"Mr Libor" Leaves The British Bankers' Association, Goes To Reuters

Tyler Durden's picture

There was a time when regulators caught red-handed abusing their privileges, aka, doing nothing in the face of glaring malfeasance, would quietly fade away only to even more quietly reappear, sans press release, as a third general counsel or some other C-grade menial role paying a minimum 6 figure compensation to the individual for years of doing nothing. This is no longer the case: it appears that the best such exposed "regulators" can hope for going forward is to get media positions. Such is the case with John Ewan. Who is John Ewan? None other than the director "responsible for the management of the setting of Libor" at the British Bankers' Association. In other words, the man whom The Sun of all non-captured publications (oddly enough, tabloids sometimes have more journalistic integrity than Reuters and the FT as we will shortly find) has dubbed Mr. Libor. The Sun continues: "In a staggering profile on the internet Mr Ewan reveals he joined the BBA in 2005 to “put Libor on a secure commercial footing”. That year Barclays traders began fiddling the figures they submitted for the Libor calculations. On the LinkedIn networking site Mr Ewan boasts of generating a “tenfold” increase in revenue from licensing out the Libor rate." He adds: “I introduced new products and obtained EU, US and Japanese trademarks for BBA Libor. "I successfully negotiated contracts with derivatives exchanges and all of the major data vendors." Well, in the aftermath of Lieborgate surely Ewan is going to someone receptive to his permissive and highly profitable tactics over the years, such as Barclays. Actually no: instead of a bank, the only place that is willing to accept Ewan is media conglomerate Reuters. And not just as anyone: "Thomson Reuters confirmed that Ewan has joined the company as head of business development for its fixing and benchmark business." We wonder how much revenue Mr. Ewan generated for Reuters?

Why Reuters? The WSJ provides a hint:

Libor is used as a benchmark for hundreds of trillions of dollars of loans and derivatives and, as administrator of the rate, the BBA and its process for setting Libor have also come under scrutiny. The BBA is currently in the process of reviewing the Libor-setting process.


The benchmark is compiled by the BBA in conjunction with Thomson Reuters. The data provider surveys a panel of large banks every morning for the rate at which those banks would expect to be able to raise a large loan in the interbank market at that time. Thomson Reuters calculates the average industry-wide benchmark based on those submissions. The rate is then published to the market by Thomson Reuters and other licensed data vendors.

In other words, once the regulators are done with the BBA, a brief inquiry into Reuters may be next, which on top of being an instrumental part of the daily Libor fixing dissemination process, has just hired one of the most contentuous former BBA employees. This promises to be very amusing because if nothing else, the media turning on itself always yields the most theatric results. Naturally by hiring Ewan, Reuters is essentially inviting attacks on its own set of Libor-practices.

How did Ewan defines himself while at the BBA? Since he no longer figures on the website, we have to revert to Google cache:

John Ewan is responsible for the management of the BBA LIBOR rate setting process and the annual review of the panels of banks contributing to the rate setting process. He also manages the BBA's other benchmarks, such as daily REPO rates and the LINDEX Emerging Market Index Rates. John is the point of contact at the BBA for all technical and commercial queries regarding these services.


Prior to the BBA, John worked for FTSE Group where he wrote and maintained the ground rules that govern FTSE's stock market indices and acted as secretary to various of the independent committees that oversee and review the constituents of these indices.

Some more on Mr. Libor from the WSJ and Sun:

Ewan created BBA Libor Ltd. as a company within the BBA Group in May 2010 in order to take overall authority for the entire Libor business, according to his LinkedIn profile.


He had been a secretary of the Libor setting committee, the administration group within the BBA in charge of Libor, although was not a member of it. He had also been on the BBA Libor board, alongside Angela Knight, the outgoing chief executive of the BBA, and other senior association officials.


On his LinkedIn profile, Ewan said that he that he obtained EU, U.S. and Japanese trademarks for BBA Libor and negotiated contracts with derivatives exchanges, data vendors and "hundreds of other users."




He also boasts of “excellent relationships at a senior level” with both the Financial Services Authority — the City regulator — and the Bank of England.


He adds he was a “contact and source” for the Financial Times.

