A former Barclays trader on trial for rigging a key interest rate continued to stress that he was a junior employee, saying that his boss wouldn’t take vacations or even smoking breaks because he was “scared” to leave him in charge of the trading book.
Bloomberg News reports that Carlo Palombo, who is testifying in a London court for a third day, said that his manager, Philippe Moryoussef, didn’t give him any opportunities to make decisions on his own when he was a junior trader in 2006 and 2007.
“He was afraid of leaving the office because he was afraid I would make a mistake,” the 39-year-old Palombo said. “He would wait until 4 o’clock to go out and smoke a cigarette because he didn’t want to leave me.”
alombo and Moryoussef are among five traders from Barclays and Deutsche Bank AG on trial on charges that they fixed the euro interbank offered rate, or Euribor, between 2005 and 2009. While they all have pleaded not guilty, Moryoussef isn’t attending the trial and isn’t represented by an attorney at the proceedings.
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