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Shocking Details Of Barclays Epic Lie-bor Fraud: "Duuuude…Whats Up With Ur Guys 34.5 3m Fix…Tell Him To Get It Up!"

Tyler Durden's picture


We knew something was very wrong back in January 2009. We knew the rabbit hole went deep. We had no idea just how deep.... It goes very, very, very deep.

From the FSA' breakdown of Barclays traders caught in the act of manipulation:

On Friday, 10 March 2006, two US dollar Derivatives Traders made email requests for a low three month US dollar LIBOR submission for the coming Monday:


i. Trader C stated “We have an unbelievably large set on Monday (the IMM). We need a really low 3m fix, it could potentially cost a fortune. Would really appreciate any help”;


ii. Trader B explained “I really need a very very low 3m fixing on Monday – preferably we get kicked out. We have about 80 yards [billion] fixing for the desk and each 0.1 [one basis point] lower in the fix is a huge help for us. So 4.90 or lower would be fantastic”. Trader B also indicated his preference that Barclays would be kicked out of the average calculation; and


iii. On Monday, 13 March 2006, the following email exchange took place:


Trader C: “The big day [has] arrived… My NYK are screaming at me about an unchanged 3m libor. As always, any help wd be greatly appreciated. What do you think you’ll go for 3m?”


Submitter: “I am going 90 altho 91 is what I should be posting”.


Trader C: “[…] when I retire and write a book about this business your name will be written in golden letters […]”.


Submitter: “I would prefer this [to] not be in any book!”


The number of requests and the period of time over which they were made indicate that the Derivatives Traders made requests on a routine basis. Specific emails also indicate the requests were made regularly. For example, the following email exchange took place on 27 May 2005:
Submitter:“Hi All, Just as an FYI, I will be in noon’ish on Monday […]”.
Trader B: “Noonish? Whos going to put my low fixings in? hehehe
Submitter: “[…] [X or Y] will be here if you have any requests for the fixings”.


In response to a request from Trader C for a high one month and low three month US dollar LIBOR submission on 16 March 2006, a Submitter responded: “For you…anything. I am going to go 78 and 92.5. It is difficult to go lower than that in threes, looking at where cash is trading. In fact, if you did not want a low one I would have gone 93 at least”.


Trader C requested low one month and three month US dollar LIBOR submissions at 10:52 am on 7 April 2006 (shortly before the submissions were due to be made); “If it’s not too late low 1m and 3m would be nice, but please feel free to say “no”... Coffees will be coming your way either way, just to say thank you for your help in the past few weeks”. A Submitter responded “Done…for you big boy”.


On 6 August 2007, a Submitter even offered to submit a US dollar rate higher than that requested:
Trader F: “Pls set 3m libor as high as possible today
Submitter: “Sure 5.37 okay?”
Trader F: “5.36 is fine”


On Thursday 14 December 2006, Trader F emailed a Submitter, requesting a low three month US dollar LIBOR submission for the following Monday, 18 December 2006; “For Monday we are very long 3m cash here in NY and would like the setting to be set as low as possible…thanks”. The Submitter instructed another Submitter to accommodate the request; “You heard the man” and confirmed to Trader F “[X] will take notice of what you say about a low 3 month”.


Two seconds later, that Submitter sent himself an electronic calendar reminder to make a low three month submission at 11 am on Monday 18 December 2006: “USD 3mth LIBOR DOWN”.

It just gets better:

For example, on 26 October 2006, an external trader made a request for a lower three month US dollar LIBOR submission. The external trader stated in an email to Trader G at Barclays “If it comes in unchanged I’m a dead man”. Trader G responded that he would “have a chat”. Barclays’ submission on that day for three month US dollar LIBOR was half a basis point lower than the day before, rather than being unchanged. The external trader thanked Trader G for Barclays’ LIBOR submission later that day: “Dude. I owe you big time! Come over one day after work and I’m opening a bottle of Bollinger"

And better:

For example, on 6 September 2006, an external trader at another bank (Panel Bank 1) contributing EURIBOR submissions sent an instant message to Trader E at Barclays requesting a low one month submission: “I seriously need your help tomorrow on the 1mth fix”. The next day, Trader E passed on the request to Barclays’ Submitters, blind copying in the external trader.

And better:

On 28 February 2007, Trader B made a request to an external trader in relation to three month US dollar LIBOR “duuuude… whats up with ur guys 34.5 3m fix…tell him to get it up!!” The external trader responded “ill talk to him right away”.

And other banks:

Barclays’ Submitters also received 11 requests for sterling LIBOR submissions from an external trader at another bank (who had previously worked at Barclays). These requests were not taken into account.

And truly stunning:

Trader E communicated with traders at Panel Banks 1, 2 and 6 in advance of the IMM date. For example on 12 February 2007, Trader E stated in an instant message with a trader at Panel Bank 6:
“if you know how to keep a secret I’ll bring you in on it […]
we’re going to push the cash downwards on the imm day […]
if you breathe a word of this I’m not telling you anything else […]
I know my treasury’s firepower…which will push the cash downwards […]
please keep it to yourself otherwise it won’t work”.

And, in the end, the punchline:

Various instant messages exchanged after the final benchmark rates were published on 19 March 2007 indicated that the traders involved considered that their strategy had been successful. Trader E commented to the external trader at Panel Bank 6 “this is the way you pull off deals like this chicken, don’t talk about it too much, 2 months of preparation […] the trick is you must not do this alone […] this is between you and me but really don’t tell ANYBODY”.

Absolutely sickening. Read the full thing here.

