‘FULL MIGHT OF LAW’
Gordhan berates banks for reckless acts in forex collusion scandal
Greed leads to more recklessness in race for higher salaries or bonuses, warns the finance minister
Finance Minister Pravin Gordhan said on Wednesday that traders implicated in colluding on currency trades should be "dealt with". Gordhan was questioned ahead of his budget speech on the investigation undertaken by the Competition Commission into collusion by bank traders. He said it was good that the commission had identified the rogue traders and that they would be dealt with, although the minister cautioned that the Competition Tribunal still had to hear the case. "It is good that we are raising the question of a reckless culture in certain parts of financial institutions which leads to greed. Greed leads to more recklessness in terms of how profits are to be made so that higher salaries or bonuses can be paid," Gordhan said.
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