Libor Rigging

Renee Copyright 2012

The London Interbank Offered Rate is the average interest rate estimated by leading banks in London that they would be charged if rowing from other banks. It is usually abbreviated to Libor (play /ˈlbɔr/) or LIBOR, or more officially to BBA Libor (for British Bankers’ Association Libor) or the trademark bbalibor. It is a benchmark, along with the Euribor, for interest rates all around the world.

Libor rates are calculated for different lending periods: overnight, one week, one month, two months, six months, etc., and published daily after 11 am (London time) by Thomson Reuters. Many financial institutions, mortgage lenders and credit card agencies set their own rates relative to (and typically higher than) Libor


Lovely. Another bank trick. Just what we all need.


66 responses to “Libor Rigging


    So even if the LIBOR scandal robert holmes lives in that area, which … Robert Holmes current position with FICO involves him handling Fraud.

    From link above;
    Here are some more links about Robert Holmes…

    first.. here is what he looks like (seen arriving at the denver airport after the shooting caught by paparazzi TMZ):…

    here is more information on James Holmes father Robert:

    here is the basic search ..…

    article that came to me via email that led me to look into this a bit deeper: thanks karla miller !

    read about the basic ICC LIBOR case against Barclays:…

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    From link above;
    The truth maybe stranger than fiction, as we look at the stories that surround the main story of a so called brainwashed lone nut James Holmes who opens fire at a movie theater in Aurora Colorado and his connections to both neuroscience and ‘Super soldier’ or ‘Peak Soldier performance’ experiments and a father that works for a software company that analyses fraud for business.

    According to his LinkedIn profile, James Holmes’s father, Dr. Robert Holmes, who received a PhD in Statistics in 1981 from the University of California at Berkeley, worked for San Diego-based HNC Software, Inc. from 2000 to 2002. HNC, known as a “neural network” company, and DARPA, beginning in 1998, have worked on developing “cortronic neural networks,” which would allow machines to interpret aural and visual stimuli to think like humans.

    The cortronic concept was developed by HNC Software’s chief scientist and co-founder, Robert Hecht-Nielsen. HNC merged with the Minneapolis-based Fair Isaac Corporation (FICO), a computer analysis and decision-making company. Robert Holmes continues to work at FICO.

    Robert Holmes brief bio at linked in states the following: “My educational background is in Mathematics and Statistics. My experience over the last 10 years at HNC and FICO has been in developing predictive models for financial services; credit & fraud risk models, first and third party application fraud models and internet/online banking fraud models.”

    Management Experience: I am currently managing a team building Falcon Fraud Manager Credit card fraud models. I have also managed teams in the Telco and Identity Theft fraud areas.”

    How interesting and coincidental is it that in the film The Dark Knight Rises Bane gets his hands on Software that is used to expose the fraud in Wall Street and literally guts the rich?

    Robert Holmes is said to have developed computer algorithms that demonstrate predictive models for financial services; credit and fraud risk models, first and third party application fraud models and internet/online banking fraud models.

    It is just too coincidental to not be eerily synchronistic. This software has been said to be able trace the Trillions of Dollars that have just vaporized into thin air. All of the spending in theory could be traced to the exact bank accounts of the elite thugs who have stolen it.
    Now these Software insiders who may have information to nail corrupt officials have always wound up being fingered by intelligence agencies and many have died mysteriously.

    Several years ago a system of software was developed called PROMIS, by a company called INSLAW. This was criminal tracking software that was used by the Defense Dept. and other agencies after they stole it from the maker and forced him into Bankruptcy and Jail, where he remains today.

    Danny Cassalero was murdered investigating this case shortly after he came up with an “Octopus” conspiracy theory of how things operated in the highest circles. This software has been slightly modified by the CIA and secretly “slipped” into banking software that was exported out of our country for use by foreign and offshore banks.

    The software was modified to track banking transactions instead and the information about the flow of finances throughout the world was now being monitored by the CIA or at least a few agents who wanted to find out where the money was going.

