Bloomberg News reports that Ryan Reich shouted 'no, no, no, no' from his seat on Friday after the prosecutor asked fellow ex-Barclays trader Alex Pabon on the stand if the Libor rate affected swaps valuations. After the interruption, Reich’s lawyer told him to be quiet and Judge Anthony Leonard said “interruptions should not take place.” Pabon answered that, yes, Libor did affect swaps valuations.
Reich and Pabon are on trial with former colleagues Stylianos Contogoulas, Jay Merchant and Jonathan Mathew for conspiring from 2005 through 2007 to fix the London interbank offered rate, or Libor, a benchmark tied to trillions of dollars in securities and loans. Another ex-trader, Peter Johnson, has pleaded guilty to the charge.
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