) has been brought to action regarding the information that has come to light. The banks involved have been ordered to set aside large deposits ranging from $79.8 million (US) to $957 million (US) depending on the extent of the allegations. The deposits will be refunded only if the banks have resolved the issues in management and leadership that allowed this situation to take place.
“The traders’ conduct reflected a lack of professional ethics,” the MAS stated, referring to the morals that outline the rules of the business world. But often it seems that many are willing to cross the line if the pay-off is big enough. How far are you willing to go to make a profit? What will you do to get that promotion? For the traders partaking in the rate-rigging scandal, it seems they believed the trade-off of extra profit for a little falsification was worth it. However, the heavy consequences they are facing now tells a different story.