- Infowars - http://www.infowars.com -

Barclays Executives Knew of Libor Lowballing, Guardian Claims

Posted By Adan On October 21, 2013 @ 11:46 am In Economic Crisis,Old Infowars Posts Style | Comments Disabled

Kit Chellel
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

Article printed from Infowars: http://www.infowars.com

URL to article: http://www.infowars.com/barclays-executives-knew-of-libor-lowballing-guardian-claims/

Copyright © 2015 Infowars. All rights reserved.