'It's just amazing how Libor fixing can make you that much money': Traders gleefully admitted rate fixing was 'cartel'
Wednesday 06 February 2013
RBS traders gleefully admitted Libor setting had become a “cartel” as another raft of damning emails gave the reputation of the industry a fresh beating today.
Senior yen traders said the practice was “getting nutss [sic]” in August 2007. One said: “its just amazing how libor fixing can make you that much money.” Another exchange in December 2007 had one trader complaining about high Libor — “ucksake. keep ours low if poss” — and threatening to “send the boys round” to rival banks.
Email exchanges between derivative traders and Libor submitters in 2009 had one trader admitting “im like a whores drawers” as he pressed the submitter to lower the Libor fixing.
Another Swiss franc trader in December 2008 — two months after RBS was bailed out with billions from the taxpayer — offered some “sushi rolls from yesterday” in return for a low submission of six-month Libor. Another offered to “make love” to a colleague.
As late as 2010, brokers were pushing RBS submitters to drop their three month yen libor submission. One said: “If u cud see ur way to a small drop there might be a steak in it for ya, haha.”
Managers were also complicit in the fixing, rather than warning off submitters, pushing them to drive Libor lower “within the acceptable bounds”.
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 3 Israel-Gaza conflict: The myth of Hamas’s human shields
- 5 Dutch paedophile club to fight their ban at the European Court of Human Rights
Lana Del Rey: 'I have slept with a lot of guys in the industry'
Peaches Geldof cause of death: 'Heroin addict' socialite had taken fatal dose of drug, inquest concludes
Peaches Geldof inquest: Tragic final moments of socialite's life reveal she lied to husband about failed heroin tests
Israel-Gaza conflict: The myth of Hamas’s human shields
Malaysia Airlines MH17 crash: Was a Russian-made missile really parked in this quiet square?
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...