Bloomberg News reports that David Nicholls, Deutsche Bank’s global head of finance and currency forwards, called the BBA’s John Ewan on April 17 to dispel rumors that traders were pushing the Libor rate around to boost their profits.
'That’s an interesting conspiracy theory but that doesn’t happen', Nicholls told Ewan on the 29-minute call, extracts of which were read out in a London court.
The call was discussed at the trial of London trader Thomas Hayes, whose lawyers are cross-examining Ewan, the BBA’s Libor director. The 35-year-old Hayes is accused of eight counts of conspiracy to manipulate the London interbank offered rate, a benchmark for financial products worldwide.
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