Our advice to anyone who had an adjustable rate mortgage in the period between 2005 and today: speak to a lawyer immediately about suing the living feces out of Barclays, and all other banks who crawl out of the woodwork with purported settlements. Because due to their undisputed mark manipulation, it is absolutely safe to say that ARMs, which rely on Libor for interest rate formation, were grossly manipulated by the same idiot traders who left written evidence of their manipulation year after year. Now it is their turn to pay.


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Wed, 06/27/2012 - 09:58 | 2564765 GeneMarchbanks
GeneMarchbanks's picture


Why should anyone act surprised at this? The FSA makes the SEC look like the TSA.

Wed, 06/27/2012 - 10:05 | 2564806 BKbroiler
BKbroiler's picture

duuuuude, where's my morals?

Wed, 06/27/2012 - 10:15 | 2564842 Manthong
Manthong's picture

It's just a good thing they could not possibly jerk with the valuations of any of their ETFs or options.

Wed, 06/27/2012 - 10:21 | 2564862 Popo
Popo's picture

Holy shit!

I knew this racket was corrupt,  but the *casualness* of the corruption is fucking jaw dropping.    "Please set LIBOR as high as possible today".   Sure buddy, no problemo?    FUCK ME that's off the charts.   I figured it was more of a nudge nudge,  wink wink situation.   

These guys are TOAST.

Dear lawyers of the world.  Yes, I still hate you and think you're low-life vampires,  but please awake every blood-sucker in your respective lairs and sue the bujeezus out of every motherfucking pillar of London finance until they are pale, white and trembling.

This is going to be the easiest and highest-paying lawsuit in the history of lawsuits.


Wed, 06/27/2012 - 10:22 | 2564873 redpill
redpill's picture

FINES?  Fuck fines, where's the jail time for these criminals?

Wed, 06/27/2012 - 10:31 | 2564928 MillionDollarBonus_
MillionDollarBonus_'s picture

This is not manipulation. LIBOR has ALWAYS been set by a few selected, elite investment banks, and that's exactly how it should be. Jealous doomer day traders need to admit that they are simply not as smart, or successful as traders at top tier investment banks. I know it hurts, but you have to admit it, or you just look foolish and pathetic (in my opinion).

Wed, 06/27/2012 - 10:44 | 2564987 GeneMarchbanks
GeneMarchbanks's picture


That is actually close to the truth.

Wed, 06/27/2012 - 10:56 | 2565019 notbot
notbot's picture

yes Libor is set by a few banks, but it *should* be honest, not manipulated in cahoots with your prop desk.  

Wed, 06/27/2012 - 11:24 | 2565044 hedgeless_horseman
hedgeless_horseman's picture



Trader C: “The big day [has] arrived… My NYK are screaming at me about an unchanged 3m libor. As always, any help wd be greatly appreciated. What do you think you’ll go for 3m?”


Submitter: “I am going 90 altho 91 is what I should be posting”.


We would be foolish to believe that gold and silver quotes are not manipulated in the exact same way.


"I checked what gold is worth on Kitco..."



Wed, 06/27/2012 - 11:33 | 2565135 Xibalba
Xibalba's picture

Hey Chilton, hows that 'investigation' into the silver markets going?  

Wed, 06/27/2012 - 20:50 | 2566990 Bringin It
Bringin It's picture

Sorry, Bart's a croney.  He's doing what he's supposed to be doing.

Sun, 07/01/2012 - 12:19 | 2578585 AldousHuxley
AldousHuxley's picture secret, easy, and not much punishment.


Why did Pandit's money losing hedge fund get bought out by Citibank for $300M and put him as CEO?

Why did AIG bonuses get paid?

Why did Eliot Spitzer get booted out on call girl scandal right when he was positions to go after banksters?

NY Fed Chairman & board of Goldman Sachs  Stephen Friedman profit millions off of insider trading ahead of the news that Goldman was bailedout via counterparty payoff from AIG rescue.


Tim Geithner, President & CEO of NY Fed now your US Treasurer

picked in 2003 by committee of bank CEOS:

  • Hank Greenberg, then the chairman of AIG
  • John Whitehead, a former chairman of Goldman Sachs
  • Walter Shipley, a former chairman of Chase Manhattan Bank, now JPMorgan Chase
  • Pete Peterson, a former chairman of Lehman Bros



Wed, 06/27/2012 - 12:41 | 2565349 theprofromdover
theprofromdover's picture

Is the Kitco logo a one-legged pair of Y-fronts?

Wed, 06/27/2012 - 10:53 | 2565012 MsCreant
MsCreant's picture

MBD, you need to retire this account, you just jumped the shark. No one will take this one seriously. You will get marked down for doing this badly.

Wed, 06/27/2012 - 11:18 | 2565086 Paper CRUSHer
Paper CRUSHer's picture

One thing for certain ol' MDB ain't no Johnny Bravo aka.Master bater.He lacks character and class.....he's jus' a dull fake,a phoney and the only reason he comes to zerohedge is that his wife dont luv 'im n'more.

BTW, i didn't slap a junk on ya.

Wed, 06/27/2012 - 11:59 | 2565219 Andy Lewis
Andy Lewis's picture

Could it be sarcasm on his part?  It reads like it to  me.

Wed, 06/27/2012 - 18:53 | 2566733 Whalley World
Whalley World's picture

Naturally it's sarcasm, and i have begun to appreciate his posts.