What were the conditions of Ewan's departure? From the WSJ:

A source close to the situation said Ewan's move to Reuters was unrelated to the Libor scandal.

Well, of course they would say that. Some more color from the Sun:

The BBA yesterday insisted Mr Ewan’s departure was NOT linked to the scandal — and that he had told them he was leaving in April.


He quit the BBA last week and will be in charge of business development at Thomson Reuters — an organisation that collates the figures for the association. Mr Ewan was unavailable for comment yesterday.

Of course they would say that too (just as they added that he would not be replaced as a director during the investigation). Yet as the attached resgination notice dated July 19 shows, he resigned only on July 13: well after Lieborgate became all the rage? Just why is Mr. Ewan in such a hurry to cover all his tracks as he joins his new employer? And speaking of Reuters, an interesting tidbit from his LinkedIn profile recommendation shows that he was quite in demand by not only Reuters...

"John was my primary contact at The British Bankers Association during a period of 4 years whilst I worked at Thomson Reuters. He is a subject matter expert on the construction, governance and scrutiny of market benchmarks. John has provided valuable insight to Central Banks and Regulatory bodies looking to commence their own market benchmarking activities. John also works tirelessly to promote the interests of The BBA and the LIBOR suite of benchmarks to domestic and international audiences. I have enjoyed working with John, trust his depth of knowledge and have benefited from his international insight."


Brian M.

... But quite a few others:

"I worked with John over a number of years at the BBA. I found him to be hard working, dedicated and enthusiastic person. His positive attitude and extensive experience drove the BBA LIBOR business forwards. During the height of the crisis he was a solid and reliable presence, whose connexions in the market and wide experience enabled LIBOR to deftly navigate a very difficult period. John always worked assiduously to develop his staff, particularly enhancing their skills, experience and engendering confidence."


Ross B.


"It is my pleasure to serve on a BBA committee led by John, who has consistently shown a first class degree of professionalism and market knowledge in the running of the committee. He displays excellent media handling skills and the foresight to chart the future development of BBA libor as a product."


Robert H.


"I worked with John for two years helping him run the LIBOR benchmark. During that time we tripled revenue and signed licences with hundreds of clients globally. John's commercial acumen and negotiating skills are excellent, and he is highly effective in dealing with stakeholders from across the markets - buy side, sell side, regulators, central banks and the media. I learnt a great deal from my time working in John’s team, and would welcome the opportunity to work with him again in the future."


Christopher F.

In summary:

Ewan's departure from the BBA is the first significant exit from the trade association since Marcus Agius, the outgoing Barclays chairman, stood down from his role as chairman of the organization July 2.

We would call it something less politically correct: the first rat has left the sinking ship. And the fact that a supposedly objective media publication has accepted him with open hands probably tells us why so few media entities (with some notable exceptions) dared to utter a peep over the corrupt and broken Libor practices for the past 4 years, even though the daily manipulation was there staring everyone in the face for years and years.

Finally, as Ewan's colleagues will find out the hard way (as will everyone in Europe who is not Greece), he who defects first, while never the optimal solution, defects best. As the BBA is slowly dismantled piece by piece, the thousands of colleagues Ewan left behind may find it a little harder to find a job at either banks, or even media organizations, now that the stigmata of Lieborgate has reached sky high, and is only going higher.


As an apendix, here is the auto response his email sends out to anyone curious to find out more about the terms of either Ewan's departure, or the financial package promised him by Reuters:



I have moved on from the BBA.


my colleagues will be happy to help you:


For issues relating to BBA LIBOR:


Michael Keaney on +44 (0)207 216 8891,  michael.keaney@bba.org.uk
Sally Scutt on +44 (0)207 216 8945,  sally.scutt@bba.org.uk
Annabel Murday on +44 (0)207 216 8856, annabel.murday@bba.org.uk


For Media enquiries please contact Brian Capon on +44 (0)207 216 8810, brian.capon@bba.org.uk or Brian Mairs, also on +44 (0)207 216 8810, brian.mairs@bba.org.uk.  Outside of UK business hours +44 (0)207 216 8888


Alternatively, please contact my secretary, Christine Norris, on +44 (0)207 216 885 or christine.norris@bba.org.uk


Kind Regards,


John Ewan.

