Bloomberg - Chance encounter in pub led to creation of the chat-room 'The Cartel'


An encounter over pints of beer in a London pub led to the formation of a group of traders called “The Cartel,” who illegally manipulated the $5.1 trillion-a-day currency market, according to a former UBS banker.

Bloomberg News reports that Matt Gardiner, the U.S. government’s star witness in the New York trial of three other Cartel traders, testified Friday that he was introduced in September 2007 to Richard Usher, the former JPMorgan Chase & Co. foreign-exchange trader, at the pub by a broker they both worked with.

"I really liked him," Gardiner told the jury. "Down to earth, good guy with seemingly no ego."

By the next day, Gardiner and Usher were chatting on a Reuters forum, starting a permanent communication system that would soon move to Bloomberg.

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

Foreign Exchange Rigging ‘Cartel’ Started With Beers, Jury Told

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