Let’s ask a Lloyds Banking Group employee.

Britain’s largest mortgage lender today agreed to pay 226 million pounds ($383 million) in fines to U.S. and U.K. authorities for manipulating benchmark interest rates. Lloyds employees sought to manipulate the London interbank offered rate, benchmark for more than $300 trillion of securities worldwide, to profit from derivatives and to make the bank seem financially healthier than it was, according to regulators…When a Yen Libor submitter at Rabobank told a Lloyds counterpart he was entering an “obscenely high” rate on July 28, 2006, the British bank’s employee responded by saying “oh dear..my poor customers….hehehe!!”

There you have it.

‘Every Little Helps’ for Lloyds Traders Rigging Benchmark Rates [Bloomberg]

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  1. Posted by guest | July 28, 2014 at 4:10 PM

    damn, I was going to guess it was a "lolz"