(Dec 11): Talk about shutting the stable door after the horse has bolted.

The looming insolvency of once-mighty commodities trader Noble Group is an overdue reckoning for a company that has long sailed close to the wind.

More than that, though, it’s a black mark against the city-state where it’s been listed since 1997: Singapore. Noble has spent the past year squirming through an attempted restructuring to keep it from bankruptcy, hampered by its money-losing operating business and years of squandered trust.

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