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May 2, 2013

Clubby London Trading Scene Fostered Libor Rate-Fixing Scandal

“Neil Danziger’s trades for Royal Bank of Scotland Group PLC generated rich commissions for the brokers who handled them.”

“In return, brokers at London’s Tullett Prebon PLC took Mr. Danziger to London strip clubs and spent long weekends with him in Las Vegas, according to people familiar with the relationship. Brokers at R.P. Martin Holdings Ltd., another London firm, gave him early access to lucrative trades, these people say.”

“Regulators now suspect the favor-trading went much further. U.S. authorities believe Mr. Danziger and brokers participated in an alleged scheme to rig a crucial benchmark that affects trillions of dollars of mortgages and other loans world-wide. People familiar with the investigation say the authorities believe Mr. Danziger asked brokers to help him manipulate the London interbank offered rate, or Libor, and that the brokers enlisted him in a rate-rigging scheme involving a different trader.”

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Read the full Wall Street Journal article here

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