Wall Street's most embarrassing emails
5. Libor of love
The emails sent by traders at Barclays in a purported attempt to manipulate Libor rates makes for fascinating reading. The U.K. bank did settle rate-fixing charges filed by regulators in 2012 — without admitting or denying guilt. But the messages sent by bank employees won't help the bank's image. Here's two: One from a New York trader to a London trader where a rate-fixing game plan appears to be put in place, enabling the bank to get out of its position. The other was sent by an employee thanking a trader for allegedly going along with the Libor program.
'You need to take a close look at the reset ladder. We need 3M [three months] to stay low for the next 3 sets and then I think that we will be completely out of our 3M position. Then its on. [Submitter] has to go crazy with raising 3M Libor.'
'Dude. I owe you big time! Come over one day after work and I'm opening a bottle of Bollinger.'