Wed, 06/27/2012 - 11:49 | 2565182 Everybodys All ...
Everybodys All American's picture

I hate to attack you but you are a pathetic excuse to begin with so I don't feel all that bad having read your nonsense for years on this board. If you just pass this off as normal business what do you call criminal? How do you ever expect to clean up the financial system? This is partly how and why we had the sub prime mess. This is how we end up with robo signings on foreclosures. I could go on but your simply a waste of time and when the financial system falls completely apart  no one will be asking for your opinion I can assure you.

Wed, 06/27/2012 - 11:55 | 2565196 NotApplicable
NotApplicable's picture

OMG, this is hilarious!

You not only made his day, but week, month, and maybe even year as well.

Some trolls can only dream of such responses, but not MDB. Nope, thanks to you, he has fulfilled his destiny.

Wed, 06/27/2012 - 15:11 | 2565941 Everybodys All ...
Everybodys All American's picture

and you know this because? Pardon me if I have not caught on to his stupid form of satire.

Wed, 06/27/2012 - 19:12 | 2566769 Short Memories
Short Memories's picture

Because you took the bait (hook line and sinker) :D

I guess most people do the first few MDB posts you read till you 'get it'. His posts are actually very cleverly worded

I love reading his posts when he's on a role! only give him a -1 when he's having a bad day!

Wed, 06/27/2012 - 13:06 | 2565432 jimmytorpedo
jimmytorpedo's picture

Nobody understands MDB. He's the straight man.

I haven't seen hilarity like that since "Who's on first?"

Keep it up MDB! 

Wed, 06/27/2012 - 12:12 | 2565262 CrawdadMan
CrawdadMan's picture

Someone gets it. I too got it 6 years ago.

Whinning is not gonna stop the manipulations. Keep thinking one day this thing would explode and you'll carry that thnking to your grave.

Even if that day did come, there would be some other kind of exploit that would be used. 

Remeber, humans are inherently greedy.

Wed, 06/27/2012 - 19:08 | 2566760 Peter Pan
Peter Pan's picture

Not as smart or successful as traders at top tier investment banks? You mean "perhaps not as dumb and stupid" given that they have been caught.

Wed, 06/27/2012 - 19:27 | 2566813 Kayman
Kayman's picture


Just to clear the record.  Libor is the London Interbank Offered Rate- the rate at which lending is supposed to be transacted.

Naturally for you, having a manicured "elite" investment criminal setting Libor at whim or bribe, is what constitutes "top tier".

Great sarcasm, nevertheless.

Wed, 06/27/2012 - 10:58 | 2565027 Joe Davola
Joe Davola's picture

If I had a dollar for every class action lawsuit mail I've received in the past few years, it would be a hell of a lot more than the lawsuit settlements.


Class action lawsuits are bigger scams than the original injustice they purport to redress.  Worst is the lawsuit against MFS that once was our only choice for 401k at my company.  Not only did we get stuck having to invest in their shitty money losing funds, then they sent us this paperwork to fill out to recover a bit of their skim.  Nearly two years later, still nothing.  Knowing those bastards, they probably sold my identity after sucking me in to filling out that damn class action form.

Wed, 06/27/2012 - 11:44 | 2565173 Rainman
Rainman's picture only check on a Merrill class action was $ 36.18 on a loss of over 10k. Lawyers got the lion's share and I got a bad attitude.

Wed, 06/27/2012 - 13:48 | 2565616 Joe Davola
Joe Davola's picture

36 bucks - probably cost more to cut the check.  You've shattered my dreams of receiving enough for a downpayment on a new Yugo!

Wed, 06/27/2012 - 12:21 | 2565292 hbjork1
hbjork1's picture

You've got the picture, Joe.  Unless you are a larger holder, not worth the time to fill out the paperwork.

Wed, 06/27/2012 - 13:50 | 2565624 Jena
Jena's picture

I stick the paperwork in a file and watch it get bigger.  Whether it's a class action suit or a BK, I know it's a waste of time.  I figure if I play their game the only ones who come out ahead are the lawyers and all I get is dizzy from the hopium when I get another notice.  

Fuck them.

Wed, 06/27/2012 - 11:27 | 2565114 atomicwasted
atomicwasted's picture

So you want people to obey the law, and you admit that you need lawyers to do that, but you hate lawyers.  Please check your premises.  Thank you.

Wed, 06/27/2012 - 12:52 | 2565391 HarryHaller
HarryHaller's picture

You must be a lawyer...

Wed, 06/27/2012 - 11:56 | 2565199 anonnn
anonnn's picture

FSA also covers their asses. Part of their origin, don't you know.

From Financial Services website:

"The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. We are a company limited by guarantee and financed by the financial services industry. The Board sets our overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive Committee.

We are accountable to Treasury Ministers and, through them, Parliament. We are operationally independent of government and are funded entirely by the firms we regulate. We are an open and transparent organisation and provide full information for firms, consumers and others about our objectives, plans, policies and rules, including through this website."

Wed, 06/27/2012 - 13:19 | 2565490 Budd aka Sidewinder
Budd aka Sidewinder's picture

Don't you mean MORE pale white and trembling?

Wed, 06/27/2012 - 13:26 | 2565522 Raymond Reason
Raymond Reason's picture

Punishment by rule of law doesn't work anymore.  Punish them by not participating in their game. 

Wed, 06/27/2012 - 18:57 | 2566741 More_sellers_th...
More_sellers_than_buyers's picture

I know this looks bad...and it may be... But these idiots know that everything they type is recorded, it is trader talk.. They are thanking guys who happen to be in a position to set price. It happened to go their way.. I'm betting if you look through a month long thread of back and forth you would see them calling the same people assholes for setting the price against them...let's get real here.... Let's find the assholes and hang them up , not just anyone in the biz

Wed, 06/27/2012 - 10:25 | 2564891 Buckaroo Banzai
Buckaroo Banzai's picture

The real news isn't that something like this happened-- OF COURSE it does every single day. I'm MUCH more interested in who blew the whistle, and why. Because the Post Turtles (aka "regulators") didn't uncover this by themselves.

Wed, 06/27/2012 - 11:09 | 2565052 Biosci
Biosci's picture

Wow, so much anger, up and down the thread.  I guess that's a reasonable response, but strong primary emotions like these are the result of reality not matching up to your expectations...and my expectations for this crew are so low that this barely fazes me.  So Buckaroo, I too am more interested in how the story got loose.

No matter where you go...there you are.

Wed, 06/27/2012 - 11:32 | 2565130 post turtle saver
post turtle saver's picture

You're damn right we didn't lol

Wed, 06/27/2012 - 10:24 | 2564853 hedgeless_horseman
hedgeless_horseman's picture



Our advice to anyone who had an adjustable rate mortgage in the period between 2005 and today: sue the living feces out of Barclays, and all other banks who crawl out of the woodwork with purported settlements. Because due to their undisputed mark manipulation, it is absolutely safe to say that ARMs, which rely on Libor for interest rate formation, were grossly manipulated by the same idiot traders who left written evidence of their manipulation year after year.


I love these types of action items. If I only had an ARM.

Not to worry, I am certain that defenders of law and justice, like Attorney General Eric Holder, will be on this in a heartbeat. //sarc/

Wed, 06/27/2012 - 10:30 | 2564924 Byte Me
Byte Me's picture

I love these types of action items. If I only had an ARM.

Aren't there any delinquent ARMs for repurchase? THEN (after buying such) litigate for it being originally faulty.

It's not as naïve as it sounds - these are crazy times...

Wed, 06/27/2012 - 12:36 | 2565333 resurger
resurger's picture

Crazy times indeed...

fine of £59.5mio , so what! they probably made shit loads of money on the less than 1 year MM operations

That's not to mention if they already knew about ZIRP back in 2008 and shorted the Yield Curve

Wed, 06/27/2012 - 10:46 | 2564870 vast-dom
vast-dom's picture

"Our advice to anyone who had an adjustable rate mortgage in the period between 2005 and today: sue the living feces out of:".......THE FED!


And as a thank you Barclays will now offer NIRP for all it's sheeple "customers"...

Wed, 06/27/2012 - 11:30 | 2565122 emersonreturn
emersonreturn's picture

i agree, vast-dom, sue the 'living feces' out of the FED!

Wed, 06/27/2012 - 13:54 | 2565638 fnordfnordfnord
fnordfnordfnord's picture

If you'd had an ARM then; would you have enough money now to sue anyone?

Wed, 06/27/2012 - 11:27 | 2565113 Stock Tips Inve...
Stock Tips Investment's picture

These issues will do much damage to Wall Street. There are thousands of working people and very hard to make money in this market. Unfortunately, unscrupulous people not only want to profit illegally. We will also generate immense damage to this industry.

Wed, 06/27/2012 - 11:44 | 2565172 battle axe
battle axe's picture

Really, you mean there was a fix on, this had been going on for years....Also it is bad to hit yourself in the head with a hammer.....

Wed, 06/27/2012 - 10:03 | 2564768 fuu
fuu's picture

Firing squads.

"Barclays has been fined more than $450m by US and UK authorities for misconduct and attempted manipulation of the London interbank offered rate, which serves as a benchmark for $360tn in contracts worldwide."


Wed, 06/27/2012 - 11:35 | 2565144 post turtle saver
post turtle saver's picture

You say "firing squads", they say "reasonable risk". Somewhere as we speak a Barclays trader is pissing $450m like it ain't no thing.

Wed, 06/27/2012 - 11:58 | 2565215 NotApplicable
NotApplicable's picture

Now that's some fuckin' ROI, right there. Likely second only to lobbying.

Wed, 06/27/2012 - 13:24 | 2565515 Carl Spackler
Carl Spackler's picture

It was another "tribute" scheme carried out by another corrupt, centralized "authority".

A few (i.e., the BBA members)were empowered and with no oversight (i.e., government regulators prove -once again- they are bozos) with with the power to influence all financial behavior across the kingdom. 

Those vested with such power decided how they could squeeze a little tribute for self out every time the rate had to be re-evaluated.

From the other side of the game, it is a tax on every legal entities and people who conduct financial transactions.

Wed, 06/27/2012 - 09:58 | 2564775 Mongo
Mongo's picture

Zero Hedge

Wed, 06/27/2012 - 09:58 | 2564776 midgetrannyporn
midgetrannyporn's picture

business as usual.

Wed, 06/27/2012 - 09:59 | 2564778 Seize Mars
Seize Mars's picture

Email? These morons used email for this?

(shaking my head slowly)


Wed, 06/27/2012 - 10:02 | 2564792 midgetrannyporn
midgetrannyporn's picture

there is obviously nothing to be afraid of for them or barclays.

Wed, 06/27/2012 - 10:12 | 2564837 Divided States ...
Divided States of America's picture

no shit....Barclays made probably billions over the years and get off scotch free (200mn chump change) while those traders are on the beach somewhere....while 90% of society is starving. And of course the market rips...

Wed, 06/27/2012 - 11:57 | 2565208 JLee2027
JLee2027's picture

And the Feds want the guy who hacked and released nude photos of Scarlett Johansson to be jailed for 5 years.  But LIBOR manipulation? No problem, go right ahead.

Thu, 06/28/2012 - 01:38 | 2567452 matrix2012
matrix2012's picture

I do love the Amerikan and United Kingdom touted DEMOCRACY. It's simply amazing beyond one's belief!

Wed, 06/27/2012 - 10:06 | 2564814 Cursive
Cursive's picture

@Seize Mars

Not that bad really.  They were caught red handed and only have to pay $400M without admitting guilt for "fixings" that could save a "fortune."  Why bother to rape a woman behind the bushes when you can do it in the middle of the street in broad daylight with little to no repercussions?  It's much more fun and easier in broad daylight, don't you know?

Wed, 06/27/2012 - 10:07 | 2564824 midgetrannyporn
midgetrannyporn's picture

the regulators will help hold her down.

Wed, 06/27/2012 - 11:50 | 2565186 ParkAveFlasher
ParkAveFlasher's picture

Of course she needs to be held down, look at how hysterical she is.

Wed, 06/27/2012 - 10:06 | 2564818 homersimpson
homersimpson's picture

Traders aren't the brightest bunch, y'know. Some people confuse their penchant for gambling for intelligence. Just because one trades in millions/billions of dollars doesn't make one smarter.

Wed, 06/27/2012 - 10:41 | 2564965 Txo
Txo's picture

Agreed, but it s the feeling of impunity that allows them to be so stupidly explicit ... it s like a dope dealer trading on his land phone ...

Wed, 06/27/2012 - 10:45 | 2564989 Mitzibitzi
Mitzibitzi's picture

Yup. My bro lives next door to some mid-level trader bozo at HSBC. By all accounts the dude drives a brand new Merc but is as dumb as box of rocks. Kept setting the alarm off every time he came in the house, until somebody from the alarm company showed up to explain that a four digit code and pressing a button marked 'Unset' really isn't that difficult.

Wed, 06/27/2012 - 11:54 | 2565192 sunaJ
sunaJ's picture

The Twitter hadn't been invented yet.

Wed, 06/27/2012 - 12:01 | 2565224 LeisureSmith
LeisureSmith's picture

Yea, makes one wonder what the "pros" use theese days besides handwritten notes burned in champagne buckets and lowered voices.

Wed, 06/27/2012 - 12:04 | 2565234 NotApplicable
NotApplicable's picture

If you haven't noticed, most businesses are willing to conduct even their most highly sensitive operations over email, thinking it is no different than snail mail. As a developer, I'm constantly finding insecure data entry forms published on our website, where anyone can submit anything posing as anybody. All I hear when I bring it up is, "But we need to offer this service online!"

Oh, well, educating the idiots, ain't my job! Besides, they'll just lie about it later anyway when it blows up in their faces.

Wed, 06/27/2012 - 20:59 | 2567009 Bringin It
Bringin It's picture

Email?  Why not? 

Above the law means above the law.

Wed, 06/27/2012 - 10:00 | 2564781 LongSoupLine
LongSoupLine's picture

slow death through a dull wood chipper feet first is NOT punishment enough.



fuck these crooked assholes to hell.

Wed, 06/27/2012 - 10:07 | 2564790 Cursive
Cursive's picture

Fixings!  Get your fixings right here, folks!  These scum are no better than circus barkers.  The financial world is not "complex" as all these psychopathic criminals would have us believe, it is really very simple.  It's organized crime, run by bullies with average to below average intelligence and it should be treated as such.  The Casa Nostra is nothing compared to The City.

Wed, 06/27/2012 - 10:20 | 2564861 Divided States ...
Divided States of America's picture

Totally agree. I mean if I was Jewish and had inside information and expert network all around me and got tips from all my Jewish buddies on Wall Street, or those that work in Central Banks and in the Media industry, I would make just as much as them. Most of them may be more privileged than us (undeservedly) but they aint that smart.

Wed, 06/27/2012 - 12:00 | 2565222 bagehot99
bagehot99's picture

Ummm. Wanna knock it off with the reflexive anti-semitism? Barclays traders in London are not part of some Jewish conspiracy. They are cockney wide-boys operating a simple cartel scam. 

Hopefully someone will finally go to jail here, but I won't be holding my breath. 

Wed, 06/27/2012 - 21:14 | 2567046 Bringin It
Bringin It's picture

anti-semitism is an assinine term designed to put some legitimacy into the Palestine land grab.

Buck up, be a mensch and say anti-Jew, when the guy is calling out the Jews, if that's your beef.

And to say that Anglo-American-Zionist banking system is not dominated by croney ethnic collaboration is just uselessly denying reality.

[That's like me telling you that the Cossa Nostra is an equal opportunity employer.][Do you believe that?][No, you don't.  Just like no one here believes your absolution.]

The bankers buy the politicians.

The politicians makes the laws that funnel wealth to the banksters.

Part of the voodoo that makes it all possible is to mess with the semantics, making it difficult for peolple to articulate the scam they're unwilling participants in.


Wed, 06/27/2012 - 12:07 | 2565240 Andy Lewis
Andy Lewis's picture

If these are Divided States, bigoted filth like you help make it that way.

Wed, 06/27/2012 - 10:02 | 2564798 Captain Benny
Captain Benny's picture

And only Barclays gets a small fine... hmm.

Wed, 06/27/2012 - 10:04 | 2564801 killallthefiat
killallthefiat's picture

I have an ARM from early 2005.  It started adjusting in 2010.  I have had 2 downward adjustments from my initial interest rate and this year was up to 3.375%.  I will not refi to a recourse loan...rather I would walk away.

Wed, 06/27/2012 - 10:18 | 2564851 pods
pods's picture

We have an ARM based on the ten year.  I think it is at bottom now, 2.5% and wont drop lower.  Too bad they stuck a floor in it.