    After this rogue CIA group got a hold of the information they then photocopied it and had it hand delivered to each particular congressman, senator or politician along with a note explaining to them that they no longer had their bribe fund and they had 24 hours to turn in their resignation or face public scandal, humiliation and possible criminal charges if they refused.

    Just prior to the shooting in Aurora Colorado, where James Holmes the son of Robert Holmes the software developer allegedly killed 12 and injured over 50 others a scandalous report was issued in the United kingdom about the LIBOR scandal where it has been discovered that much of the wealth held by the so called 99 percent is being held in offshore accounts far away from the taxman and that there is software that is now being used to track and expose those who are abusing the system.
    Makes you wonder if this is part of the PROMIS/INSLAW software or a modified version that is far more accurate and that the future is the exposure of criminal activity that would send the world into global civil unrest. Could it be that Robert Holmes was involved with the creation of such software models and that his son was programmed to kill in order to create a distraction from the fraud scandal that would rock the world?

    According to Mitt Romney arrived in London July 24th, 2012. He will be attending the the Olympic Games and hold fundraisers, including two with bankers and lobbyists involved in the expanding Libor rate-fixing scandal. London-based bank Barclays paid a $450 million fine earlier this month for manipulating the Libor, a rate that determines trillions of dollars of loans around the globe.

    The company’s ex-CEO resigned both his post at the company and his hosting duties of a Romney fundraiser, but Barclays lobbyist Patrick Durkin remains a co-chair of the Romney fundraisers, and there are others with ties to the scandal as well. Some involved in the scandal could face jail time in the future.

    • I am almost certain that Orly Taitz’s husband did work for or with PROMIS, because I was curious and checked out what he did. It’a been awhile but he was associated with ,I believe developing PROMIS software. Anybody else ever check that out or remember. I said something about it a long time ago. I quit cheking back then because the sites messed with my computor.

    Industry Information Technology
    Founded Washington, D.C., U.S. (March 3, 1982 (1982-03-03))
    Founder(s) William Anthony Hamilton
    Headquarters Washington, D.C.

    Inslaw, Inc. is a small, Washington, D.C.-based, information technology company. In the mid-1970s, Inslaw developed for the United States Department of Justice a highly efficient, people-tracking, software program known as: Prosecutor’s Management Information System (Promis). Inslaw’s principal owners, William Anthony Hamilton and his wife, Nancy Burke Hamilton, later sued the United States Government (acting as principal to the Department of Justice) for not complying with the terms of the Promis contract and for refusing to pay for an enhanced version of Promis once delivered. This allegation of software piracy led to three trials in separate federal courts and two congressional hearings.

    During ensuing investigations, the Department of Justice was accused of deliberately attempting to drive Inslaw into Chapter 7 liquidation; and of distributing and selling stolen software for covert intelligence operations of foreign governments such as Canada, Israel, Singapore, Iraq, Egypt, and Jordan; and of becoming directly involved in murder.

    Later developments implied that derivative versions of Enhanced Promis sold on the black market may have become the high-tech tools of worldwide terrorists such as Osama Bin Laden and international money launderers and thieves.

    Inslaw, once called the Institute for Law and Social Research,[1] was a non-profit business created in 1974 by William Anthony Hamilton, “a former analyst with the National Security Agency and onetime contract employee of the CIA.”[2] Inslaw’s original software product, Promis, was a database designed to handle papers and documents generated by law enforcement agencies and courts. Promis was a people-tracking program which had the power to integrate innumerable databases regardless of their languages, or regardless of their operating platforms. “Every use of Promis in the court system is tracking people,” explained Hamilton. “You can rotate the file by case, defendant, arresting officer, judge, defense lawyer, and it’s tracking all the names of all the people in all the cases.”[3]

