We might have forgotten about Libor by now if it weren’t for the rogue’s gallery of alleged accomplices to the crime who are only now standing trial. These weren’t the scheming semi-autistic masterminds behind the whole thing, but the subordinates and the subordinates’ subordinates whose part in the affair apparently consisted of sending one or two emails a day for their bosses.
That, in essence, is the defense of former Princeton baseball starter Ryan Reich, who is in court – again – testifying about his role in the sordid ordeal. As he tells it, participating in the biggest financial conspiracy in history was secondary or even tertiary to the main job of a junior trader: not fucking anything up.
Ryan Reich, who joined Barclays as a junior swaps trader in 2006, spent “almost no amount of time” sending emails to submitters compared to getting to grips with the complexities of working for an investment bank, he testified at a London trial.
“There is so much to learn in trading, there is an infinite number of ways you can lose money,” Reich said Friday. “If you screw up then you lose the bank a lot of money. Any task that can’t possibly cost the bank a lot of money doesn’t get a lot of attention.”
There is some bitter irony in the fact that the one thing Reich appeared to do well ended up, in the end, losing the bank a lot of money.
Ex-Barclays Trader Tells Court Libor Emails Trivial Part of Job [Bloomberg]
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