Emails between staff about fixing Libor were “improper”, says former Barclays senior executive April 26, 2016 A former senior executive at Barclays has today called emails between staff at the bank about setting Libor to better suit their trading position "improper". Eric Bommensath was formerly global head of fixed income at the bank and today gave evidence in a trial against five former Barclays employees accused of offences relating to manipulating US-dollar linked [...]
Libor trial: Barclays trader thought compliance team knew of rate setting emails, court hears April 11, 2016 One of the former Barclays traders standing trial over conspiracy to manipulate the US dollar Libor rate says he thought the bank's compliance department had access to emails between traders and rate setters, a court heard today. Defence lawyers for Stylianos Contogoulas told the court: "These messages were not transmitted with a nod and a wink." The Serious Fraud Office (SFO) has alleged that [...]
Libor scandal: Witnesses to be called this week in trial of five ex-Barclays employees accused of conspiring to rig Libor April 10, 2016 The first witnesses are due to testify this week in the trial of five ex-Barclays bankers who are accused of working together to rig Libor. Former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich, along with one of Barclays' former Libor submitters Jonathan Mathew, have been charged with conspiracy to defraud on [...]
Panama Papers scandal: What we know about the new UK tax taskforce so far April 10, 2016 Earlier today, Prime Minister David Cameron announced that a new tax taskforce would be set up to deal with the fallout from the Panama Papers report. (He also shared a letter from his accountant, which you may have heard about.) While the precise details of the taskforce are still foggy, here's what we've discovered so far: [...]
Libor scandal: Former Barclays banker did not benefit from changing the Libor rate and was only doing as he was told, court told April 8, 2016 One of the five former Barclays bank employees standing trial for manipulating Libor interest rates only did what he was told to by his boss and received no financial reward, a court heard today. Junior banker at Barclays' Jonathan Mathew, who joined at the age of 19 after achieving three A-levels, did not stand to gain from the profit made by [...]
Libor scandal: Top bosses must have known about rate rigging, alleges former Barclays trader April 7, 2016 A former Barclays banker who is currently standing trial accused of offences related to manipulating Libor has alleged that his bosses must have known about the rate-rigging scandal, a court was told today. Former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich, along with one of Barclays' former Libor submitters Jonathan Mathew, [...]
Libor scandal: Those trading with Barclays would have felt cheated by accused bankers if they had heard about alleged actions April 6, 2016 Those trading with Barclays would have felt cheated if they had got wind of what the five accused bankers had allegedly done, said the lawyer for the fraud squad today. Former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich, along with one of Barclays' former Libor submitters Jonathan Mathew, have been charged with conspiracy to [...]
Lawyer for the Serious Fraud Office urges courtroom not to overcomplicate Libor and to focus on the issue of honesty April 5, 2016 A lawyer representing the UK’s fraud squad in the latest Libor trial today urged a courtroom not to mystify Libor and instead focus on the defendants’ dishonesty. In his opening argument for the Serious Fraud Office (SFO), James Hines QC told those at the trial of five former Barclays bankers that “the most important element of [...]
Panama Papers: HMRC gears up for Mossack Fonseca data leak fallout April 4, 2016 Global tax authorities are gearing up to deal with the fallout from a leak of more than 11m files from Panama-headquartered law firm Mossack Fonseca – as legal experts warn that any entity with business dealings in the Central American country could potentially find itself receiving a knock on the door from HM Revenue & Customs (HMRC). [...]
Libor scandal round 3: It’s crunch time for the UK’s fraud squad as it heads to court for the third UK Libor trial April 3, 2016 The Serious Fraud Office is gearing up for a crunch trial today as it heads to court in the latest instalment of the Libor rigging saga. The under-pressure fraud squad's war on financial misconduct will continue at Southwark Crown Court, with the trial of five former Barclays bankers accused of US-dollar pegged Libor rigging. The SFO will [...]