Westpac bill swap rate case comes down to very choice word
The Federal Court has found Westpac engaged in unconscionable conduct by trying to rig the bill swap rate in 2010.
But at the centre of the case is the interpretation of a choice word.
Unbelievably, the case came down to the interpretation of the ‘f word’ by Westpac trader, Colin ‘The Rat’ Roden.
Roden was recorded as he was trading, saying he was going to “f**k the market”.
It was up to Justice Jonathan Beach to decide whether that meant he was going to manipulate the market.
Justice Beach eventually ruled Westpac had tried to manipulate the bank bill swap rate, but failed.
In other words, Ross says, “it f**ked it up”.
Click PLAY below to hear Ross’s hilarious interpretation of events