danivon wrote:They manipulated LIBOR rates, so why not commodity prices?

geojanes wrote:I'm sure management was shocked! Shocked! that this was happening.

danivon wrote:

geojanes wrote:I'm sure management was shocked! Shocked! that this was happening.

Next week I am due to attend a training session at [bank] so that they can tell us how they are a really responsible and honest company and all that LIBOR stuff that they did is in the past and was done by a completely different set of people.

geojanes wrote:Oh, come on man, you can say Barclays. It's not a secret. Or are you talking about one that didn't admit their guilt. Yet.

The Wall Street Journal reported in March 2011 that regulators were focusing on Bank of America Corp., Citigroup Inc. and UBS AG in their probe of Libor rate manipulation.[40] A year later, it was reported in February 2012 that the U.S. Department of Justice was conducting a criminal investigation into Libor abuse.[41] Among the abuses being investigated were the possibility that traders were in direct communication with bankers before the rates were set, thus allowing them an unprecedented amount of insider knowledge into global instruments.[42] In court documents, a trader from the Royal Bank of Scotland claimed that it was common practice among senior employees at his bank to make requests to the bank's rate setters as to the appropriate Libor rate, and that the bank also made on occasions rate requests for some hedge funds.[43] One trader's messages from Barclays Bank indicated that for each basis point (0.01%) that Libor was moved, those involved could net, “about a couple of million dollars.”[42]

The Canadian Competition Bureau was reported on 15 July 2012 to also be carrying out an investigation into price fixing by five banks of the yen denominated Libor rates. Court documents filed indicated that the Competition Bureau had been pursuing the matter since at least January 2011. The documents offered a detailed view of how and when the international banks allegedly colluded to fix the Libor rates. The information was based on a whistleblower who traded immunity from prosecution in exchange for turning on his fellow conspirators. In the court documents, a federal prosecutor for the bureau stated, “IRD (interest-rate derivatives) traders at the participant banks communicated with each other their desire to see a higher or lower yen LIBOR to aid their trading positions." The alleged participants were the Canadian branches of the Royal Bank of Scotland, HSBC, Deutsche Bank, JP Morgan Bank, and Citibank, as well as ICAP (Intercapital), an interdealer broker.[44]