A former trader at JPMorgan hatched a plan with a broker at ICAP to help Tom Hayes rig Libor by buttering up the bank’s new rate setter, according to recorded phone calls played to a London jury Thursday.
Bloomberg News reports that Stuart Wiley in an August 2007 phone conversation with ICAP broker Danny Wilkinson openly discussed manipulating the benchmark, prosecutors at the U.K. Serious Fraud Office said.
Hayes, the former UBS and Citigroup trader who was convicted of rigging the London interbank offered rate in August, was referred to by the nickname Choc Ice.
'Can you mention to Choc Ice we’ve got a new geezer doing' our 'Libors, because before we couldn’t do anything because the bloke was so by the book', Wiley said in the phone call. 'Apparently we’ve got a new bloke with a new packed lunch and a new bus pass'.
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