Tuesday, 29 September 2015

Ex-Deutsche Bank Executive Cloete Slams German Libor Criticisms

From Bloomberg Business -

“A former global finance chief at Deutsche Bank AG said the German market regulator ruined his reputation after it claimed he and other managers may have turned a blind eye to Libor manipulation.

Alan Cloete said in an Aug. 10 letter to the agency, Bafin, that he has suffered “as a result of the inaccurate and reputationally damaging assessments” by it. His letter, which was seen by Bloomberg, demanded the regulator issue a correction.

Bafin said in May it had doubts about statements by Cloete that he and others including former co-Chief Executive Officer Anshu Jain were unaware of the rigging of the London interbank offered rate. Deutsche Bank paid a record $2.5 billion in fines to global authorities in April over manipulation of Libor and related benchmarks.

“Cloete did not give any instructions to manipulate Libor, he was not aware that there was any manipulation or intention to manipulate,” Cloete’s lawyers said in the 57-page letter. “Nor would he have tolerated this had he known about it.” “

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