{"id":4679,"date":"2012-07-01T21:13:20","date_gmt":"2012-07-02T03:13:20","guid":{"rendered":"http:\/\/www.zmetro.com\/?p=4679"},"modified":"2012-07-01T21:13:21","modified_gmt":"2012-07-02T03:13:21","slug":"libor-scandal-how-i-manipulated-the-bank-borrowing-rate","status":"publish","type":"post","link":"http:\/\/www.zmetro.com\/?p=4679","title":{"rendered":"Libor scandal: How I manipulated the bank borrowing rate"},"content":{"rendered":"<p><a href=\"http:\/\/www.telegraph.co.uk\/finance\/newsbysector\/banksandfinance\/9368430\/Libor-scandal-How-I-manipulated-the-bank-borrowing-rate.html\">The Telegraph:<\/a><\/p>\n<blockquote><p><i>An anonymous insider from one of Britain&#8217;s biggest lenders \u2013 aside from Barclays \u2013 explains how he and his colleagues helped manipulate the UK&#8217;s bank borrowing rate. Neither the insider nor the bank can be identified for legal reasons. <Br><Br><\/p>\n<p>It was during a weekly economic briefing at the bank in early 2008 that I first heard the phrase. A sterling swaps trader told the assembled economists and managers that &#8220;Libor was dislocated with itself&#8221;. It sounded so nonsensical that, at first, it just confused everyone, and provoked a little laughter.<br \/>\n<Br><Br><br \/>\nBefore long, though, I was drawing up presentations to explain the &#8220;dislocation of Libor from itself&#8221; for corporate relationship managers. I was deciphering the subject in emails, internally and externally. And I was using the phrase myself openly with customers of the bank.<br \/>\n<Br><Br><br \/>\nWhat I was explaining was that the bank was manipulating Libor. Only I didn&#8217;t see it like that at the time. <\/i><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The Telegraph: An anonymous insider from one of Britain&#8217;s biggest lenders \u2013 aside from Barclays \u2013 explains how he and his colleagues helped manipulate the UK&#8217;s bank borrowing rate. Neither the insider nor the bank can be identified for legal reasons. It was during a weekly economic briefing at the bank in early 2008 that [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4679"}],"collection":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4679"}],"version-history":[{"count":1,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4679\/revisions"}],"predecessor-version":[{"id":4680,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4679\/revisions\/4680"}],"wp:attachment":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4679"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}