Thursday 24 May
Powered by Ajaxy
Apr 12, 2018 @ 9:09

Bankers ‘gamed the system’ to inflate bonuses: prosecutors

 

By Agence France-Presse

Five traders accused of rigging the Euribor lending rate “gamed the system” to get bigger bonuses, prosecutors said on Wednesday at a trial into a scandal that has led to hefty fines for banks.

The five defendants include one former trader at Deutsche Bank and four from Barclays, a British bank. One of the Barclays traders, a French citizen, has refused to attend the trial.

They are accused of manipulating the process used to set the Euribor, the euro interbank benchmark rate.

“During this case you will learn how a few individuals gamed the system to rip off a lot of people they did business with,” prosecutor James Waddington told the court.

“There are various reasons for these people behaving the way they did but money was at the heart of it,” he said.

Jurors heard that the rates were only shifted by a few hundredths of a percentage point but this had a major effect on a bank’s day-to-day trading because of the large sums involved.

A sixth defendant has pleaded guilty and five more people charged, who live outside Britain, have arrest warrants against them.

The trial in London, which is expected to last three months, is the first for Euribor-rigging.

But several banks have already had to pay hefty fines over Euribor-rigging in Britain and the United States, and the European Union has tightened legislation against market manipulation. (AFP)

Tags: , , , , , , , , , , ,

Related Stories
India has opened a World Trade Organization challenge against the steel and aluminium tariffs imposed
Luxury German automaker Porsche on Tuesday ordered a recall of a recent model, citing safety
China announced Tuesday that it would cut tariffs on auto imports from July 1, the
For its updated news application, Google is doubling down on the use of artificial intelligence


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.