    Promis was funded almost entirely by government funds;[1] therefore versions created prior to January 1978 were in the public domain. On January 1, 1978, amendments to the Copyright Act of 1976 took effect, automatically conferring upon Inslaw as the author of Promis five exclusive software copyright rights, none of which could be waived except by explicit, written waiver. The federal government negotiated licenses to use but not to modify or to distribute outside the federal government some but not all versions of Promis created after the January 1978 effective-date of the copyright amendments.[4] In 1981, after Congress liquidated the Justice Department’s Law Enforcement Assistance Administration (LEAA) (which had been the primary source of funds for Inslaw’s development of Promis), the company became known as Inslaw, Inc., a for-profit corporation created to further develop and market Promis and other Promis-derivative software product(s).

    The newly created corporation made significant improvements to the original software. The resulting product came to be known alternately as Promis ’82 or Enhanced Promis, a 32-bit architecture VAX 11/780 version.

    [edit] Enhanced Promis contract
    In 1981, Councellor to the President Edwin Meese announced an $800 million overhaul of the federal computer system.In 1981, Edwin Meese, then an advisor to President Ronald Reagan, announced an $800 million budget in an effort to overhaul the computer systems of the Justice Department, the Federal Bureau of Investigation (FBI), and other law enforcement agencies.[5] The following year, the Department of Justice awarded Inslaw a $9.6 million, three-year, cost-plus-incentive-fee contract to implement a pilot program in 22 of the largest Offices of the United States Attorneys using the older 16-bit architecture Prime version (as in Wang, or IBM), which the government had a license to use.[4]

    While Promis could have gone a long way toward correcting the Department’s longstanding need for a standardized case-management system, the contract between Inslaw and Justice quickly became embroiled for over two decades in bitter controversy.[6] The conflict centered on whether or not the Justice Department owed Inslaw license fees for the new, 32-bit architecture VAX version if the government substituted that version for the older 16-bit Prime version which had been the subject of the original contract.

    [edit] EspionageIn February 1983, an Israeli government official scheduled a meeting with Inslaw through the Justice Department’s contract agent, Peter Videnieks.[nb 1] The purpose of that meeting was for a Promis briefing and demonstration; the Israeli Ministry of Justice intended to computerize its own prosecution offices. Although it was believed that the Israeli government official was a prosecuting attorney, it was later discovered upon closer examination that the official was really Rafi Eitan, “Director of LAKAM, a super-secret agency [within] the Israeli Ministry of Defense responsible for collecting scientific and technical intelligence information from other countries through espionage.”[7][8] Herein is where Inslaw’s case becomes convoluted.[nb 2]

    Following the Israeli meeting, the Justice Department obtained Inslaw’s new, 32-bit, Enhanced Promis from Inslaw at the start of the second year of their Implementation Contract by modifying that contract and by promising to negotiate the payment of license fees.[4][6] One month later, the U.S. government began to find fault with some of Inslaw’s services, and with negotiated billing rates. The government then began to withhold unilaterally each month increasing amounts of payments due Inslaw for implementation services.[9] The Justice Department agent responsible for making payments was a former, fired Inslaw employee, C. Madison Brewer.[3] Brewer would later claim in federal court that everything he did regarding Inslaw was approved by Deputy Attorney General D. Lowell Jensen.[nb 3] “Brewer was aided in his new DoJ job by Peter Videnieks,” wrote Wired (magazine), “Videnieks was fresh from the Customs Service where he oversaw contracts between that agency and Hadron, Inc., a company controlled by [Edwin] Meese and Reagan-crony Earl Brian. Hadron, a closely held government systems consulting firm, was to figure prominently in the forthcoming scandal.”[3] Both Brewer and Videnieks had obtained their positions under suspicious circumstances, according to the Chicago-based weekly, In These Times.[10][nb 4] Furthermore, “Before moving over to the Justice Department and taking charge of the Promis program in September 1981,” wrote In These Times, “Videnieks had administered three contracts between the Customs Service and Hadron…[Hadron] was in the business of integrating information-managing systems such as Promis into federal agencies.”[10][nb 5]

