Wednesday, September 26, 2012

Trader Whose Instant Messages Clearly Show Him (Allegedly) Engaging In Libor Manipulation Not Going Down Without A Fight




Dealbreaker’s Bess Levin writes: One thing that most people probably agree on is that having their instant messages, e-mails, and phone call transcripts end up court would be cause for at least a little embarrassment….. Of course, the humiliation gets ratcheted up a notch in the case of people who ‘haha’ (and in extreme circumstances “hahahah’) their own jokes* which, just for example, involve habitual Libor manipulation. RBS’ trader Tan Chi Min knows what we’re talking about:

“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.”

And while having such an exchange become public would be tremendously awkward for most, you know what’s really ‘hahaha’ about this whole thing? That 1) Tan was the one who wanted people to read the above, which was submitted as part of a 231-page affidavit earlier this month and 2) He’s trying to use it as evidence that he didn’t deserve to be fired….

Read all about it at http://dealbreaker.com/2012/09/rbs-trader-whose-instant-messages-clearly-show-him-allegedly-engaging-in-libor-manipulation-not-going-down-without-a-fight/#more-88593

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