Showing results by author "David Enrich"

In 2006, an oddball group of bankers, traders and brokers from some of the world's largest financial institutions made a startling realization: Libor - the London interbank offered rate, which determines the interest rates on trillions in loans worldwide - was set daily by a small group of easily manipulated functionaries, and that they could reap huge profits by nudging it to suit their trading portfolios.

In 2006 an oddball group of bankers, traders and brokers from some of the largest financial institutions made a startling realization: Libor - the London interbank offered rate, which determines the interest rates on trillions in loans worldwide - was set daily by a group of easily manipulated administrators, and they could reap huge profits by nudging it fractions of a percent to suit their trading portfolios. This group generated incredible riches - until it all unraveled in spectacularly vicious, backstabbing fashion.

By the tight-lipped standards of Goldman Sachs, the phone call from one of the firm’s most senior investment bankers was explosive.

"A Top Goldman Banker Raised Ethics Concerns. Then He Was Gone." is from the September 11, 2018 Business section of The New York Times. It was written by Emily Flitter, Kate Kelly and David Enrich and narrated by Keith Sellon-Wright.