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Traders "used emails and instant messages to tell each other whether they wanted 'to see a higher or lower yen Libor (rate) to aid their trading position(s),' according to court documents."
Traders "would then 'communicate internally' with the person at their bank who was responsible for submitting the Libor quote, before letting each other know if this attempt to influence the quote had worked."
The Canadian watchdog said six banks were involved: Citigroup, Deutsche Bank, HSBC, JP Morgan Chase, Royal Bank of Scotland, and UBS.
All major banks commit grand theft. It's standard practice. Corrupt politicians turn a blind eye. So do regulators. Western banking is rife with fraud.
All markets are manipulated up or down for profit. Enormous amounts are made. Governments and banks collude. High volume program trading drives prices either way. Nothing gets reported unless scandals erupt.
None the wiser ordinary investors get trampled. Financial history includes many examples of major financial institutions getting a free lunch at the public's expense.
Methods include market manipulation, insider trading, front-running, theft and conspiracy, misrepresentation, Ponzi schemes, false accounting, embezzling, appointing industry favorites as regulators, tax frauds, profiting from loans that fail, creating phony financial products, and assuring world financial capitals are banker occupied territories.
Barclays is the tip of the current scandal. Traders in London, New York and Tokyo colluded to manipulate Libor. Top executives and traders are involved.
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