Trader says it was accepted practice to set rates that benefited the desk

Gavel

'It’s Libor time'.

Bloomberg News reports that that was the call ahead of Rabobank Groep’s daily morning Libor submission as bank employees gathered to rig the rate to make money, a former trader testified at the first U.S. trial of bank colleagues, Anthony Allen and Anthony Conti.

Paul Robson is the second former Rabobank trader to testify at the Manhattan federal court trial of former colleagues Conti and Allen, who are accused of engaging in a four-year scheme to manipulate the bank’s London interbank offered interest rate submissions.

Robson, who pleaded guilty to a scheme to manipulate the rates with others at the Utrecht-based Rabobank, sat at the same trading desk with both men in London. Robson, known as 'Pookie' by co-workers and was the bank’s Yen Libor submitter to the British Bankers’ Association, said it was accepted practice to set a rate that would benefit the bank’s trading positions of its employees.

Hit the link below to access the complete Bloomberg article:

Ex-Rabobank Trader Says `Libor Time' Was Call to Fix Rates

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