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<p><div class="image-container float_right" style="width:400px"><div class="image"></div><p class="source"><a href="http://www.flickr.com/photos/noneck/8014349358/sizes/o/in/photostream/">noneck/ Flickr</a></p></div>A number of major banks, mostly in London, were caught last summer in a whirlwind scandal for manipulating an obscure interest rate, the <keyword id="6386586" type="ORGANIZATION" weightage="60" keywordseo="Libor">Libor</keyword>.</p>
<p>There were customary embarrassing instant messages and e-mails released in the complaint, and banks paid out billion dollar fines, but it was still hard to get people to pay attention to such an obscure number. The scandal just wasn't quite salacious enough.</p>
<p>But now it seems that element has arrived. Regulators suspect that London's high-flying banking culture led to an attitude that welcomed deceitful, conspiratorial behavior between traders and brokers, <a href="http://online.wsj.com/article/SB10001424127887323296504578396670651342096.html?mod=djemalertNEWS&amp;cb=logged0.02981515240294408">the WSJ reports.</a></p>
<p>Traders and brokers are bonded together because brokers make handsome commissions from executing trades. It's a "symbiotic" relationship, the Journal points out, and in London the rules about "trading favors" are looser than they are in NYC. Banks could easily spend $50,000 on a single trader.</p>
<p>This, regulators say, created the perfect environment for something like the Libor scandal. In order to get traders to work with them, brokers allegedly gave traders early access to lucrative trades, bought entire trading desks lunch, flew them off to Vegas, procured cocaine and prostitutes for traders, and dropped straight cash at strip clubs.</p>
<p><a href="http://online.wsj.com/article/SB10001424127887323296504578396670651342096.html?mod=djemalertNEWS&amp;cb=logged0.02981515240294408">The Journal</a> describes helicopter dates ...</p>
<p style="padding-left: 30px;"> <span style="font-size: 15px; line-height: 1.5em;">As recently as last summer, BGC Partners Inc., a New York-based brokerage, dispatched limousines to the homes of top traders at London banks. The limos ferried the traders' wives and girlfriends to a helicopter, which flew them to the Royal Ascot—a marquee event on London's social calendar—for a day of horse races, according to people familiar with the event...</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">Prostitutes ...</span></p>
<p style="padding-left: 30px;"><span style="font-size: 15px; line-height: 1.5em;">A broader probe into the entertainment of trading clients by other brokers at Tradition, majority-owned by French financial-services company found evidence that some Tradition brokers hired prostitutes for traders, and took the traders to an outfit called Lady Marmalade Adult Parties, say people familiar with the investigation. The website of Lady Marmalade says it operates from a four-bedroom apartment in central London, equipped with an "erotic love swing," promising customers "an orgasmic time."</span></p>
<p>The WSJ says that brokers admitted that after a wild night out with traders, there would be a line of trades on their desks waiting for execution the next morning.</p>
<p>That's what you do for your friends, no?</p>
<p><strong><a href="http://online.wsj.com/article/SB10001424127887323296504578396670651342096.html?mod=djemalertNEWS&amp;cb=logged0.02981515240294408">Read more salacious anecdotes at the Journal &gt;</a></strong></p>

Regulators Blame Libor Fixing On The Sex, Drugs, And Lavish Perks Of London Banking

<p><keyword id="6371690" type="COMPANY" weightage="60" keywordseo="RBS">RBS</keyword> is the latest bank to have all its dirty laundry aired in the <keyword id="6386586" type="ORGANIZATION" weightage="60" keywordseo="Libor">Libor</keyword> scandal that rocked <keyword id="6368751" type="PERSON" weightage="60" keywordseo="Banks">banks</keyword> around the world this summer. This morning, the <a href="http://cftc.gov/PressRoom/PressReleases/pr6510-13">CFTC</a> and England's financial regulator, the FSA, both released a treasure trove of instant messages between employees involved with rate rigging.</p>
<p>That's embarrassing, of course, but it's also costly. According to the <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> Journal, the RBS will pay a <a href="http://online.wsj.com/article/SB10001424127887324590904578287670097974556.html">$610 million</a> fine for manipulating the interest rate.</p>
<p>A quick look into what was going on at the bank through the conversations RBS employees were having tells you how widespread rate fixing was. The conversations are unabashed, sometimes filthy, and a little appalling — no one knows how to get caught with their pants down like Wall Street.</p>
<p>We already caught <a href="http://www.businessinsider.com/rbs-trader-says-hes-like-a-whores-drawers-2013-2">one instant classic in the mix</a>. One RBS trader compared himself to a "whore's drawers."</p>
<p></p>
<h2><strong>But there are a few more that show how much fun this Libor fixing club was having. One trader was simply amazed at how much money RBS was making. Another likened the rate fixers to a cartel all over London.</strong></h2>
<p></p>
<h2><strong>Instead of competing, the banks were cooperating with each other.</strong></h2>
<p></p>
<h2><strong>Not that the bank's weren't clear that they were setting rates to benefit themselves.</strong></h2>
<p></p>
<h2><strong>And the interdealer brokers, it seemed, kind of acted like diplomats between banks, finding how much each wanted and coming to an accord about how to make everyone happy.</strong></h2>
<p></p>
<h2><strong>Within banks, traders were promising Libor fixers goodies for acquiesing to their requests for manipulation. Some of the goodies were pretty solid — like steak.</strong></h2>
<p></p>
<h2><strong>Some goodies were just a joke.</strong></h2>
<p></p>
<h2><strong>And some were gross... yesterday's SUSHI?!</strong></h2>
<p></p>
<p>These are probably going to sting for a while.</p>