    Simultaneously with the withholding of payments in the 1983 Modification 12 agreement, the government then substituted the enhanced VAX version of Promis for the old Prime version originally specified in the contract. However, the government failed to negotiate the payment of license fees as promised, claiming that Inslaw had failed to prove to the government’s satisfaction that Inslaw had developed the enhanced version with private, non-government funds and that the enhanced version was not otherwise required to be delivered to the government under any of its contracts with Inslaw—that is, Inslaw had provided it voluntarily.[6]

    Yet beneath the surface of this background was a belief that the primary focus of certain top-level individuals within the DoJ was to perpetuate international, covert intelligence operations—for example, to enable Israeli signal intelligence to “surreptitiously access the computerized Jordanian dossiers on Palestinians.”[7]

    Enhanced Promis was eventually installed in a total of forty-four federal prosecutors’ offices following the Modification 12 agreement.[nb 6]

    Elliot Richardson alluded to Earl Brian’s alleged involvement in an op-ed opinion in the New York Times.[15] Brian later sued, but lost.[16]According to affidavits filed by William Hamilton, as the contract details were modified, Hamilton then received a phone call from Dominic Laiti, chief executive of Hadron. Laiti wanted to buy Inslaw. Hamilton refused. According to Hamilton’s affidavits, Laiti then warned him that Hadron had friends in government and if Inslaw did not want to sell willingly, Inslaw could be coerced.[3][6]

    By February 1985, the government had withheld payment of almost $1.8 million for Inslaw’s implementation services, plus millions of dollars in Old Promis license fees. Inslaw filed for Chapter 11 bankruptcy protection.[17] Meanwhile, the government began highly suspicious activities to force Inslaw into Chapter 7 liquidation.[6][11]

    [edit] Federal investigations into allegations of theftIn his court cases, William Hamilton was represented by several attorneys, one of whom was lawyer Elliot Richardson, formerly the United States Attorney General under President Richard Nixon.

    Two different federal bankruptcy courts made fully litigated findings of fact in the late-eighties, ruling that the Justice Department “took, converted, and stole”[nb 7] the Promis installed in U.S. Attorneys’ Offices “through trickery, fraud, and deceit,”[nb 8] and then attempted “unlawfully and without justification”[nb 9] to force Inslaw out of business so that it would be unable to seek restitution through the courts.[6]

    Three months after the initial verdict, George F. Bason, Jr., the federal judge presiding over the Bankruptcy Court for the District of Columbia, was denied reappointment to a new 14-year term on the bench by the U.S. Court of Appeals for the District of Columbia, the appointing authority.[nb 10] His replacement, S. Martin Teel, took over shortly after Judge Bason announced his oral findings of malfeasance against Inslaw by the Justice Department; Teel had been the Justice Department Tax Division attorney who had argued unsuccessfully before Judge Bason for the forced liquidation of Inslaw.[18][19] Leigh Ratiner (of Dickstein, Shapiro and Morin, which was the 10th largest firm in Washington at the time) was fired in October 1986; he had been the lead counsel for Inslaw and had filed the suit against the Justice Department in federal bankruptcy court. His firing came reportedly amidst “back channel”[7] discussions involving the DoJ, his law firm’s senior partner, and the Government of Israel; moreover, there were rumors that the Mossad had arranged a payment of $600,000 to Ratiner’s former firm as a separation settlement. [nb 11]

