Page 15 FSA Report:
"On 26 October 2006, an external trader made a request for a lower three month US dollar LIBOR submission. The external trader stated in an email to Trader G at Barclays
“If it comes in unchanged I’m a dead man”. Trader G responded that he would “have a chat”. Barclays’ submission on that day for three month US dollar LIBOR was half a basis point lower than the day before, rather than being unchanged.
The external trader thanked Trader G for Barclays’ LIBOR submission later that day:
“Dude. I owe you big time! Come over one day after work and I’m opening a bottle of Bollinger”.
Libor is the benchmark for about $360 trillion worth of financial contracts worldwide.
The fine of course may be but the tip of the iceberg, if victims of this manipulation (eg mortgage holders) were to sue Barclays via a class action.Any source
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