Barclays Employees Watch Film on How NOT to Rig Libor
Barclays wants all its employees to learn that they never, ever should try to rig Libor again.
To that end, the top executive at Barclays' investment bank is appearing in a film about the lessons the bank has supposedly learned from the Libor scandal. And all Barclays employees are expected to watch the video.
The video runs about 12 minutes. It begins with Rich Ricci, the chief of Barclays’ investment banking arm, explaining that because the topic of Libor is so complex, he is going to read from a teleprompter, according to a person who has seen the film.
Ricci states that he wants to make sure he gets it right “in the interests of transparency,” the person said.
“This is just silly,” said one Barclays employee while watching the video.
Another Barclays employee said that the purpose of creating the movie is to make sure “everyone understands what happened, what we’ve done about it, and what we must do to make sure it never happens again.”
Many Barclays employees in New York City are veterans of Lehman Brothers and are understandably cynical about attempts by senior executives to repair the image of the bank.
“Good lord. This is just to provide cover so that Ricci can tell the FSA that he made us all watch this film,” one employee said.
The employee explained that Ricci plans to meet with British regulators next month and wants to be able to claim that “every single person at the firm has seen it.”
Barclays could not be immediately reached for comment on the video.
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