Bloomberg News reports that the internal e-mails, telephone calls and instant messages, laced with expletives, show how rate-manipulation had become a common business practice at the mortgage lender, according to the Financial Conduct Authority.
'It’s like Tescos', one Lloyds trader responded when asked to make an artificially low submission to yen Libor in July 2007. 'Absolutely, every little helps', the manager replied, referring to a slogan used by Tesco, the supermarket chain, to promote its discount offers.
The bank agreed to pay $383m in fines to U.S. and U.K. authorities for manipulating benchmark interest rates. Lloyds employees sought to manipulate the London interbank offered rate, benchmark for more than $300tril of securities worldwide, to profit from derivatives and to make the bank seem financially healthier than it was, according to regulators.
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