Libor Trials Continue: Is It Wrong To Be “Driven By Money”?

[kreslik.news]

Five former Barclays bankers who were accused of conspiring to rig Libor interest rates were “driven by money”, and their offence, according to the London court where they were charged, “is no different from stealing.”

Jonathan Mathew, Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich all deny the charges of conspiracy to defraud with other Barclays employees between June 1, 2005 and August 31, 2007. The men are all accused of one count of conspiracy to defraud counterparties with whom they traded by dishonestly manipulating the London Interbank Offered Rate (Libor), the benchmark interbank lending rate.

Libor is calculated and published ... (read more)