Barclays’ traders on trial

A FORMER Barclays trader accused of rigging the euro version of libor has insisted his team made money out of ‘crazy’ markets rather than breaking the law.

Carlo Palombo had been swapping messages with fellow defendant Sisse Bohart, who submitted the lender’s Euribor rate which was used to set prices on the market. But Palombo told Southwark Crown Court it happened in front of their colleagues, none of whom thought the pair’s actions were illegal.

Also on trial are Colin Bermingham and Philippe Moryoussef, who worked for Barclays, and Achim Kramer of Deutsche Bank.

The trial continues.