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BigDuke6's picture

What do you expect from a country run by bankers for bankers?

The Brits are dumbed down (everyone with get up and go has got up and gone) and totally maleable.

Gonna be islamic in 20 years anyway. 

AssFire's picture

Elliott Spitzer and Anthony Weiner are still well loved (up there)... but then anyone with any get up and go already left NY as well.

Not a bit of accountability, morals or truth since Bill and Monica. Not saying it did not happen before that; but, that is the point when it became survivable and shamless.

AldousHuxley's picture

ugly fella....looks like his face is upside down.


not a human.


He shoud leave finance and go into hollywood with remake of the Young Frankenstein



Dr Benway's picture

The corruption involving ties between finance and media has not received near the amount of attention it should have.


On a random note, I think a lot of the shit that has happened has only been possible because of less social ostracism of these motherfuckers.


If this twat couldn't go anywhere without people giving him dirty looks for his theft and fraud, he maybe would not have done it, profits be damned.


EDIT: Everyone dinged! It must be Mr Libor in action LOL!

The Peak Oil Poet's picture



the Bible tells us not to steal
it’s there in black and white
our laws are based upon it too
do not do wrong - do right

but somehow since these laws were writ
we've seen the system fail
but things will change for all the best
when the bankers go to jail

when the bankers go to jail my friends
when the bankers go to jail
we’ll finally see justice done
when the bankers go to jail

when the vampire squid has been deep-fried
in the slime of Bernank’s words
when politicians tell the truth
and not be lying turds

when "austerity" applies to them
and fairness does prevail
we’ll finally see justice done
and the bankers go to jail

when the bankers go to jail ee-hah
when the bankers go to jail
we’ll all be dancing in the streets
when the bankers go to jail

if all was as it ought to be
when any business fails
investors take a haircut
amid their tears and wails

but in our mean kleptocracy
that the MSM does hail
the working class pay all the bills
and no banker goes to jail

when the bankers go to jail dear God
when the bankers go to jail
the haircuts will be number ones
when the bankers go to jail

we’re predators i must admit
it’s human nature too
to seek a better living for
our wives and children too

but animals we’re not you see
it not just fine detail
we keep the law, control ourselves
and the bankers go to jail

yes you bankers go to jail you thieves
all you bankers go to jail
you’ll be some brother’s jail-house bitch
when you bankers go to jail

you may think it’s a silly dream
to think of their demise
they’re oh so very powerful
and every banker lies

but one day soon we’ll overthrow
and have them by the tail
we’ll tar and feather all of them
and send them all to jail

when the bankers go to jail for good
when the bankers go to jail
we’ll hear the bells of freedom ring
when the bankers go to jail



Comay Mierda's picture

it's kind of funny the zh comments on this article all a "-1" rating right now

Ewan himself must have read this article and downvoted all commenters 

the Tylers made him cry lol

slewie the pi-rat's picture

In other words, the man whom The Sun of all non-captured publications (oddly enough, tabloids sometimes have more journalistic integrity than Reuters and the FT as we will shortly find) has dubbed Mr. Libor. The Sun continues: "In a staggering profile on the internet Mr Ewan reveals he joined the BBA in 2005 to “put Libor on a secure commercial footing”.

Mr EwanMr. LiborReuters Reuters Reuters ReutersReuters Reuters Reuters ReutersMr EwanMr. Libor

did not thomsonReuters "have the frachise" for distributing the diddled data?  reuters was the MSM propaganda front for the whole fuking she-bang and disinformation dissemination;  reuters 'sold' the "lie" for mrLibor

so WTF else is new, eh?


Joseph Jones's picture

In Michael Schuerer's book The Road To Hell he quotes from about six great world demographers, who agree that regarding the Islamazation of Europe, the only question is, "How much blood will be spilled?"  (non-Muslims disappear while the Muslim population rises exponentially) 

Oh regional Indian's picture

The Islamization of Europs is a direct result of their past, colonial mis-adventures. It's no accident. 

