July 20th, 2012
11:04 AM GMT
Editor’s note: Outlook is CNN's in-depth look at business climates around the world. To August 12, 2012, we’re focusing on Singapore.
Singapore (CNN) – How did the banking community lose its integrity?
Singapore’s Minister for Finance, Tharman Shanmugaratnam, believes that culture had a part of play.
“We have to find a way to get back to a system that has individual and collective responsibility,” he told Richard Quest.
“Firstly, I think we went through a period of regulatory naivety, on both sides of the Atlantic and globally; deregulation went too far. Second, self regulation didn’t work. Part of the reason was an excessive faith in mathematical models and a loss in the role of judgement and responsibility among boards and senior management.
“These are not problems inherent in banking or global finance, these are problems especially of the last ten years.”
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