LIBOR collusion was rife, culture went right to the top
By Chris ClairLIBOR-rigging was common knowledge, widespread, and went on for years. So says Doug Keenan, a former banker who traded derivatives at Morgan Stanley from 1991 to 1995. His offer to testify to United Kingdom lawmakers was turned down because it didn’t fit their “narrative.”
“In their collusion they were using e-mail,” Keenan says. “So they left a written record of what was ultimately fraudulent activity, or activity to support a fraud. For them to leave a written record says that the culture must be deeply supported.”