8 Cringeworthy IM Conversations That Traders Had About Fixing LIBOR

<p>Today, in embarrassing <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> instant message news, Britain's Financial regulator, the FSA has released communication between <keyword id="6371690" type="COMPANY" weightage="60" keywordseo="RBS">RBS</keyword> employees working with the <keyword id="6386586" type="ORGANIZATION" weightage="60" keywordseo="Libor">LIBOR</keyword>.</p>
<p><a href="http://www.reuters.com/article/2013/02/06/us-rbs-libor-idUSBRE91500B20130206">Reuters reports</a> that RBS faces fines of up to $627 million for rigging the London Interbank Offering Rate (Libor), a scandal that came to light last summer and hit banks around the world. RBS' fine would be the second largest in the investigation, and <a href="http://news.sky.com/story/1048324/rbs-strikes-libor-prosecution-deal">Sky News</a> reports that the bank could face harsh criminal charges as well.</p>
<p>One look at the instant messages the FSA released this morning and you can understand why regulators are taking this issue so seriously. The FSA says that even when they knew they were being investigated, RBS employees continued manipulating the Libor for their benefit.</p>
<p>And they seemed pretty happy doing it. In fact, they managed to throw out some one-liners that are sure to go down in Wall Street instant message history (along with "sh---y deal", and what not).</p>
<p> </p>
<p></p>
<p>We'll let you know when we see more of these gems from the FSA's report.</p>

RBS Trader Compared Himself To The 'Whores Drawers' In Conversation About Fixing LIBOR

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source"><a href="http://www.flickr.com/photos/8386148@N06/9222958563/in/photolist-f415fX-asbShc-aDEPJd-aDAYdg-dbS5H4-a6yCBh-9xmBx6-axzk1t-dbEUQT-aMNbe2-7Atwqe-7Z66WY-asjEQa-bZvBmW-7F2FjD-91SyxU-8PGjdr-aDAYea-9bXKsR-dq9V4d-8M8BVw-8M8BLm-a4bfat-agsY2Y-droAW3-atC8SJ-bDxK7m-8JHqYi-aQjiFB-8c3qJo-9zLg2E-bD7wtb-89FJKh-9h1gyY-8AddsN-8JLtdN-a8f3HD-92zQHD-akGyVr-avvJgW-7Dnfdz-84VgHa-au3t2G-7TdZZd-dA4YTW-bTanWD-ehPKob-atZSh2-7Rwnxj-7BJCY2-bYFpD3">Flickr/steevithak</a></p></div><p></p></div>Yesterday, the <keyword id="6384660" type="CITY" weightage="60" keywordseo="Wall-Street-Journal">Wall Street Journal</keyword> ran a story revealing that the U.K. government planned to implicate as many as 24 people in a criminal fraud case related to the Libor scandal.</p>
<p><span style="line-height: 1.5em;">And the Journal named names.</span></p>
<p><span style="line-height: 1.5em;">That's when British prosecutors stepped in, obtaining a <a href="http://online.wsj.com/public/resources/documents/injunction20131017.pdf">court order</a> "prohibiting the newspaper from publishing names of individuals not yet made public in the government's ongoing investigation," <a href="http://online.wsj.com/article/SB10001424052702304410204579141861130336946.html?dsk=y">the Journal's Cassell Bryan-Low reported</a>. From the paper's explanation:</span></p>
<p style="padding-left: 30px;"><span style="line-height: 1.5em;"><span>The Journal received word of the order from the SFO by email at 7:18 p.m. London time. The news organization already had published on Dow Jones Newswires and the Journal's website, WSJ.com, an article by Mr. Enrich and reporter Jenny Strasburg that divulged names of traders and brokers that British prosecutors expect to publicly name next week. The </span><a href="http://online.wsj.com/news/articles/SB10001424052702304864504579141350746645742" class="icon none">article was taken down from the website</a><span> but appears in Friday's print editions of the Journal circulated in the U.S. and in Asia.</span></span></p>
<p>Readers can find <a href="http://stream.wsj.com/story/the-libor-investigation/SS-2-32262/SS-2-357053/">this note</a> in place of the article (<a href="http://www.zerohedge.com/news/2013-10-18/uk-orders-wsj-withold-names-implicated-libor-manipulators-after-story-already-hits-w">via ZeroHedge</a>):</p>
<p><div class="KonaFilter image-container"><div class="image"><p class="source">WSJ</p></div><p></p></div></p>
<p>As ZeroHedge noted, a <a href="http://www.valuewalk.com/2013/10/libor-scandal/">casual Internet search</a> (or just, you know, picking up the U.S. version of the physical newspaper) would reveal the names British prosecutors want to conceal.</p>
<p>But press freedom in Britain differs greatly from the U.S. "I<span>n the U.S., court orders preventing media from reporting something are exceedingly rare, and typically would be considered only in exceptional circumstances involving, for example, threats to national security," Bryan-Low writes.</span></p>
<p><a href="http://online.wsj.com/news/articles/SB10001424052702304410204579141861130336946">Read the full report at the Wall Street Journal »</a></p>

You Searched For "LIBOR gate" and got 4 results

Regulators Blame Libor Fixing On The Sex, Drugs, And Lavish Perks Of London Banking

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8 Cringeworthy IM Conversations That Traders Had About Fixing LIBOR

Linette Lopez

RBS Trader Compared Himself To The 'Whores Drawers' In Conversation About Fixing LIBOR

Linette Lopez

A UK Judge Makes The Wall Street Journal Yank Names From A Libor Scandal Story

Steven Perlberg

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