‘Group knew in 2007 of banks’ Libor lies’

The British Bankers’ Association was told that banks were lying about Libor submissions to suit their trading positions as early as 2007, according to evidence at a London criminal trial.

“I am starting to receive more and more comments and queries on the levels at which rates are currently setting,” BBA libor director John Ewan said in a November 2007 email sent to Libor panel banks which was shown to jurors in London yesterday.

“Currently these queries are coming largely from hedge funds, non-contributor banks, and the occasional broker.”