• 11 Feb 2013 at 1:12 PM

RBS Executives Learn Something New Every Day

Royal Bank of Scotland Group Plc executives told lawmakers they believed it was impossible to rig Libor, less than a week after regulators found traders at the lender manipulated the benchmark for more than four years. “None of us thought of this as a risk that needed this level of attention,” said John Hourican, who resigned as investment-banking head after the fine, told a hearing of the Parliamentary Commission on Banking Standards in London today. “It just didn’t occur to anyone that it could be fiddled,” former investment banking chairman Johnny Cameron told lawmakers. [RBS]

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Comments (18)

  1. Posted by guest | February 11, 2013 at 1:21 PM

    “It just didn’t occur to anyone that it could be fiddled,”

    oh, um, us too.

    -barclays, deutsche, ubs

  2. Posted by Guestido | February 11, 2013 at 1:43 PM

    I'll give you something to Fiddle…

  3. Posted by Doubleline Rates Guy | February 11, 2013 at 1:59 PM

    Go on….

  4. Posted by The Paternos | February 11, 2013 at 1:59 PM

    We agree completely. Perhaps you should commission an unbiased report to exonerate yourselves.

  5. Posted by Dell Spcl Committee | February 11, 2013 at 2:04 PM

    Don't forget to hire a top-tier consultancy to advise.

  6. Posted by BNY Mellon | February 11, 2013 at 2:08 PM

    Holy shit! RBS stands for Royal Bank of Scotlad?!?

    -P. Nielsen

  7. Posted by PricelineNegotiator | February 11, 2013 at 2:16 PM

    I got a 4 star hotel for only $179.95 a night!

    ~ Priceline Negotiator

  8. Posted by I said it | February 11, 2013 at 2:17 PM

    Men should always drive manual transmission cars. Automatics were made for females so they can talk on the phone and crash into trees when driving.

  9. Posted by PermaGuestII | February 11, 2013 at 2:40 PM

    Je suis d'accord!

    -Capt. Louis Renault, Gendarmerie National du Maroc

  10. Posted by Matt's Intern | February 11, 2013 at 2:43 PM

    There was a very awkward silence when Matt and Shazar had a bit of a disconnect on what Jon meant when he assured the group that he could "drive a stick."

  11. Posted by BBC | February 11, 2013 at 3:01 PM

    “None of us thought of this as a risk that needed this level of attention,” said John Hourican. He continued, "And, to be fair, that's probably a good thing. Things which received the benefit of our attention caused us to lose 25 billion pounds Lord knows how much more could have gone wrong had we turned our attention to this as well."

  12. Posted by NakedShort | February 11, 2013 at 3:21 PM

    According to GI Joe knowing is half the battle.

  13. Posted by L. Armstrong | February 11, 2013 at 3:41 PM

    They never cheated!

  14. Posted by guest | February 11, 2013 at 3:44 PM

    In addition to not knowing that RBS had huge exposure to subprime mortgages, Cameron now admits that he found LIBOR vewy, vewy confusing as well.

  15. Posted by St. Mel | February 11, 2013 at 3:44 PM

    Fix Libor once for a trader and you help him for a day. Teach a trader to fix Libor and you'll lose a shitload of money to someone else.

    -He of the Financial Parables

  16. Posted by Dick | February 11, 2013 at 4:44 PM

    Bravo

  17. Posted by Edmond_Dantes | February 11, 2013 at 7:35 PM

    Here I am!!
    Rock me like a Houricain !!!

    Lloyd 'Superfly' Blankfein

  18. Posted by Guest | February 12, 2013 at 8:22 PM

    Unsung-hero comment of the day.