Thursday, April 7, 2016

Former Barclays trader alleges bosses knew of Libor fix

A former trader at Barclays, one of five on trial on charges of conspiracy to manipulate financial benchmark interest rates, has alleged that bank bosses approved and condoned the practice.

The Serious Fraud Office (SFO) has charged Barclays’ former rate submitter Jonathan Mathew, and former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich each with one count of conspiracy to defraud by manipulating US dollar Libor rates between June 2005 and September 2007. The five men have pleaded not guilty.

Merchant, who was the line manager of Pabon and Reich, told the SFO in March 2014 when being interviewed as a suspect at the time in the case, that his bosses at Barclays had known and approved the practice of submitting Libor requests to their London submitters, James Hines, prosecuting counsel for the SFO told Southwark crown court.

http://www.theguardian.com/business/2016/apr/07/former-barclays-trader-alleges-bosses-libor-rate-rigging-manipulation?

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