The coming war between the Not-so-great Abrahamic religions are to be fought at every level. From Nation to streets and everything in between.

burqa bans here, head-dress bans there, a little heavy handed repression, foolish media like the in-famous Prophet Cartoons in Denmark... all in all a Cauldron.

And GB is just depressed and drunk out of it's mind. And watched by the largest array of Cameras per square mile anywhere in the world.

The Caucasian world is really getting ready to take one square on the nuts. 



mkhs's picture

At the rate Europe is going,who would  want it?

JOYFUL's picture

...The Caucasian world is really getting ready to take one square on the nuts...

has someone decided it's safe agin to scamper out and take another kick at the Kaucasian Kan?

How bout we kancel that koncept, right about now...

and let Whitey worry bout girding his own loins, whilst yu wrap yurs round problems kloser to home....then everybodys' a winner!

Delegate! The key to organizational efficiency ORI...yu musta kome akross that koncept in yur time at RI-HI! If yu are really an ally of our peeples, yu'll take my advice close to heart, and give yurself a whole new start\here.

That Kabbalist-approved anti-western shite smelled bad the first dump...not gonna get any sweeter second time round. Don't let yur bitterness get the better of yu.

BigDuke6's picture

i find it hard to believe i'm agreeing with ori but he's right.

too many whitey been allowed to get lazy and soft , especially on the uk welfare state which encourages the scum to breed.

theres a reckoning coming and the fat welfare slobs are no match for the kids of hungry goatherders

JOYFUL's picture

there's a reckoning comin all right.

And when it arrives, the sight of white people, those previously hyper-insulated from all forms of disasters that have struck at other folks and been recorded passively thru the camera lense for the entertainment of the 'first world' folk will shock and sicken yu.

Then, in the next stage, yu will grow numb to it. The sight of your peeple, our peeple, being taken down in a planned decimation of the Europoid haplogroups....

and finally, in the horror flick that they have scripted for yu, and those yu love dearest, yu will accept it....even welcome it, as a way out of the suffering that yu will have had to endure.

That's right Duke...we're all 'scum' to them. Did yu really think there's a place in the plan for yu. After yu've torn down yur brother rather than lift him up, yu will, I greatly fear, be found expendable. Yu've bought the kabbalist divide n rule kampaign hook line n sinker...don't be surprised if it's a mighty big sinker, and that it's hangin round yur neck!

I sincerely hope that yu will live to regret yur opinion of yur own peeple. As for those who spit upon them from their viperous dens, I make no such prayers. They will find, in time, that doing the work of the divisive devil(s) pays dividends of a special distinction.

BigDuke6's picture

No man is an island you say.

Great post. i share your pain.

JOYFUL's picture

...he quotes from about six great world demographers, who agree that regarding the Islamazation of Europe, the only question is, "How much blood will be spilled?"...

yur 666 demographers, if they exist, are worth about as much as six 'top flight' ekonomists....which is squat...

and now that yu've squatted down an done a Joesph Jonestown all over the facts, it's time to clean up yur puddle of filth....

excessive population growth on the part of the Muslim world is a myth, propagated by sionist hegemonists and their stooges - indeed just like their AWG scam, the truth lurks in the exact opposite direction to the disinfo kampaigns... 

"The great and still ongoing declines in fertility that are sweeping through the Muslim world most assuredly qualify as a "revolution" - a quiet revolution, to be sure - but a revolution in which hundreds of millions of adults are already participating: and one which stands to transform the future," writes demographer Nicholas Eberstadt in the June 2012 issue of Policy Review, the journal of Stanford University's Hoover Institution.


Not to put too fine a point on it: Proponents of "developmentalism" are confronted by the awkward fact that fertility decline over the past generation has been more rapid in the Arab states than virtually anywhere else on earth


The game is up for the pseudo-hebraic hustlers of divide n konquer geo-politics...indeed, the developing coalition amongst the peeples of east and west, the christian, jewish and muslim peeples united under the banner of anti-sionism will soon mean that

the "Road to Hell" is the highway on which yu and yur fellow travellers are destined to travel...as roadkill draggin under the AIPAC bus...and the blood that's spilled may just be yur own, instead of the usual sacrificial victims!

blabam's picture

Depleted uranium doing it's thang.

