Ex-trader's lawyer compares denials in Libor case to nudist beach

Beach

The idea that Barclays executives weren’t aware of Libor-rigging is like being on a “nudist beach” and failing to realise people are naked, a lawyer for a former trader on trial for benchmark manipulation told jurors.

Bloomberg News reports that to say these "multi-million-pound men" simply failed to detect it and stop it seems unlikely, Adrian Darbishire, a lawyer for Ryan Reich, said in his closing arguments Wednesday in London. A more reasonable explanation is that they didn’t think anything was wrong with the setup, Darbishire said.

"The idea that these individuals were unaware of banks’ positions influencing Libor is like watching a man on holiday taking a detour through a crowded nudist beach in the south of France and when his wife says ‘what on earth were you doing?,’ he says ‘oh was it a nudist beach? I didn’t realize,”’ Darbishire said.

Darbishire’s speech comes at the end of a more than two-month trial of five former Barclays traders who are accused of conspiring to fix the London interbank offered rate, a benchmark tied to trillions of dollars in securities and loans. A number of senior executives, including Harry Harrison, now head of non-core assets at Barclays, testified they weren’t aware of Libor-rigging.

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

Ex-Barclays Trader’s Lawyer Compares Libor Denials to Nude Beach

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