Saturday, April 09, 2016

I was only obeying orders

Jonathan Mathew is one of five former Barclays employees charged with conspiracy to defraud by rigging US dollar Libor rates between 1 June 2005 and 31 August 2007. He was 24 and living at home with his parents when he worked on the cash desk at Barclays in London. He was responsible for submitting the bank's US dollar Libor rates when his boss was away.

His defence counsel said Mr Mathew admitted accepting requests from traders to adjust the rate, but that he didn't financially benefit - he was only doing what his boss, Peter Johnson, told him to do. Johnson is not on trial.

Another defendant, Mr Pabon, said he, too, was instructed to do it.

The court heard evidence that senior bankers from across the industry knew that Libor was being influenced for commercial reasons but nothing was done.

 Defence counsel Adrian Darbishire said, “a few expendable traders thrown under a bus". 

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