Ex-Rabo trader cites a 'culture' of rate manipulation

A former trader in Rabobank's Tokyo office testified on Thursday against two former colleagues, citing a 'culture' among the bank's traders of manipulating Libor to benefit their own trading positions.

Reuters reports that Takayuki Yagami said that culture included Anthony Allen, 44, and Anthony Conti, 46, the two former Rabobank traders on trial for manipulating U.S. dollar and yen Libor rates.

Yagami, 44, pleaded guilty to conspiracy to commit wire fraud and bank fraud last year and is cooperating with prosecutors.

He testified that beginning in 2006, he routinely asked another trader, Paul Robson, to submit interest rates that would affect Libor.

Yagami said he felt comfortable making the requests because, since joining Rabobank in 2000, he had become aware of a group of senior traders doing the same thing and 'wanted to be part of that group'.

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Ex-Rabobank trader describes 'culture' of manipulating rates

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