JOYFUL's picture


but we musn't talk about that!

big turnout of sionist shills in the small hours...wonder if they sleep in closed caskets? Wait, ZOGBIES don't sleep, right?

ACP's picture

Yeah they are gluttons for punishment. Instead of "kick me," they have "ass rape me, chop my arms off and beat me to death with them" written on the back of their shirts.

So, I guess Bernanke will be the criminal bankster-to-criminal propaganda artist in the US and work for CNBC? The reporter who speaks lies in short, choppy sentences?


q99x2's picture

Dude knows too much to be that close to the publish button. I'd retire early if I were him and call it a job well done.

Hmmm. Does look like he's been pulled from under the bus the way his head is all twisted. Got the one eye all sinisterly closed and the other open. Can't help but shit eatingly grin. Heads looks like its be hit from the top down with a shovel once or twice. Especially on the right side. Nothing symetrical about it. The freakin other eye is open like there's half a speed freak trying to climb out. And what the hell are those side burns all about.

PlausibleDenial's picture

I had to sign in to just up arrow you as that simply is fucking funny.  I sware he reminds me of a wrestler I knew in college.  Thanks for the laugh.

Cursive's picture

Nice sideburns.  I wonder if he hangs out with Alex Hope.

candyman's picture

wtf, the new normal has reached its  peak. off with their heads.


FieldingMellish's picture

Why is this man not in prison?

Solon the Destroyer's picture

Doesn't it seem curious that Agius, the Director of Barclay's retired just 11 days earlier?

Wonder if he will see any heat.

The length of time it took for these rat-asses to jump ship shows us the degree of their greed and hubris.

4horse's picture

. . . not in prison

another rhetorical quandary, surely:


Why Reuters? The WSJ provides   a lie 

no question

rothschild is reuters

as is every other fucking euphemism used in all financial reporting, rothschild's



rhetorical-like, next try asking'n'asskiss: why oh why is jamie dimon not in prison

silverdragon's picture

What a f*ckin joke, throw the c*nt in jail.

BigDuke6's picture

if you wanna call him a cont just call him a cont brudda

I am a Man I am Forty's picture

Fucking Reuters, idiots.  Guess they don't want him to roll over on them?  Anyway, prediction, he's gone within 6 weeks.

otto skorzeny's picture

Must be a favored goy of the House of Rothschilds- since they own the banks AND reuters. kind of like Wall St and DC bouncing these pricks like Timmy G back and forth

Variance Doc's picture

"...for its fixing..."


There's that word again.

silverdragon's picture

My money is on him having an accident. Moving him to Reuters is just to shut him up while they organize some bad news for him.

otto skorzeny's picture

will be found "hanging out" at Blackfriars Bridge

The Monkey's picture

The game of musical chairs. A phone call is made and things are switched around. Any flack is ignored as It all blows over quickly. Just stay the course and keep your mouth shut and head down.

That's how it works.

Me_Myself_and_I's picture

The only ones that will be prosecuted will be low-level people who were not in charge.. the patsies if you will.

Number 156's picture

His joining Reuters is really just a lateral continuation of his employment.

Solon the Destroyer's picture

His joining Reuters is quite obviously useful to his mission, but why he thought it was a safe place to jump says a helluva lot about John John.

TonyCoitus's picture

John Ewan, welcome to fight club.......fucktard.

JLee2027's picture

I would have hung my head in complete shame and found a nice remote Island in Artic Ocean to hide on.  What a fucktard.

LMAOLORI's picture

In other news I won't hold my breath waiting for bernanke to follow this advice



How Bernanke Can Get Banks Lending Again If the Fed reduces the reward for holding excess reserves, banks will have to find something else to do with their money, like making loans or putting it in the capital markets.

"The Fed's hostility toward lowering the interest on excess reserves is almost self-contradictory. When Mr. Bernanke lists the weapons the Fed plans to use when the time comes to tighten monetary policy, he always gives raising the IOER a prominent role. His reasoning is straightforward and sound: If the Fed makes holding reserves more attractive, banks will hold more of them. Why doesn't the same reasoning apply in the other direction?

