Ex-Deutsche Bank Trader ‘Panicked’ Over Incriminating Libor Note
- Note shows James King consulted traders in setting Libor rate
- King testifying against colleagues accused of fixing benchmark
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A former Deutsche Bank AG trader who admits he sought to aid the company’s trading positions by doctoring data used to calculate the Libor benchmark said he “panicked” when he stumbled onto a notebook in 2012 that could be considered evidence of his actions.
James King, testifying Monday in the trial of two former colleagues accused of rigging the U.S. dollar Libor rate, said he’d kept the notes during his early days in the job, which was submitting the bank’s daily borrowing costs for the Libor calculation. Flipping through the pages, he found one entry where he’d written, “ask the derivatives traders what they need.”