“In the Irish borderlands, Sean Quinn was always known as a tough businessman. But he was hugely successful and created thousands of jobs. A local hero. And then it all went wrong.”
How a British trader manipulated the Libor rate, an important financial benchmark considered by some to be “the world’s most important number.”
On the biggest financial fraud in history:
“For years, traders at Deutsche Bank AG, UBS AG, Barclays, RBS and other banks colluded with colleagues responsible for setting the benchmark and their counterparts at other firms to rig the price of money, according to documents obtained by Bloomberg and interviews with two dozen current and former traders, lawyers and regulators. UBS traders went as far as offering bribes to brokers to persuade others to make favorable submissions on their behalf, regulatory filings show.
“Members of the close-knit group of traders knew each other from working at the same firms or going on trips organized by interdealer brokers, which line up buyers and sellers of securities, to French ski resort Chamonix and the Monaco Grand Prix. The manipulation flourished for years, even after bank supervisors were made aware of the system’s flaws.”