A group of black-tie anti-bankster activists recently crashed the Investment Banking Awards by making it on-stage and presenting Barclays executives with an award for LIBOR manipulation innovation. Perhaps next year the activists can recognize Blythe and Jamie for innovative manipulation of the silver market.
The Investment Banking Awards are the Oscars of the financial world. Dished out for so-called ‘innovation’, some of the world’s richest bankers gather together to congratulate each other on devising ever more creative ways to make obscene sums of money.
One of 2012’s most profitable scams was the bankers’ ‘innovative’ approach to a key interest rate called LIBOR. Virtually every bank at the event was involved in illegally colluding to rig LIBOR, ensuring that they would always be the winners in the multi-million pound bets they were making on the markets.
When we noticed that this money-spinner had been overlooked in the ceremony, we decided to show up and make sure the LIBOR-riggers got the recognition they deserve.
Full clip of the activists presenting the award (and then immediately being ushered off-stage) below: