The Economist has this excerpt in its latest issue:

The FSA has identified price-rigging dating back to 2005, yet some current and former traders say that problems go back much further than that.

“Fifteen years ago the word was that LIBOR was being rigged,” says one industry veteran closely involved in the LIBOR process.

“It was one of those well kept secrets, but the regulator was asleep, the Bank of England didn’t care and…[the banks participating were] happy with the reference prices.”

Says another: “Going back to the late 1980s, when I was a trader, you saw some pretty odd fixings… With traders, if you don’t actually nail it down, they’ll steal it.”

The Tories are desperate to blame this on Ed Balls but it could very well blow up in their face too.

Reader comments

1. Liberal Conspiracy

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2. Margo Milne

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3. Ernie

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7. salardeen

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8. Natacha Kennedy

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9. Mabel Horrocks

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10. AJ

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    Bad news for Tories: the rate-fixing scandal went back to the 80s, one trader tells The Economist http://t.co/YQea62FV

23. Iain

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26. Alex Braithwaite

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27. sean

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28. Deborah George

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29. Inna Mood

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31. KeepTheBan

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32. Barb

    Bad news for Tories: the rate-fixing scandal went back to the 80s, one trader tells The Economist http://t.co/YQea62FV

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