Currency manipulation, cont’d

“Forex Inquiry Eyes Former RBS Trader,” Wall Street Journal, October 15, 2013 C1 http://on.wsj.com/H1IDsT

I file this one under knowledge management, in the Learn Before stage.  An employee, who while at RBS was a member of “The Bandits’ Club” and “The Cartel,” is suspected by UK’s Financial Conduct Authority of colluding  with traders at other banks to manipulate currency markets.

He is now the head of spot trading for Group 10 currencies at J.P. Morgan.

I guess the interview didn’t include any questions about club memberships.

And what impact on your company’s compliance culture when your boss is implicated in such activity?  Or do you need a compliance culture first? And what additional controls might you want to put in place if you hired him anyway?

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Filed under Controls, Culture, Duty of Care, Internal controls, Investor relations, Knowledge Management

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