But suppose it doesn't work. Suppose the Fed cuts the IOER from 25 basis points to minus 25 basis points, and banks don't lend one penny more. In that case, the Fed stops paying banks almost $4 billion a year in interest and, instead, starts collecting roughly equal fees from banks. That would be almost an $8 billion swing from banks to taxpayers. There are worse things.

Mr. Blinder, a professor of economics and public affairs at Princeton University, is a former vice chairman of the Federal Reserve."



in full



Don't know how reliable RT is but



Fed hints at quantitative easing 3



JOYFUL's picture

..."I successfully negotiated contracts with derivatives exchanges and all of the major data vendors."...

and now....final proof[as if any was needed!?!?]of the kompleted konvergence of state\bizness\media into an aggregrated Golem of the moneypowers' full spectrum dominance of the western peeples' pitiful fate...

all that's left for John to accomplish before retirement to the villa on Ibiza is the movie...

"Fiddler on the Hoof" - luvable Yiddish characters delightfully direct their gullible goyish gofers to herd the hard-pressed humanfolk into the chutes of the BIGCIRCLE K RANCH Abbatoir and [G]oldStorage Plant, and Rahm Emmanuel gets to fulfill his boyhood dream of reprising "Zero" Mostels' role of singing, dancing "milkman" whilst skimming the cream[I see a walk-on role for the Kenyan there]of that herd...JOHN, of course, gets the role of Gino Conforti*...

"The Fiddler is a metaphor for survival, through tradition and joyfulness, in a life of uncertainty and imbalance."

Kapitalism, like the Fiddler, is the anitdote to the uncertainty and imbalances of markets..and follows the wise talmudic tradition of joyously dipping it's invisible hand into the pockets of plebian proles everywhere. And with the proceeds, these mad millenialist masters of the universe will Krush Khristianity, and revisit their pogroms against the Europoid peeples as was well evidenced by the horror of the Holodomar in Ukrania, and their genocide against the Armenians!

*Gino later in his career "appeared as a hot dog vendor in a advertising campaign...He can be seen looking at his customer as she asks the camera, "What's really in a hot dog?"  Perfect.

Get up offa yur knees, and finally fight back , my brothers, or prepare to die stripped of all dignity and whatever yu once held dear.

http://youtu.be/byuw6yG_AT4 [Richard Earnshaw\RISE]

Global Hunter's picture

just when I think it can't get any more absurd.

macduggie's picture


As circuses go, it's a less grisly watch than assault rifle deaths.

And there's not that much point in worrying about the bread unless and until we run out of it.

To paint with a broad brush, the truth is we've reached full consumption- diminishing utility means there comes a point where it just isn't worth expending effort to consume more expensive stuff for the sake of the very small amount of extra intrinsic pleasure it gives you.

There's two ways to go from there- either turn lazy and don't bother working more, or become obsessed with your societal status so keep keeping working your ass off to acquire goods which make you feel relatively better than the lazy.

It's pretty much exclusively a tempremental issue whether you hate the greedheads or the worthless lazy slobs in your excluded group or can actually accept the fact that there's different ways of living life.

Stupid bloody yanks- if you're so smart, why aren't you poor?

silverdragon's picture

When they came for John Ewan, his wife who was standing in the door way remembered that it was odd that the four largish gentleman all dressed in dark suits were bulging out of their suits, all unshaven. Her husband reassured her it was all OK and they were just going to the Reuters office, to go over some things. She still gets annoyed with herself for not being more suspicious when one of the suits said, "We are just going for a long drive" then chuckled in a knowing way. She remembers her husband sitting in the middle of two of the gentlemen on the back seat, smiling meekly as the non descript vehicle drove away. Ewans wife still thinks it was strange that he supposedly committed suicide, as he had two bullet holes in the back of his head.

Milton Waddams's picture

I ran Mr. Ewan's image through Facebook's proprietary thought-crime algorithm and, indeed, there is a strong probability that Mr. Ewan demonstrates signs of sociopathic tendencies. As such I've recommended to my superiors that he would be better suited in a more 'senior' or 'advisor' role.

Catullus's picture

Eh.  No one used the rate anyway.  It's been meaningless for years. 


Fecklesslackey's picture

Interesting that the guy produced a ten fold profit increase on a meaningless rate