Casual e-mails tell chilling story of market fixes

June 29, 2012 • Business

A view of Barclay’s headquarter at London’s Canary Wharf financial district, Thursday, June 28, 2012. Barclays PLC and its subsidiaries will pay about 453 million US dollars to settle charges that they tried to manipulate interest rates that can affect how much people pay for loans to attend college or buy a house. Britain’s Barclays is one of several major banks reportedly under investigation for such violations. (AP Photo/Lefteris Pitarakis)

LONDON (AP) — The e-mails sound casual: Dude reaching out to dude, begging for favors and offering rewards ranging from coffee to fine champagne.

But what the bankers were allegedly doing was as serious as it gets: fixing an interest rate that affects the cost of half a quadrillion dollars — that’s $554 trillion — in financial contracts around the world, from mortgages to loans.

U.S. and British investigators say the employees of Barclays Bank — and possibly those of other major international banks — Login to read more

Related Posts

Leave a Reply

« »