Every Money Professional Knew Libor Was A Scam…They’ve known it for 30 years
July 13, 2012
London has always been the center for the Euro dollar deposit market, but most banks had NY operations that also made markets in Euro depos. For a time, I sat on one of those desks.
This was way before the Internet and live-streaming prices. Brokers communicated market prices over squawk boxes that were piled up on every desk. There was constant drone of background noise. I can still hear the voices :
I’m 7/8th bid sixes, looking for an offer
I’m an 1/8th around the figure 4 on threes. Looking to do business in the middle.
Last at three daughters (3/4%) on the offer in twos, buyer wants to build.
I have size spot-next to go, looking for a bid.
Looking for 3 large spot a week.