Jury told traders don't have special honesty code


A London prosecutor urged jurors to hold five former Barclays traders on trial for manipulating Libor to the same standards of honesty as the general public, and not a separate code assigned to the banking industry.

"It is no answer to the question to say this was regarded as honest by other bankers," James Hines, a prosecutor for the Serious Fraud Office said in his closing argument Tuesday. "That’s simply not the test."

Bloomberg News reports that Alex Pabon, Stylianos Contogoulas, Jay Merchant, Jonathan Mathew and Ryan Reich are on trial for conspiring to fix the London interbank offered rate, a benchmark tied to trillions of dollars in securities and loans, between 2005 and 2007. Another former trader, Peter Johnson, has pleaded guilty to the charge.

Hines said that Johnson’s guilty plea was "the clearest possible evidence” that there was an agreement between the men to manipulate the benchmark rate.

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

Barclays Traders Don’t Have Special Honesty Code, SFO Says

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