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Inside The Swiss Franc LIBOR Rate Rigging Chatroom: 6 Years Of Manipulation

Tyler Durden's picture




 

One of the nice things about the multitude of lawsuits and settlements surrounding the concerted effort by Wall Street’s largest banks to manipulate the world’s most important benchmark rates is they’ve produced a litany of hilarious chat transcripts that include such gems as "mess this up and sleep with one eye open at night" and the always popular, "if you ain’t cheatin, you ain’t tryin."

Now, courtesy of the appendix attached to the latest LIBOR-related suit brought against Wall Street (and one hedge fund), we bring you six years of Swiss franc LIBOR manipulation presented in chronological order. Highlights here include:

  • "It is our natural right to reflect our interest in the libor fixing process"
  • "Can't you ask your fft to contribute 1m chf libor very low today? I have 10yr of fix, 8 of which against ubs and they're getting on my nerves."
  • "yes, ok mate, I am heading out for a run, enjoy, talk tom, get those fixings down"
  • "whoooooohooooooo 0.01%? that'd be awesome"

Bluecrest Lawsuit 2

 

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Mon, 08/10/2015 - 17:42 | 6411583 Bangin7GramRocks
Bangin7GramRocks's picture

No jail time. Nobody cares and its on to the next scam.

Mon, 08/10/2015 - 18:27 | 6411754 nink
nink's picture

The good old days when markets were manually rigged.  Thank god for Algo's , now go arrest that computer.

Mon, 08/10/2015 - 20:32 | 6412044 RaceToTheBottom
RaceToTheBottom's picture

I normally don't vote, but when I do, my vote is for vigilante justice.

Stay non conformist, my friends.

Mon, 08/10/2015 - 17:53 | 6411592 ThirteenthFloor
ThirteenthFloor's picture

Stimulation, manipulation, revaluation, quantification, algoration, inflate-a-nation...it's all a back room jack off by banksters, politicons.

Mon, 08/10/2015 - 17:52 | 6411632 monad
monad's picture

names?

Mon, 08/10/2015 - 17:56 | 6411645 Sudden Debt
Sudden Debt's picture

I used to work for big ass companies, top 10 in the world.

And once every year, I had to organise a meeting with all ceo's and also a ceo's from competing companies where the market was devided.

First a good lunch, some entertainment and then we started cutting up the map. There where no budgets for these meetings, whatever the cost. That's how I saw how the uber rich lived.  These guys got those countries, those got these and so on.

All together, the employed about  39 million people. 

We always did the organising because we made it always so much fun.

And my boss back then only demanded one thing from me: get it all on tape.

And those tapes still exist. I wonder what that would do to the market.

 

 

Mon, 08/10/2015 - 18:29 | 6411763 freedogger
freedogger's picture

I would have made a copy of said tape for my own archive.

Mon, 08/10/2015 - 18:00 | 6411661 Amish Hacker
Amish Hacker's picture

Sickening. It's behavior like this that calls into question the long-term survival of our species.

Mon, 08/10/2015 - 18:05 | 6411675 Amish FinEng
Amish FinEng's picture

Hey dumb dumbs. Your currency is bullshit worthless paper printed by a bunch of jooz.

Why do you care about Libor rigging?

Elect Pantsuit Skidmark!

Mon, 08/10/2015 - 22:50 | 6412570 Sages wife
Sages wife's picture

You go girl!

Mon, 08/10/2015 - 18:25 | 6411744 Joebloinvestor
Joebloinvestor's picture

These criminals need to be prosecuted and banned from the industry.

Wait till you get a look at Hillary's emails and she is discussing her arms dealings.

Nothing will happen to her either.

Mon, 08/10/2015 - 22:52 | 6412576 Sages wife
Sages wife's picture

What happens if she was discussing those deals with "The Donald"?

Mon, 08/10/2015 - 18:26 | 6411750 Implied Violins
Implied Violins's picture

BRrrGggzzzzzz-Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz...

"Nooooo!! NOOOOO - OOOH" "NOT THAT - NOOOOOOooo........"

Chunnga-chungzzzzzzzzz - "AAAAAAAAAAAAAAAAAHHHH!!...ZZZZZZZZZZZZZZtttt - "AAAAAAAAAAAAAAAAAHHHH...OOhh unh"

CHUNKga-CHUNKga-ZZZZZZttt...ZZZtt...CHUNK-GAAAaaa...zzzzzzzzzzzzzzzzzzzzzzz

"All right guys, prep the next banker for the chipper..."

Mon, 08/10/2015 - 19:57 | 6412014 Amish FinEng
Amish FinEng's picture

Can we put Icahn in next? Plz?

It would be such a fitting ending to his life.

Tombstone:
Here lies king joo.
He got lots of confetti but added ZERO value.

Mon, 08/10/2015 - 18:51 | 6411844 JC-BI
JC-BI's picture

The game is rigged folks!

Mon, 08/10/2015 - 19:12 | 6411923 CheapBastard
CheapBastard's picture

Switzerland's hayday is over; they sold out their customers and mismanged their CB as well as their gold.

Tue, 08/11/2015 - 02:59 | 6412912 huggy_in_london
huggy_in_london's picture

I don't see how asking for a high or lower fix is any different to the muppets on cnbc saying "we'd like to see these stocks higher".

 

 

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