Accused trader said to be only a bit player in a conspiracy

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A trader accused of illegally manipulating a key interest rate was only a bit player in a conspiracy run by more experienced bankers who used French to help obscure their actions, his defense attorney told a London court.

Sean Larkin, the attorney for ex-Barclays trader Carlo Palombo, said Tuesday his client was 25 and in his first banking post when he joined the bank, where prosecutors allege he took part in a scheme to fix the Euribor rate with workers at Deutsche Bank, Barclays and Societe Generale.

Palombo and four others are on trial in London on charges of criminally manipulating the euro interbank offered rate to their own benefit between 2005 and 2009. The investigation was part of a wider probe into benchmark rates, which are tied to derivatives and loans, the most famous of which was Libor, a counterpart of Euribor. They deny the accusations.

Hit the link below to access the complete Bloomberg News article:

Euribor Trader Blames Rigging on French-Speaking ‘Big Fish’

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