Germany’s Deutsche Bank has been fined a record $2.5bn (£1.7bn) for rigging Libor, a benchmark rate that some of the world’s leading banks charge each other for short-term loans.
As usual with recent fines for misconduct at the banks, regulators have released a cache of embarrassing emails and messages on which they built their case, giving an insight into the culture within the City.
February 2005: One trader asks another: “Can we have a high 6mth libor today pls gezzer?”
March 2005: “Could we please have a low 6mth fix today old bean”
March 2005: a Deutsche Bank submitter explaining how he would manipulate the rate for a trader in New York “if you need something in particular in the libors i.e. you have an interest in a high or a low fix let me know and there’s a high chance i’ll be able to go in a different level. Just give me a shout the day before or send an email from your blackberry first thing”
November 2006: A manager replies when a submission is lowered: “I love you”
September 2007: A Deutsche trader asks one at Barclays: “I’m begging u, don’t forget me… pleassssssssssssssseeeeeeeeee… I’m on my knees…”
January 2008: “You owe me a drink!” a Tokyo manager says after a rate is left high
August 2008: A trader on learning the rate is unchanged: “Oh bullshit.....strap on a pair and jack up the 3M (month). Hahahahaha”
May 2009: An external trader asked a Deutsche Bank trader: “cld you do me a favour would you mind moving you 6m libor up a bit today, i have a gigantic fix. …” The next day, the Deutsche Bank trader confirmed the yen Libor submission had been raised: “u happy with me yesterday?” The trader replied “thx.”
September 2009: “I think putting such a high (rate) damage the reputation of deutsche bank....(the rate) is a corrupt fixing and DB (Deutsche Bank) is part of it!” a vice president tells a trader
This article was written by Jill Treanor, for theguardian.com on Thursday 23rd April 2015 15.37 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010