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OFF BEAT: Pranksters present award for innovation in interest rate manipulation to Barclays

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And the award for “innovation in interest rate manipulation” goes to … Barclays P.L.C.!

Or so said a group of pranksters that crashed an investment banking event at a hotel in London and presented Barclays staff with a bottle of Bollinger champagne.

Security quickly escorted them off stage before anyone claimed the prize, but not before the “award” ceremony was captured on video by the group of pranksters, who go by the name The Intruders, the Telegraph reported.

In July, London-based Barclays P.L.C. said it agreed to pay about $450 million in fines to settle investigations by the U.K. Financial Services Authority, the U.S. Commodity Futures Trading Commission and the U.S. Department of Justice that it and other banks manipulated the London interbank offered rate before and during the 2008 financial crisis, keeping it artificially low to make the banks’ bottom line appear stronger.

Libor is the primary benchmark for short-term interest rates and is a factor in setting rates for corporate loans, mortgages and other lending. Directors and officers liability insurance coverage and errors and omission coverage may be significantly impacted as a resulted of claims stemming from the Libor scandal.

The Investment Banking Awards 2012 was sponsored by The Bank, a Financial Times Ltd. publication, and focused on innovation in banking products, structures and strategies.

“Virtually every banker in the room this evening was involved in illegally colluding to rig Libor, ensuring that they would always be the winners in the multimillion-pound bets they were making on the markets,” a narrator said on the video, which was posted on Youtube.com.

“When we noticed that this multibillion-pound fraud had been overlooked in tonight’s ceremony, we decided to show up make sure that Libor riggers got the recognition that they deserve,” the narrator said.

Moments later, the group approached the stage to recognize Barclays efforts in “rate manipulation” in “a competitive field this year.”

Bollinger was the award of choice as emails uncovered during the rate rigging investigation describe a Barclays employee celebrating with the bottle of bubbly after setting the interests rates “as high as possible today,” the Telegraph reported.

This isn’t the first soirée The Intruders have crashed and, according to their website, the group dedicates itself to “crash the parties of the wealthy elite that caused the global financial crisis.”