GO
Loading...

Barclays Was Rigging Libor: CFTC’s Gensler

Justin Menza|News Writer
Monday, 2 Jul 2012 | 12:24 PM ET

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 Libor Fallout
Discussing the resignation of Marcus Agius, Barclays' CEO, less than a week after the British bank agreed to pay $450 million in fines for its role in fixing interest rate prices, with Gary Gensler, Commodity Futures Trading Commission chairman.

"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.

  Price   Change %Change
BARC
---

Featured

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video