#AceNewsReport – Mar.02: Stylianos Contogoulas and Ryan Reich deny one count of dishonestly skewing Libor, a benchmark for interest rates on about $450 trillion of financial contracts and loans worldwide, to boost profits and defraud others between June 2005 and September 2007.
Ex-Barclays traders put money before honesty, UK court hears Emma Deacon, prosecutor for the SFO, said the men “essentially cheated” others when they schemed with London-based Libor submitters, responsible for sending the bank’s daily cost of borrowing estimates to a Libor administrator, to try to ensure that U.S. dollar Libor rates would bolster their trading positions.
“So this case concerns traders at Barclays bank rigging, to their own advantage, or that of the bank, what is, in fact, a global benchmark interest rate,” she told the jury on the first day of a six-week trial.
“In doing so, they were driven by money. Their singular goal was…
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