Although it is a recourse loan (refi).  But WF probably doesn't have the papers anyway.



Wed, 06/27/2012 - 10:05 | 2564805 sangell
sangell's picture

I wanna see the e-mails between Barclays and the CFTC and FSA

Wed, 06/27/2012 - 10:06 | 2564807 Scalaris
Scalaris's picture

Dude Where's My LIBOR

Wed, 06/27/2012 - 10:06 | 2564810 williambanzai7
williambanzai7's picture

As I was saying....substantial litigation.

Wed, 06/27/2012 - 10:09 | 2564829 Cursive
Cursive's picture


...and the lawyers will be the big winners.  Courtrooms mete out very little justice and, in the case of the financial industry, very little payouts.

Wed, 06/27/2012 - 10:21 | 2564863 hedgeless_horseman
hedgeless_horseman's picture



flag as truth (1)

Wed, 06/27/2012 - 10:32 | 2564931 Uncle Remus
Uncle Remus's picture

Rumor has it Beelzebub hisself is a lawyer.

Wed, 06/27/2012 - 11:38 | 2565157 emersonreturn
emersonreturn's picture

you are right, Cursive, there will be few if any payouts...the debate though becomes public, and has the potential to grow and uncover endless amounts.  this will be the true payout. imo.

Wed, 06/27/2012 - 10:17 | 2564852 Dr. Engali
Dr. Engali's picture

We saw what happened with the robo signing. I expect nothing more here.

Wed, 06/27/2012 - 10:41 | 2564973 pods
pods's picture

Seems they just don't punish fraud like they used to.

If they ever did.  

Wed, 06/27/2012 - 11:25 | 2565108 j0nx
j0nx's picture

Oh they surely do. I bet if YOU tried some of the shit that these guys have done and continue to do then they'd be on your ass like white on rice. Two laws brother: one for you and one for them. This will continue as long as the American people allow it to.

Wed, 06/27/2012 - 10:06 | 2564816 asteroids
asteroids's picture

Fear and Greed. Now, back to Angela and friends. There is fear and greed at that meeting too.

Wed, 06/27/2012 - 10:06 | 2564817 goldencross10
goldencross10's picture

The broz alwayz winz?

Wed, 06/27/2012 - 10:06 | 2564819 surf0766
surf0766's picture

with prime time rating at 20 year lows. b-cups should be back in no time to spin this as good news.

Wed, 06/27/2012 - 10:08 | 2564823 11b40
11b40's picture

And I read this morning that some guy locally just got 11 years in jail for stealing day, this whole thing is going to explode.

Wed, 06/27/2012 - 10:16 | 2564847 Dr. Engali
Dr. Engali's picture

It's fricken nuts. It's like the whole idea of right and wrong is backwards.

Wed, 06/27/2012 - 10:50 | 2564999 Mitzibitzi
Mitzibitzi's picture

I'm betting the weasely self-justification most banksters use is the obvious one; We created the money from thin air in the first place, so it belongs to us. You can't steal your own money!

Wed, 06/27/2012 - 12:07 | 2565249 NotApplicable
NotApplicable's picture

That's known as the self-propelled version of divide and conquer. Add a little activation energy (a spark in the prairie grass), then sit back and watch the firestorm destroy all who fuel it.

Wed, 06/27/2012 - 10:18 | 2564854 BBullionaire
BBullionaire's picture

11 years for stealing cigarettes? Crazy isn't it. The whole system is corrupt and getting worse

Wed, 06/27/2012 - 10:24 | 2564879 Bob
Bob's picture

When the crime is carefully engineered between well-placed financial players, they earn special credit for expertise and having "the right stuff." 

Here's what happens when it's "unearned":

Wed, 06/27/2012 - 11:19 | 2565089 Divided States ...
Divided States of America's picture

Who do you think runs the legal system and makes the rules and regulations and know all the effin loopholes??

Who do you think runs Wall Street and creates toxic instruments that deprive many innocent and clueless people of their hard earned money??

Who do you think runs the Central Banks and implements policies that screw most of society for their own benefits??

Who do you think runs the media and spews out the propaganda that are meant to deceive and brain wash the sheeple?

Give you a hint, it starts with a J and ends with a W.

Wed, 06/27/2012 - 10:14 | 2564840 Ancona
Ancona's picture


I want some heads on a fucking stick.

Wed, 06/27/2012 - 10:50 | 2565000 pods
pods's picture

And to think these fuckers have been soaking off the FED teat as a Primary Dealer too.

So while they were LEGALLY skimming off the muppets, they were also double dipping on the illegal side.


Wed, 06/27/2012 - 10:14 | 2564841 roguetraderinchicago
roguetraderinchicago's picture

HAving been short LIBOR for years and riding the loss.....think I have a suit?  I have maintained the whole time that there was no way crooks were lending to crooks at the published rates?

Wed, 06/27/2012 - 10:16 | 2564846 EverythingEviL
EverythingEviL's picture

FUCK THESE GUYS! I bet they are still doing this same type of shit, nothing has changed!

Wed, 06/27/2012 - 21:19 | 2567057 Bringin It
Bringin It's picture

- nothing has changed!

Why would it?

Wed, 06/27/2012 - 10:18 | 2564855 Dr. Engali
Dr. Engali's picture

What ever you do don't fire up that joint in your own home.....that will get you serious time.

Wed, 06/27/2012 - 10:20 | 2564857 BBullionaire
BBullionaire's picture

Probably cracking open bottles of Bollinger now.

