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Barclays bosses face fresh Libor scrutiny
by Daniel Grote on Jan 25, 2013 at 08:50
The High Court has heard email evidence suggesting top Barclays executives knew the bank was manipulating the Libor rate in November 2007, almost a year earlier than previously disclosed, according to reports.
Emails were read out in the High Court yesterday as part of the first British damages claim over Libor manipulation.
One, written in November 2007 in response to dollar-Libor submitter Peter Johnson’s concerns about the rate-setting process, said: ‘Guidance, if you can call it that, from the 31st floor is what we don’t stick our head above the parapet in any circumstance.’
The 31st floor is understood to refer to Barclays senior management, who had offices on that level of the bank’s Canary Wharf headquarters.
The claims follow judge Justice Flaux’s rejection of bids for anonymity from 106 current and former Barclays employees involved in the case. They include former chief executive Bob Diamond and former chief operating officer Jerry del Missier.
The case is being brought by investors, including Guardian Care Homes, alleging the bank mis-sold them interest-rate swaps pegged to the manipulated rate.
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by Himanshu Singh on May 19, 2013 at 03:08