BofA Is Among Big Banks Censured By Singapore Authorities and 2 Other Hot Stocks to Watch
Bank of America Corporation (NYSE:BAC): Current price $13.12
On Friday, monetary regulators in Singapore censured 20 of the top banks in the world in regards to attempts at manipulation of local benchmark interest rates that form a part of a larger rate-rigging scandal being examined by authorities worldwide. The financial institutions included the Wall Street giants Bank of America and JPMorgan Chase & Co., and were found to lack adequate risk management and internal controls, which permitted some of their traders to try to modify rates which included the Singapore interbank offered rate, known as Sibor. As a part of its inquiry, the Monetary Authority of Singapore reported that 133 traders at firms such as Credit Suisse, Citigroup and ING attempted to influence the local benchmark rate to their own financial gain during a five-year period that begun in 2007.