Thursday, October 15, 2015

Rabobank Trader Helped Rig Libor, Former Colleague Testifies by Pat Hurtado/ Bloomberg

Story Link:
http://www.bloomberg.com/news/articles/2015-10-15/rabobank-trader-helped-rig-libor-former-colleague-testifies-ifshxfvw
An ex-Rabobank Groep trader testified that former-colleague Anthony Conti regularly agreed to manipulate the bank’s Libor submissions to help him make money.
Lee Stewart, then a senior derivatives trader at the Dutch bank’s London desk, told a Manhattan jury Thursday he sat across the trading table from Conti and Anthony Allen, who are on trial together. It’s the first U.S. trial over alleged rigging of the rate by manipulating the bank’s submissions.
Lee Stewart testifies on the stand during the Libor fixing trial in Manhattan Federal Court ,
questioned by DOJ trial attorney Brian Young. Judge Jed Rakoff presiding. 

Stewart would stand up or lean over their computer trading screens to ask Conti to manipulate the rate to his advantage, he testified. Conti, whose job was to make the bank’s daily Libor submissions, would “regularly” comply, Stewart said.
“I’d say, ‘Tony I’ve got a long one today, so highs would be nice,’” Stewart said. “I’d relate that to him verbally. I’d say, ‘I’m long or short,’ and it was quite clear.”

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