Bloomberg News’ Andrea Tan, Gavin Finch and Liam Vaughan report that some internal transcripts of instant messages from the Royal Bank of Scotland show traders laughing at fixing Libor (London interbank offered rate).
According to the Bloomberg report, the chat transcripts were included in an affidavit filed earlier this month by Tan Chi Min, the former Singapore-based head of delta trading in Asia who is now suing RBS for wrongful dismissal.
Tan was fired for allegedly trying to manipulate Libor.
RBS is among several banks being investigated for allegedly manipulating Libor–an index measuring the interbank lending rate.
Here are just two examples included in the Bloomberg report of the chats that took place. (emphasis ours)
“Nice Libor,” Tan said in an April 2, 2008, instant message with traders including Neil Danziger, who also was fired by RBS, and David Pieri. “Our six-month fixing moved the entire fixing, hahahah.”
Tan also asked for a high submission in an Aug. 20, 2007, instant message to Scott Nygaard, global head of RBS’s treasury markets in London.
“We want high fix in 3s,” Tan said in the message. “Neil is the one setting the yen Libor in London now and for this week and next.”
“Go Neil,” Nygaard responded. “Hahahaha.”
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