ีีunderreporting An e-mail sent from a Barclays employee to his supervisor in 2007 said "My worry is that we are beintg to be contributing patentiy false rates We are therefore being dishonest by definition and are at risk of dam- aging our reputation in the market and with the regulators. can we discuss urgently please?"
Evidence also showed that Barclays employees were in regular commu-
nication with traders who would explicily ask that Barclays report specific
higher or lower retes in order to benefit their trades For example Deriva-
tive traders who would stand to agin or lose millions of dollars depend-
ing on the rate would communicate directly withtheir Barclays banking
conracts and request that certain rates be reported The tone of their com
munication demonstrates the familiarity that existed between these parties
Dude i owe you big time... i'm opening a bottle of Bollnger wrote one
trader to his Barclays contact Pls set 3m libor as high as possible today
wrote another Yet another Dude what's up with ur gues . . fix this . . . tell
him to get it up