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Article: TOP BRASS MAY PAY FOR NATIONAL AUSTRALIA BANK TRADING SCANDAL.
- Article from:
- AsiaPulse News
- Article date:
- January 23, 2004
CopyrightCOPYRIGHT 2004 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SYDNEY, Jan 23 Asia Pulse - Senior management at the National Australia Bank may be held accountable for the rogue trading scandal that could cost the NAB as much as A$600 million (US$466 million).
NAB chief executive Frank Ciccuto said today that responsibility for the rogue currency trades and any breaches in procedures would be established right up the chain of command.
And Mr Ciccuto denied that the NAB had endorsed an aggressive trading culture among its foreign exchange dealers.
"It has not been our policy to encourage a more aggressive approach to proprietary trading. Nothing could be further from the truth," he said in a Corporate File ...