Kit Chellel
Bloomberg
October 21, 2013

Current and former executives at Barclays Plc knew that the bank submitted lower-than-accurate Libor rates as early as 2007, according to transcripts of conversations between executives cited in a U.K. court case.

Mark Dearlove, head of Barclays’s money-market desk, told another executive, Jonathan Stone, he’d received complaints about the bank’s submissions from an employee of JPMorgan Chase & Co., according to a transcript dated December 2007 and handed down in court. The document is being used as evidence in a lawsuit in London against Barclays over an interest-rate swap.

“I don’t know what you guys are playing at,” Dearlove said. “We know you’re paying 540m, why are you setting Libor rates at 530?”

Read more


NEWSLETTER SIGN UP

Get the latest breaking news & specials from Alex Jones and the Infowars Crew.

Related Articles


Comments