Why the hell would a LIBOR submitter want to commit fraud for a trader to make the trader money? How much did the submitters get
Some of the most popularized quotes in the Barcap LIBOR scandal were:
Hi Guys, We got a big position in 3m LIBOR for the next 3 days. Can we please keep the lib or fixing at 5.39 for the next few days. It would really help. We do not want it to fix any higher than that. Tks a lot.
and
For Monday we are very long 3m cash here in NY and would like the setting to be set as low as possible ... thanks
The NY traders were literally asking the London employees(submitters) to submit fraudulent numbers. This would clearly make the trader a shit load of money. Now my question is, why the HELL would a random low-paid submission employee want to commit fraud for a trader he doesn't even know, thousands of miles away across the Atlantic? Did the trader send cash to the submitter or something? From the news reports, it just seemed like the LIBOR submitters didn't get anything out of it and they did it unconditionally for the traders. For every thousandths of a percent of the rate that was fraudulent, the trader could have made millions. why would ANYONE do such a thing for a trader he probably doesn't even know? I'm only talking about the period Barcap traders did this solely to make money off their positions, not the time they wanted to make their bank seem healthier than it was.
does anyone know what was in it for the submitters themselves?
i know this story is getting pretty good lol will be interesting to see if Tim & Ben resign
Clearly you've never had a blowjob from a Goldman Sachs senior VP...
Baaaaa god that comment made me laugh and almost throw up at the same time. Probably not unlike what's about to happen to these guys.
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