    Attorney General Dick Thornburgh repeatedly reneged on agreements made with the House committee to provide full and open access to information and witnesses[6]Then, in September 1991, the House Judiciary Committee issued the result of a three-year investigation. House Report 102-857 Inslaw: Investigative Report[6] confirmed the Justice Department’s theft of Promis. The report was issued after the Justice Department convinced the D.C. Circuit Court of Appeals on a jurisdictional technicality to set aside the decisions of the first two federal bankruptcy courts.[nb 12] The House Committee also reported investigative leads indicating that friends of the Reagan White House had been allowed to sell and to distribute Enhanced Promis both domestically and overseas for their personal financial gain and in support of the intelligence and foreign policy objectives of the United States.[3][15][21] The report even went so far as to recommend specifically further investigations of both former Attorney General Edwin Meese and businessman Earl Brian for their possible involvement in illegally providing or selling Promis “to foreign governments including Canada,[22] Israel,[8][23] Singapore, Iraq,[2] Egypt, and Jordan.”[6] The Democratic majority called upon Attorney General Dick Thornburgh to compensate Inslaw immediately for the harm that the government had “egregiously” inflicted on Inslaw. The Republican minority dissented. The committee was divided along party lines 21–13. Attorney General Thornburgh ignored the recommendations, and reneged on agreements made with the committee.[6]

    [edit] Inslaw Affair divides into two separate issuesOn November 13, 1991, newly appointed, Attorney General William Barr, appointed a retired federal judge, Nicholas J. Bua, as Special Counsel to advise him on the allegations that high-ranking officials had acted improperly for personal gain to bankrupt Inslaw.[24]

    William Barr appointed Special Counsel, Nicholas J. Bua, to advise him on what had become known by 1991 as the Inslaw Affair.By June 1993, a 267-page Bua Report[18][25] was released, clearing Justice officials of any impropriety.[26] Inslaw’s attorney, Elliot Richardson immediately wrote Inslaw’s 130-page Rebuttal with evidence suggesting Bua’s report was riddled with errors and falsehoods.[19] On September 27, 1994, Attorney General Janet Reno released a 187-page review concluding “that there is no credible evidence that Department officials conspired to steal computer software developed by Inslaw, Inc. or that the company is entitled to additional government payments.” [27] Yet, according to Wired (magazine), “Reno’s report was released the same day [that] the House Judiciary Committee passed HR 4862,[28] a bill which would have bound the U.S. Court of Federal Claims legally to independently investigate the Inslaw case—thus circumventing the Department of Justice’s claims of innocence;”[29] however, HR 4862 was defeated by a partisan committee-vote later that night before it was set to go before the full House.

    Janet Reno released her review of the Bua Report on the same day that the House Select Committee on the Judiciary brought HR 4862 to the floor for a vote.The following May, the United States Senate asked the U.S. Court of Federal Claims [nb 13] to determine if the United States owed Inslaw compensation for the government’s use of Promis. On July 31, 1997, Judge Christine Miller, the hearing officer for the U.S. Court of Federal Claims ruled that all of the versions of Promis were in the public domain and that the government had therefore always been free to do whatever it wished with Promis.[4][30][31] The following year, the appellate authority, a three-judge Review Panel of the same court, upheld Miller’s ruling; yet, it also determined that Inslaw had never granted the government a license to “modify Promis to create derivative software” although Inslaw was automatically vested with the exclusive copyright rights to Promis. The Review Panel then held that the United States would be liable to Inslaw for copyright infringement damages if the government had created any unauthorized derivatives from Promis, but noted that Inslaw “had failed to prove in court that the government had done so;” moreover, the Board held that the issue of “derivative works” was “of no consequence.”[nb 14] Inslaw challenged this interpretation but the Review Panel refused Inslaw’s request to reopen discovery. In August 1998, Chief Judge Lorin Smith of the U.S. Court of Federal Claims sent an Advisory Report to the Senate, noting that the court had not found that the United States owes Inslaw compensation for the government’s use of Promis, and enclosing the decision of the hearing officer and the decision of the Review Panel.[4]

    On the other hand, according to William Hamilton, the government flatly denied during all court proceedings what it later admitted, i.e. that agencies such as the Federal Bureau of Investigation (FBI) and other U.S. intelligence agencies[19] used a Promis-derivative to keep track of their classified information.[9]

