• Everything Is Rigged: The Biggest Price-Fixing Scandal Ever

    by  • May 10, 2013 • Politics & Law • 0 Comments

    Rolling Stone logoDating back perhaps as far as the early Nineties, traders and others inside these banks were sometimes calling up the company geeks responsible for submitting the daily Libor numbers (the “Libor submitters”) and asking them to fudge the numbers. Usually, the gimmick was the trader had made a bet on something – a swap, currencies, something – and he wanted the Libor submitter to make the numbers look lower (or, occasionally, higher) to help his bet pay off.

    Famously, one Barclays trader monkeyed with Libor submissions in exchange for a bottle of Bollinger champagne, but in some cases, it was even lamer than that. This is from an exchange between a trader and a Libor submitter at the Royal Bank of Scotland:

    SWISS FRANC TRADER: can u put 6m swiss libor in low pls?…
    PRIMARY SUBMITTER: Whats it worth
    SWSISS FRANC TRADER: ive got some sushi rolls from yesterday?…
    PRIMARY SUBMITTER: ok low 6m, just for u
    SWISS FRANC TRADER: wooooooohooooooo. . . thatd be awesome

    Screwing around with world interest rates that affect billions of people in exchange for day-old sushi – it’s hard to imagine an image that better captures the moral insanity of the modern financial-services sector.

    Read the full article @ RollingStone.com

    About

    Michael Sauers is currently the Technology Innovation Librarian for the Nebraska Library Commission in Lincoln, Nebraska and has been training librarians in technology for more than 15 years. He has also been a public library trustee, a bookstore manager for a library friends group, a reference librarian, serials cataloger, technology consultant, and bookseller. He earned his MLS in 1995 from the University at Albany’s School of Information Science and Policy. Michael’s twelfth book, Google Search Secrets (w/ Christa Burns) was published October 2013 and has two more books on the way. He has also written dozens of articles for various journals and magazines. In his spare time he blogs at travelinlibrarian.info, runs Web sites for authors and historical societies, takes many, many photos, and reads more than 100 books a year.

    http://www.travelinlibrarian.info/

    Leave a Reply

    Your email address will not be published. Required fields are marked *