Almost 18 years after the London interbank offered rate (Libor) scandal first hit the headlines and sent shockwaves through the financial services industry, it has reared its head again this year.
Leaked audio, recently released by the BBC, has revealed that two of the first traders to have been jailed for alleged rigging of Libor and euro interbank offered rate (Euribor), Colin Bermingham and Peter Johnson, were actually the original whistle-blowers of the scandal itself. However, perhaps most surprising to onlookers, is that this evidence played a key part in the individuals’ defence at the time, but was ultimately dismissed by the trial judge and had very little bearing on the final judgment.