    [edit] Later developmentsIn early 1999, the British journalist and author, Gordon Thomas, published an authorized history of the Israeli Mossad titled Gideon’s Spies: The Secret History of the Mossad. The book quotes detailed admissions by the former long-time deputy-director of the Mossad, Rafi Eitan, about the partnership between Israeli and U.S. intelligence in selling to foreign intelligence agencies in excess of $500 million worth of licenses to a trojan horse version of Promis, in order to spy on them.[23]

    In 2001, the Washington Times and Fox News each quoted federal law enforcement officials familiar with debriefing former FBI Agent Robert Hanssen as claiming that the convicted spy had stolen copies of a Promis-derivative for his Soviet KGB handlers.

    Robert HanssenThey further alleged that the software was used within the FBI and other U.S. intelligence agencies to track internal intelligence, and was used by intelligence operatives to track international interbank transactions.[32] These reports further stated that Osama bin Laden later bought copies of the same Promis-derivative on the Russian black market (blat) for $2 million.[33] It was believed then that al Qaeda used the software to penetrate database systems to move funds throughout the banking system, and to evade detection by U.S. law enforcement. [34]

    [edit] FBI, ACS, and FOIMSIn May 2006, a former aide in the Office of the Vice President of the United States pleaded guilty to passing top-secret classified information to plotters trying to overthrow the president of the Philippines. Leandro Aragoncillo, an FBI intelligence analyst at the time of his arrest, was believed to have operated his deception using archaic database software manipulated by the FBI in order to evade the 1995 finding of the U.S. Court of Federal Claims with regard to Inslaw’s rights to derivative works.[35] [9] [36] Additionally:

    The 9-11 Commission called attention to the fact that the FBI did not install the current version of its case management software, called the ACS (Automated Case Support) system, until October 1995 and [to the fact that ACS was obsolete from the time the FBI developed it in the mid-1990s because it was based on “1980s technology”. Although the 9-11 Commission offered no explanation for why the FBI used obsolete technology to develop its ACS case management software in 1995, the apparent explanation is that the FBI simply renamed its 1980s technology case management software, which was called FOIMS and was based on PROMIS, and translated it in October 1995 into a different computer programming language in order to obstruct a court hearing that the U.S. Senate had ordered earlier that year. The Senate had ordered the court in May 1995 to determine whether the United States owes Inslaw compensation for the government’s use of PROMIS, and the court, in turn, ordered outside software experts to compare the FBI’s software with PROMIS, but the FBI modified its software and told the court that it no longer retained the unmodified first 11 years (1985 through 1995) of its own case management software.] —boxed information added by David Dastych
    —William A. Hamilton,”FBI’s Incapacitating Cover-Up”, Wprost[36]
    In 2006, there were further allegations of the misuse of Promis. Writing in the Canada Free Press, the former Polish CIA operative and now international journalist, David Dastych alleged that “Chinese Military Intelligence (PLA-2) organized their own hackers department, which [exploited] Promis [database systems] [in the] Los Alamos and Sandia national laboratories to steal U.S. nuclear secrets”;[36] however, the prima facie value of that allegation was lost in a realization that the U.S. Government could not convict the suspected 2001 spy.[37]

    The U.S. Government has never paid Inslaw Inc. for any of these unauthorized uses of Promis.

    “Inslaw deserves to be compensated,” wrote nationally syndicated columnist, Michelle Malkin, in The Washington Times.[38] “More importantly, the American people deserve to know the truth: Did government greed and bureaucratic hubris lead to a wholesale sellout of our national security?”[36]

    [edit] Death allegedly related to the Inslaw caseWhile investigating elements of this story, journalist Danny Casolaro died in what was twice ruled a suicide. Prior to his death, Casolaro had warned friends if they were ever told he had committed suicide not to believe it, and to know he had been murdered.[39] Many have argued that his death was suspicious, deserving closer scrutiny; some have argued further, believing his death was a murder, committed to hide whatever Casolaro had uncovered.[7] “I believe he was murdered,” wrote former Attorney General Elliot Richardson in the New York Times, “but even if that is no more than a possibility, it is a possibility with such sinister implications as to demand a serious effort to discover the truth.”[15] Kenn Thomas and Jim Keith discuss this in their book, The Octopus: Secret Government and the Death of Danny Casolaro[nb 15] Writing on behalf of a majority opinion in House Report 102-857, Committee Chairman, Jack Brooks (D-TX) wrote, “As long as the possibility exists that Danny Casolaro died as a result of his investigation into the INSLAW matter, it is imperative that further investigation be conducted.

