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Former Barclays COO Del Missier Called Libor Rates ‘Fantasy’ in Diamond E-Mail (1)

Former Barclays COO Del Missier Called Libor Rates ‘Fantasy’ in Diamond E-Mail (1)

Ex-Barclays Plc (BARC) Chief Executive Officer Bob Diamond received an e-mail in 2007 describing Libor rates as a “fantasy,” according to documents in the first U.K. lawsuit over manipulation of the benchmark.

Jerry Del Missier, former chief operating officer of Barclays, sent the message to Diamond and ex-head of investment banking Rich Ricci, according to Stephen Davies, a lawyer for Guardian Care Homes, the company suing the bank, the U.K.’s second-biggest by assets.

Referring to “the whole Libor curve,” Del Missier said “the real story is that these are all fantasy rates,” said Davies, reading the August 2007 e-mail out at a hearing in London today where the bank was ordered to give Guardian additional evidence.

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