Secret Libor list names top Barclays executivesSubmitted by GBAmerica on Fri, 01/25/2013 - 15:34
Secret Libor list names top Barclays executives
The names were disclosed on Thursday alongside emails which appeared to suggest that some of Barclays’ most senior managers were aware of the rigging.
One message, sent to an employee who was responsible for submitting dollar-Libor rates and raised concerned about the rate-setting process, said: “Guidance, if you can call it that, from the 31st floor is that we don’t stick our head above the parapet in any circumstance.”
The 31st floor is a reference to the floor of Barclays’ Canary Wharf HQ where many of the company’s group managers have their offices. Sources close to the company claim the email, sent by Miles Story, a manager in the bank’s treasury department, was making a “generic reference to senior management” rather than board members.
The details were made public following the dismissal of an attempt by more than 100 current and former Barclays staff, including all but one of the shortlist, to seek anonymity. It came ahead of the UK’s first trial related to the rigging of the benchmark interest rate.
Libor Fixing Scandal: FSA Memo Confirms ICAP Probe
ICAP, one of the world's largest interdealer brokers, is under investigation by the Financial Services Authority for its alleged role in the manipulation of the key interbank lending rate known as Libor.
The company confirmed in a statement published on its website that it "has been asked to provide information to various agencies investigating the setting of Libor and is cooperating with those inquiries. As part of the FSA's inquiries, one of ICAP's interdealer broker subsidiaries has been notified that it is the subject of an FSA investigation.The investigation is confidential, accordingly no further comment will be made at this stage."
An internal FSA memo seen by the Financial Times and published on its website Wednesday confirmed IBTimes UK's earlier report that ICAP is one of a number of brokerages and banks that has been under investigation by Britain's financial watchdog for several months for its possible involvement in Libor fixing.