Daily News: September 5, 2012

Barclays Terminates Exec, Trader in LIBOR Scandal


According to Reuters, citing regulatory filings, Barclays formally notified the Financial Industry Regulatory Authority that it has discharged executive Ritankar (Ronti) Pal and derivatives trader Dong (Don) Kun Lee for their involvement in the ongoing investigations into the manipulation of interbank lending interest rate, LIBOR.

Reuters said Pal was discharged because the bank had a “loss of confidence” in him as a manager for failing “to properly supervise individuals on his team.” Pal had been a managing director at the bank and for the past six years was the head of U.S. interest rates trading in New York.

Lee, a derivatives trader who reported to Pal, was terminated for allegedly engaging “in communications involving inappropriate requests relating to LIBOR,” said Reuters citing the same regulatory filings.

To read the Reuters story posted on CNBC.com, click here.