Barclays banker: 'Vice president' is McDonald's work

- Who ordered the manipulation of the libor, the most important interbank interest rate? Those involved belittle their positions in a major lawsuit. A vice-president compares his role with that of an employee at McDonald's hamburger chain.

In the billions scandal until 2014 with the London Interbank Offered Rate (libor), a large number of investment banks were involved. They used this guiding rate to process $ 350 trillion of derivatives. By slightly increasing the rate per transaction, they booked substantial profits, without them thinking that their wealthy customers would notice this, says the indictment.

The dismissed vice president Carlo Palombo of the branch who worked with the libor at the investment bank Barclays told a British judge on Thursday that his leadership role hardly represented anything.

That function was not given to him for nothing, as a manager in the department where libor rates for billions of transactions were made, the public prosecutor told him.

'Vice president is not what everyone thinks it is', Palombo gave a glimpse of the British investment bank in Lonen. ' It is a junior function. '

Palombo also denied any involvement in the manipulation of the libor.

' I made the applications for the benefit of the team. 'If something had already been done, Barclays would never have done so in public, so Palombo referred to the traceable deals.

Rabobank was previously convicted of its involvement in manipulation of the important interest rate.

The libor rate is now determined by ICE.

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