A Barclays vice-president is like ‘a guy who serves you in McDonald’s’, says trader accused of rigging
London — A former Barclays trader accused of rigging a benchmark interest rate downplayed his seniority at the bank, telling a London court that his job was comparable to working at a fast-food restaurant. Being a vice-president at Barclays is "the equivalent to the guy that serves you in McDonald’s," the trader, Carlo Palombo, said Thursday during his second day of testimony. Palombo is on trial with former Barclays traders Colin Bermingham and Sisse Bohart, as well as Achim Kraemer from Deutsche Bank. They all deny charges that they fixed the euro interbank offered rate, or Euribor, between 2005 and 2009. Palombo’s one-time boss, Philippe Moryoussef, is also on trial but isn’t attending the proceedings and isn’t represented by a lawyer. Prosecutor James Waddington took issue with the statement, asking if "that’s a comparison that works". "Vice-president is not what everyone thinks it is," Palombo replied. "It is junior." Income inequality Waddington told the jury that the former t...
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