Matt Levine, Columnist

Libor Manipulator Didn't Understand Libor

Also direct listings, clean vs. flat trading, crypto, blockchain and volatility worries.

January 9, 2018 at 10:01 AM EST

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Libor.

Here is a U.K. Financial Conduct Authority order against Neil Danziger, a former Royal Bank of Scotland rates trader who manipulated Libor a lot; the FCA fined him 250,000 pounds and banned him from the industry. The manipulation happened between 2007 and 2010 and it's standard-issue Libor stuff, so let's not slog through all the dumb emails and chats about how cool manipulating Libor was. But I did enjoy this passage (emphasis added):

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