Libor Lies Revealed in Rigging of $300 Trillion Benchmark

 

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Libor Lies Revealed in Rigging of $300 Trillion Benchmark

Every morning, from his desk by the bathroom at the far end of Royal Bank of Scotland Group Plc’s trading floor overlooking London’s Liverpool Street station, Paul White punched a series of numbers into his computer.

White, who had joined RBS in 1984, was one of the employees responsible for the firm’s submissions for the London interbank offered rate, or Libor, the global benchmark for more than $300 trillion of contracts from mortgages and student loans to interest-rate swaps. Behind him sat Neil Danziger, a derivatives trader who had worked at the bank since 2002.

On the morning of March 27, 2008, Tan Chi Min, Danziger’s boss in Tokyo, told him to make sure the next day’s submission in yen would increase, Bloomberg Markets magazine will report in its March issue. “We need to bump it way up high, highest among all if possible,” Tan, who was known by colleagues as Jimmy, wrote in an instant message to Danziger, according to a transcript made public by a Singapore court and reported on by Bloomberg before being sealed by a judge at RBS’s request.

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One Response to “Libor Lies Revealed in Rigging of $300 Trillion Benchmark”
  1. How could anyone say Americans benefited from these mortgages from hell.? These mortgages from hell are killing people ;and causing innocent families to be homeless. Millions sleepless in Seattle and every state in the United States for years now. Talk about population contol, we will all be lucky not to drop dead from the stress before we see justice. A full blown Mortitorium on foreclosures should be put into place immediately. The banksters are still unlawfully wrongfully foreclosing with fraud docs. Americans are being victimized in every court room and county and neighborhood enabled by lock smiths judges and sheriffs Ameriica is a crime sceen, the court rooms are crime scenes.

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