Fraud squad lawyer tells court two ex-Barclays traders accused of Libor rigging treated honesty as if it were expendable

Tuesday 28 February 2017 2:11 pm Fraud squad lawyer tells court two ex-Barclays traders accused of Libor rigging treated honesty as if it were expendable “Essentially, it’s cheating,” she said of the bankers’ alleged actions to nudge the rates in their favour.She added that, had those on the other side of Barclays’ trading activities known what was going on, “they would, you might think, have hardly traded with Barclays on that basis”.The court was told two former Libor submitters for the bank, Peter Johnson and Jonathan Mathew, have already been convicted for Libor manipulation.However, Deacon noted it was not the fraud squad’s argument that Libor rigging was the only way in which the pair standing trial made profits, “or that they weren’t otherwise perfectly good at their jobs”.The case, which is expected to run for around six weeks and is being heard in Southwark Crown Court, is ongoing. More From Our Partners ‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Both men have pleaded not guilty to one charge each of conspiracy to defraud.Emma Deacon, lawyer for the SFO, told the court the two men were, in their actions, “driven by money”.”Their singular goal was to make more profit on their trading; and, as you will see, insofar as they stood in the way, honesty and integrity were matters which were entirely expendable,” she added.Libor, described as Deacon as being “at the heart of this fraud”, is a benchmark rate and, the lawyer added, “represents the interest rate at which major banks could money from each other”.During the time period the case is concerned with, US Dollar Libor was set using a trimmed average of submissions from 16 panel banks, with Deacon remarking there was “considerable kudos attached” to being one of these banks. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePopular Science10 extraordinary volcanic eruptions that changed the worldPopular ScienceUndoQuizotoTake the Friends Quiz! Let’s See How Much You Really Know About Friends!QuizotoUndoHealth.recetasgetHeart Attack Early Warning Signs and SymptomsHealth.recetasgetUndoWeniixTop 5 Best Affordable Sports Cars 2021 – WENIIXWeniixUndoThe Extraordinary ChrisGet your HoroscopeThe Extraordinary ChrisUndoAll Day Home Warning! 10 Subtle Signs of Kidney Diseases that Should Never Be IgnoredAll Day Home UndoAnyMuscle9 early warning signs and symptoms of diabetesAnyMuscleUndoAuto carLook: Top 5 best pick-up trucks 2021 | AutocarAuto carUndoRV Insurance | Search AdsSearch Latest Recreational Vehicle Insurance Prices TodayRV Insurance | Search AdsUndo Hayley Kirton Share A lawyer acting for the fraud squad told a court today that two ex-Barclays traders accused of Libor rigging treated honesty as if it were expendable.The Serious Fraud Office (SFO), which is prosecuting the case, has claimed Stylianos Contogoulas, 45, and Ryan Reich, 35, played roles in a conspiracy to fix the benchmark rate between 1 June 2005 and 1 September 2007. whatsapp whatsapp