Barclays Was Rigging Libor: CFTC’s Gensler
British bank Barclays was attempting to manipulate the Libor interest rate, and was falsely reporting it, CFTC Chairman Gary Gensler told CNBC’s “Squawk Box.”
"Barclays wanted the markets to think Barclays was doing better than they otherwise were,” Gensler said. “Secondly, they wanted to make profits on their trading desks in Tokyo, in New York, in London by attempting to manipulate this rate, given what their proprietary trading positions were in those other markets.”
Gensler also said Barclays was aiding and abetting other banks, “influencing what the other banks would do, or aiding them.”
— By CNBC.com's Justin Menza.