A former Deutsche Bank AG employee said his boss was so frustrated that trading positions were undermined by competitors he believed were manipulating the benchmark Libor lending rate that he ordered subordinates to take steps to rig the measure in their favor.
Tim Parietti, who worked as a derivatives trader for Deutsche Bank from 2000 to 2012, testified in a New York court that his team was under a lot of pressure to make money and that traders didn’t trust the process for calculating Libor.
