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?”