Libor is “more open to manipulation” than ever before despite wholesale reform of how the benchmark rate is calculated, a whistleblower claims.
Behzad Goharian, who was responsible for Libor submissions at UBS until a few months ago, alleges there are still “catastrophic” failings in the way the interest rate is set and monitored.
In documents lodged at the central London employment tribunal, Goharian alleges that relatively small transactions could be used by banks to sway the rate in their favour.