  6. Batman Murders… A Blood Trail, A Neck Wound, and the 2nd Gas Mask… All Leads to a Massive Cover-Up |

    Bank of EnglandBank of New YorkBarclaysBondCitigroupCommodity Futures Trading CommissionDeutsche BankFederal ReserveFederal Reserve BankFederal Reserve Bank of New YorkFloridaInstitutional InvestorsJapanLIBORNoneRoyal Bank of Scotland

    Just when you thought the Li(e)bor scandal had jumped the shark, Germany’s Spiegel brings it back front-and-center with a detailed and critical insight into the ‘organized fraud’ and emergence of the cartel of ‘bottom of the food chain’ money market traders. “The trick is that you can’t do it alone” one of the ‘chosen’ pointed out, but regulators have noiw spoken “mechanisms are now taking effect that I only knew of from mafia films.” RICO anyone? “This is a real zinger,” says an insider. In the past, bank manager lapses resulted from their stupidity for having bought securities without understanding them. “Now that was bad enough. But manipulating a market rate is criminal.” A portion of the industry, adds the insider, apparently doesn’t realize that the writing is on the wall.

    There have been plenty of banking scandals, but none quite like this: Investigators and political leaders believe that the manipulation of the Libor benchmark interest rate was the result of organized fraud. Institutions that participated could face billions in fines and penalties.

    SPIEGEL: The Cartel Emerges

    In 2005, a young trader with Moroccan roots came to Barclays: Philippe Moryoussef, who is now 44… Moryoussef traded in interest rate derivatives during his time at Barclays. He and his fellow traders knew exactly how much money they stood to lose or gain if the Libor or Euribor changed by only a fraction of a percentage point in one direction or the other.

    And they apparently did everything they could to eliminate happenstance. Moryoussef communicated by phone or email with colleagues inside and outside the bank almost daily to steer interest rates in the right direction. To do so, they sent inquiries to the people who were responsible for inputting the Libor rates: the money market traders.

    In the glitzy world of investment banking, money market traders were at the bottom of the pecking order before the financial crisis. They were not involved in major deals, and they could only dream of the kinds of bonuses stock and bond traders received. “They were always at the bottom of the food chain,” says a former investment banker.

    It was a conspiratorial group of underdogs who worked for various banks and met at least once a month for a beer or a mojito in New York, London or Frankfurt. By the middle of the last decade, when there seemed to be a surplus of money at the banks, they all had the same problem: They were derided or, worse yet, ignored by their colleagues in the trading rooms of major banks.

    But what if it were possible to know where interest rates were headed at the end of the day, or even in the next hour? What if a few traders could manipulate the ups and downs of interest rates?

    By 2005 at the latest, the traders would seem to have begun realizing just how much power they had were they able to collaborate within their small group. There was no need for formal contracts between large institutions, merely agreements among friends. A pointer here, a few traders meeting for lunch there, and soon the group had formed a global cartel that, according to investigators, reached from Japan to Europe to Canada.

  8. Barclays, Cecil…

    Cook, Cecil….let us look there now.
    Barclay James Amherst Cecil – The Peerage
    6 Apr 1960|p6474.htm#i64739|Colonel Sir Thomas Burnett of Leys, 12th Bt.|b. …. Henry Richard Amherst Cecil was born posthumously on 11 January 1943.1 …

    Continues at bottom of this post;

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