brucekrasting.com / By Bruce Krasting / January 28, 2013
It’s been a long time since I was last in Singapore. It was a financial powerhouse then – it’s a monster today. Hong Kong and Tokyo were the big financial hubs back then, but in my experience, the best traders were always in Singapore. Beyond talent, Singapore had another element that made it a success – money – lots of it. None of that has changed. Singapore was then, and still is, rightfully proud of its reputation as a financial seat of power.
My recollection of Singapore is that it was a very orderly place. The sidewalks were crowded, but the people walked in well-organized lines. (I’m used to the chaos you might get on NYC’s streets.) There was no jaywalking in Singapore. To step off the curb was a big fine, and there were police making sure there were no offenders. The streets were immaculate. Littering was not allowed. There are no gum marks on the sidewalks either. Chewing gum has been banned for 20 years. And of course, there is that “canning’ thing that Singapore is famous for.
I bring this us as a background to a Reuters story that has my interest. There is a rate fixing scandal in Singapore that has been simmering for a few months, it is now blowing up.