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London Trading Scene and the Libor Rate-Fixing Scandal

Clubby London Trading Scene Fostered Libor Rate-Fixing Scandal - "In London, the center of the Libor scandal, rules about such favor-trading are looser than on Wall Street. Brokers and traders interviewed by The Wall Street Journal said brokers routinely reward valued traders by returning a percentage of their commissions in the form of entertainment. Brokers have paid for traders to spend weekends in the Alps and Saint-Tropez, and on occasion, have even bought them cocaine or prostitutes, according to people who witnessed such activity. A few years ago, U.S. and British regulators allege, some brokers were so eager to please bank traders that they helped with an illegal Libor-rigging scheme." read more at link above

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