LIBOR

Let’s ask a Lloyds Banking Group employee. Read more »

If the UK Serious Fraud Office and the people who are in charge of extradition have anything to say about it. Read more »

Deutsche Bank has concluded co-Chief Executive Anshu Jain is clean after an internal investigation into the role of the bank into the manipulation of global interest rates, German newspaper Frankfurter Allgemeine Sonntagszeitung reported. Citing supervisory board sources, the paper reported that the internal probe had cleared Jain of involvement in the Libor scandal after scrutinizing bank documents and interviewing hundreds of Deutsche Bank employees. [Reuters]

  • 06 Dec 2013 at 2:06 PM

Bob Diamond To Have A Little Chat Re: Libor

Former Barclays boss Bob Diamond and other past executives at the British bank are set to be called as witnesses next year in a court case relating to the alleged manipulation of Libor interest rates. Barclays is being sued for up to 70 million pounds ($114 million) by Guardian Care Homes, a UK residential care home operator, which alleges the bank mis-sold it interest rate hedging products that were based on Libor…A UK judge on Friday refused Barclays’ attempts to adjourn the trial, which is due to start in April. [Reuters]

Time was, all a bank employee wanting to manipulate forex rates had to do was sit down at his desk, send a message to a fellow bank employee possessing equally loose morals (and a taste for being called “big boy“) and before you could say “let’s pop this bottle of Bollinger,” the job was done. Which is why UBS has decided to cut its people off at the source. It hasn’t figured out a way to eradicate Libor and other types of rate manipulation entirely, but it has figured out a way to make it slightly more difficult for people who don’t know how to use a phone. As an added bonus, it’ll be giving managing directors the extra responsibility of acting as chat room hall monitors, muttering “this is why we can’t have nice things” while handing out passes, hitting AIM-style warn buttons, and occassionally peeking under men’s room stalls for rogue chatters while doing actual work. Read more »

The Swiss bank is in the clear when it comes to further fines and all it has to do is rat out all the other banks it knows is engaging in the same thing its own employees have done. Read more »

“Don’t worry mate — there’s bigger crooks in the market than us guys!” the Rabobank yen Libor submitter, identified as Submitter-4 in the filing, said in a Sept. 21, 2007, e-mail, after agreeing to increase its submission to the one-month yen rate by seven basis points from the previous day. Another mid-level manager joked to a colleague seeking help rigging rates: “I am fast turning into your Libor bitch!!!” [Bloomberg]