Ex-Barclays Trader Says Fixing Rates Didn't Feel Like `Cheating'
- Bermingham is testifying as a defendant in a rate-fixing trial
- Changes to rate no more than ‘rounding error,’ ex-trader says
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A former Barclays Plc trader on trial for rigging a key interest rate said he never considered that his actions could affect normal people borrowing money.
Colin Bermingham told a jury at a London court Wednesday that accommodating trader requests when helping set Euribor, an overnight rate linked to trillions of dollars of loans and derivatives, wasn’t inappropriate when he participated between 2005 and 2009.