Ex-Barclays trader freaked out

Courtroom Gavel

An ex-Barclays trader on trial for conspiring to rig Libor said he was "freaked out" by an internal interview in 2009 despite reassurances from his bosses that there was nothing wrong with influencing the rates submitted by colleagues.

Bloomberg News reports that Ryan Reich was "tapped" on the shoulder by Harry Harrison, a senior executive, in October 2009 and was taken to a floor he had "never been to before" for an interview with the bank’s lawyers. “I had spoken to Harrison four or five times in my life, so I thought that this is not good," Reich said Thursday.

The 34-year-old Reich is on trial with former colleagues Alex Pabon, Stylianos Contogoulas, Jay Merchant and Jonathan Mathew for working together between 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.

"I had never done anything wrong," Reich said. "I freaked out and as soon as I left," the interview "I called Ronti Pal. If something goes wrong, you talk to your boss."

To access the complete Bloomberg News article hit the link below:

Ex-Barclays Trader ‘Freaked Out’ by 2009 Libor Interviews

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