Barclays Bank employees revealed market fraud in casual e-mails, by By Robert BarrQuicklink submitted by Ethan Hollow Permalink
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|The e-mails sound casual: dude reaching out to dude, begging for favors and offering rewards ranging from coffee to fine champagne.
But what the bankers were allegedly doing was as serious as it gets: fixing an interest rate that affects the cost of half a quadrillion dollars -- that's $554 trillion -- in financial contracts around the world, including mortgages and other loans.
U.S. and British investigators say the employees of Barclays Bank -- and possibly those of other major international banks -- clearly knew it was wrong to manipulate the London interbank offered rate, known as the Libor, which determines the rate at which banks lend to one another and, by extension, the rate at which they lend to consumers and businesses.
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