Jovial Dodgers At A Libor-Rigging Bank

Employees at Rabobank, which was fined 74 million euros ($1.1 billion) for its involvement in rigging benchmark interest rates, were acutely aware of what they were doing and joked about it, facts made clear in emails that have surfaced as part of the Department of Justice case against the bank. “I am fast turning into your Libor bitch!!!” wrote one employee to a colleague who wanted rates tweaked to his liking. “Don’t worry mate,” wrote another. “There’s bigger crooks in the market than us guys!” Legal fallout from this matter may continue for some time: According to a Bloomberg article, state attorneys general in the United States are looking into the possibility that local governments lost billions on account of interest rate manipulation.