Two ex-Rabobank traders 'exploited and abused' their role in setting the London interbank offered rate by manipulating the bank’s submissions to benefit themselves and colleagues, a prosecutor told jurors as the first U.S. trial over alleged Libor-rigging began.
'These men exploited and abused that role over and over again to serve their own ends', Carol Sipperly, a federal prosecutor, said Wednesday in opening statements to the jury in Manhattan. 'They with several others at Rabobank schemed to rig Libor to their own advantage to make money on the Libor interest rate swaps'.
Bloomberg News reports that Anthony Allen and Anthony Conti, two former London-based Rabobank Groep traders, are accused of conspiring to manipulate benchmark interest rates tied to more than $350 trillion of loans and securities.
Sipperly told jurors they would see e-mails and other evidence showing the pair reacted to rigging requests from traders, as well as hear from three former colleagues, Paul Robston, Lee Stewart and Takayuki Yagami, who pleaded guilty and will testify.
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