Wed, 06/27/2012 - 10:30 | 2564915 Bob
Bob's picture

Lessee, the conspiring thieves keep the profits, the shareholders pay the fines, the defrauded victims don't get a penny, and nobody goes to jail: Another celebration is certainly in order.

Wed, 06/27/2012 - 10:56 | 2565016 Mitzibitzi
Mitzibitzi's picture

Even if some token sacrifice IS thrown in clink, as a demonstration of how just and well-policed the system is, it won't be a 'made' man. There are always plenty of fall-guys at these institutions. And rich assholes have very long memories; if your prospective patsy also happens to be the son of someone who insulted your Daddy at a Cape Cod dinner party in 1963, then the decision to throw the poor bastard to the wolves is made all the easier.

(Edit, typo: Friggin predictive type sucks)

Wed, 06/27/2012 - 10:19 | 2564858 pods
pods's picture

It's a big fuckin club.

And you and I ain't in it!

RIP George.

Wed, 06/27/2012 - 10:25 | 2564892 Uncle Remus
Uncle Remus's picture

Whaddya mean? I got my American Express Platinum Business Card invitation right here!

Wed, 06/27/2012 - 10:22 | 2564868 catacl1sm
catacl1sm's picture


Wed, 06/27/2012 - 10:36 | 2564950 Uncle Remus
Uncle Remus's picture


Wed, 06/27/2012 - 10:23 | 2564875 PicassoInActions
PicassoInActions's picture

is any1 going to jail for this? or just the 400m penalty?

Would be ncie if all those criminals walk free so we can continue the path of no return.

Wed, 06/27/2012 - 10:23 | 2564881 Uncle Remus
Uncle Remus's picture

Let me guess, that's not how things are supposed to work.

Wed, 06/27/2012 - 10:23 | 2564882 Byte Me
Byte Me's picture

Just unbelievable...

...actually, TOTALLY believable.

But hanging, mincing, incinerating and throwing the remains into Challenger Deep won't stop it.

The offending institutions will just be 'fined' -- and that's the cost of doing business. Best of all (sic) the regulators won't rescind any licences "because it xould hurt the industry".

Obscene is a too mild a description for this bollocks.

Wed, 06/27/2012 - 10:25 | 2564896 SmoothCoolSmoke
SmoothCoolSmoke's picture

Long lampposts and rope.......... I wish.

Wed, 06/27/2012 - 10:25 | 2564897 Nihilarian
Nihilarian's picture


Wed, 06/27/2012 - 10:28 | 2564900 CvlDobd
CvlDobd's picture

I hate my peers in this industry. I wish business ethics classes came with a disclaimer for young impressionable college students such as "business ethics is a warm fuzzy theory, it cannot be found in the real world."

Wed, 06/27/2012 - 10:33 | 2564934 Timmay
Timmay's picture

College? Um, that's a scam too.

Wed, 06/27/2012 - 10:43 | 2564980 CvlDobd
CvlDobd's picture

Good point. In the interest of time I think we should list what ISN'T a scam.

I'll start.


Wed, 06/27/2012 - 10:59 | 2565028 Mitzibitzi
Mitzibitzi's picture



Oh, wait... JPM... sorry, my bad!


Legacy seeds??

Wed, 06/27/2012 - 10:28 | 2564911 Village Smithy
Village Smithy's picture

If you're trading at home and having even modest success you should take a little pride knowing that you can make a go of it without being able to "phone a friend" or better yet "phone the Fed" when things go against you. These guys are all pretenders.

Wed, 06/27/2012 - 10:30 | 2564925 Inthemix96
Inthemix96's picture

And still no fucking jail time.

Just got in from a hard days physical graft.  And still I read stories like this, one of these days some fucker is gonna break his tether and teach one of these leeches a fucking lesson.

Fucking moronic imbecilic cunts.  Jail them or fucking hang them.  The damage they cause deserves no less.  Cunts, every last fucking one to a man.

Wed, 06/27/2012 - 10:55 | 2565017 LawsofPhysics
LawsofPhysics's picture

Correct.  Until there are real consequences for bad behavior at all levels, nothing changes.

I agree with you regarding the "hanging".  Markets would rally big time if the perps of all this fraud were publically hung in times square.

Where is John Corzine?!?!?!

Wed, 06/27/2012 - 11:05 | 2565041 Inthemix96
Inthemix96's picture


Amen, regarding corzine, if he ever stumbles over here, and my government give him air time, he will get fucking lynched.

We are not all as fucking stupid as the PTB think.  In fact some of us fuckers know the SCORE.  Watching waiting informing and fucking seething with rage.

I tell you one thing mate.  This is not and I mean very much not going to end well.

Fuck world war 3 bitchez.  I know where to direct my rage and vengence.  Do you?

Wed, 06/27/2012 - 10:34 | 2564937 mccoyspace
mccoyspace's picture

This is just like the Tiabbi article in Rolling Stone last week -- except a completely different market. Here it's LIBOR, there it was shaving points off of Municipal Bond markets. In both cases there is tons of email/messages back and forth with a wide-open, blassé talk about the scam. It is absolutely business as usual. Burn.It.All.Down.

Wed, 06/27/2012 - 10:34 | 2564938 roadhazard
roadhazard's picture

Whats it going to take to get some rage in the streets. You would think that the people in the stock market business who are not on the "inside" would be in the front row of OWS. I guess they are Still too comfortable. I am glad I am not associated with any of this in any capacity except as a victim who can hardly understand what is going on but is still mad as hell. Thank you ZH for all you do even though so much goes over my head. Us mountain men don't deal in big numbers and theft of the weak.

Wed, 06/27/2012 - 11:56 | 2565201 ParkAveFlasher
ParkAveFlasher's picture

"Whats it going to take to get some rage in the streets."


Wed, 06/27/2012 - 19:45 | 2566850 A82EBA
A82EBA's picture


Wed, 06/27/2012 - 10:35 | 2564947 Debt-Penitent
Debt-Penitent's picture

"Fixings"? Of course. It's all fun and games until someone gets an eye poked out...then one way or other, the taxpayers' eyes get gouged out to replace the traders' accidents.
Without any problems, and if profits are made, great! It's all kept in-house, with bonuses for all...yippeeee!

Wed, 06/27/2012 - 10:43 | 2564982 Txo
Txo's picture

Is anyone really surprised with this  shit?

Wed, 06/27/2012 - 11:09 | 2565051 tocointhephrase
tocointhephrase's picture

Not in the slightest, thats why I bought physical Gold and Silver, coz its a fucking ponzi joke, socialism for the rich system that I want nothing to do with and needs to be brought to its knees and its head cut off!

Wed, 06/27/2012 - 10:45 | 2564988 tony bonn
tony bonn's picture

how about publishing the names of the assholes so we can know whom the sec and cftc are sleeping with??

Wed, 06/27/2012 - 10:47 | 2564992 pods
pods's picture

Hmmm, doesn't Barclays need a license to engage in interstate commerce here in the states? 

Oh wait, CONgress is busy smacking around a fucking baseball player and approving funds for super secret cyber terrorism and the latest greatest drone technology to keep an eye on our asses.


Wed, 06/27/2012 - 10:48 | 2564994 Dien Bien Poo
Dien Bien Poo's picture

i have an ARM and had one during these dates....if i sue the bank who sets these i will be out of pocket after legal fees. The delta i was charged is so small, its not worth it. They know this and know i wont bother. who would? 

I have always been confused why LIBOR isnt higher. Afterall its the rate banks charge each other and lets face it there is growing credit risk at these institutions. Someone explain to me why LIBOR isnt actually trading at rates that reflect the CDS on the banks? 

Wed, 06/27/2012 - 10:52 | 2565005 GMadScientist
GMadScientist's picture

This is your meritocracy on drugs.

Wed, 06/27/2012 - 10:53 | 2565008 LawsofPhysics
LawsofPhysics's picture

This is how today's "professionals" act?  Morals, ethics, what are these things?  It is a wonder that gold isn't $50,000 and ounce if this is business as usual.

Wed, 06/27/2012 - 10:59 | 2565025 ReactionToClose...
ReactionToClosedMinds's picture

again ... thank you ZH ... for properly highlighting this.

the more cynical I become, the worse it actually gets as I start to see more and more ....

Ask yourself, how can Chicago be the most racially concentrated (i.e., segregated) large urban area in the USofA ... but nobody can seem to 'notice' or write or talk about it?

African Americans set up for drug dealing slaughter just to control monolithic voting blocs ... yet nary a word from the 'bought off' local academia or 'news' media.

Doubt the above?  Mike Royko in his classic "Boss" cited this decades ago .... and nothing has changed except that there are just more daily deaths.

But Chicago is a great place to visit for business ... until you have to deal with the McCormick Center union thugs ......

Wed, 06/27/2012 - 11:01 | 2565031 SubjectivObject
SubjectivObject's picture

So, can a cognoscentum idicate/ballpark what was the cost for the rest of the income aspiring world from this manipulation of rates lower?


Wed, 06/27/2012 - 11:05 | 2565042 unclebill
unclebill's picture

any arrests so far????....


Wed, 06/27/2012 - 11:21 | 2565096 tocointhephrase
tocointhephrase's picture

No, but their share price is still green, wtf

Wed, 06/27/2012 - 11:48 | 2565180 Alienated Serf
Alienated Serf's picture


Wed, 06/27/2012 - 11:10 | 2565056 tmosley
tmosley's picture

So this was happening in 2005-2007, what about the time after that?

Wed, 06/27/2012 - 11:49 | 2565185 Alienated Serf
Alienated Serf's picture

That is when the CBs called and dictated LIBOR, you are never going to see those emails.

Wed, 06/27/2012 - 11:11 | 2565058 The Swedish Chef
The Swedish Chef's picture

"duuuude… whats up with ur guys 34.5 3m fix?"


Are fifteen year old in charge of the desk these days? Man, we´re screwed.... Sorry, duuuuude, wii r fucked.

Wed, 06/27/2012 - 11:28 | 2565074 BlackholeDivestment
BlackholeDivestment's picture

...Russian Roulette gun of the Suicide Vampire Squid with no empty chamber for the laborer of the harvest, now that's so ''below'' Beltway Bandits Supreme 666 Citizens United the black hole. Deep dark capture ''death'' doo doo gets a kickback for that, full of the wine of wrath. ...reminds me of a flaming Greek Van, parked at the end of Fight Club in a building, lol, better call 911, Ah haa haa haaa, and report it to, who? LMAO. First rule of Fight Club failure. Lol.

Wed, 06/27/2012 - 11:17 | 2565080 Sudden Debt
Sudden Debt's picture


Now let's go hunting for poor people in my forest.

Wed, 06/27/2012 - 13:02 | 2565415 recidivist
recidivist's picture

Who says you don't love your people.  It is good to be king.

Wed, 06/27/2012 - 11:19 | 2565090 jekah
Wed, 06/27/2012 - 11:20 | 2565092 hazenyc
hazenyc's picture

I am sure Barclays wasn't the only bank to do this sort of activity, that would really be strange if others weren't also doing quite the same thing.

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