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Has Libor scandal cost three bankers their lives? Mystery deaths of three financiers in London, New York and Siena linked to interest rate-rigging

In March 2013 David Rossi, 51, who worked closely with Deutsche Bank, was found dead in Siena, Italy
In January 2014 William Broeksmit, 58, from Deutsche Bank, died in London
In October 2014 Calogero Gambino, 41, another Deutsche Bank employee, died in New York
Deutsche Bank agreed to pay $2.5billion (1.76billion) to settle claims against it over the Libor scandal

By Chris Summers For Mailonline

Published: 05:00 EDT, 13 June 2016 | Updated: 07:49 EDT, 13 June 2016


Three bankers, all with ties to Deutsche Bank, committed suicide within the space of 18 months and there is growing speculation their deaths may have been linked to the Libor scandal.

Last year Deutsche Bank agreed to pay $2.5billion (1.76billion) to resolve investigations in Britain and the US into the activities of its traders.

Meanwhile in Siena, Italy, authorities exhumed the body of banker David Rossi, 51, and reopened their investigation into his death in March 2013.
David Rossi, pictured, fell to his death from a third floor window at his office in a 14th century piazza in Siena. A security video has emerged which casts doubt on whether he jumped voluntarily
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David Rossi, pictured, fell to his death from a third floor window at his office in a 14th century piazza in Siena. A security video has emerged which casts doubt on whether he jumped voluntarily
The house in South Kensington, where William Broeksmith was found hanged in January 2014
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The house in South Kensington, where William Broeksmith was found hanged in January 2014

Mr Rossi, who worked as a communications director at the Monte dei Paschi di Siena bank, was found dead in an alley beneath his office in the city.

The New York Post says a security video casts doubt on Mr Rossi jumping to his death because it shows him landing on the pavement on his back, facing the building.

The shocking video also shows two men appearing and walking over to Mr Rossi but offering no assistance as he lies, mortally wounded, on the ground.

A ruling on whether he killed himself or was murdered is expected later this month.

Mr Rossi's bank - the oldest in the world, dating back to the 15th century - worked closely with Deutsche Bank.

Ten months after Mr Rossi died William Broeksmit, 58, a top Deutsche Bank executive, was found hanging from a dog leash in his London flat.

And in October 2014 Calogero 'Charles' Gambino, 41, Deutsche Bank's in-house lawyer, was found hanging from a balcony at his home in New York.

Mr Gambino was a key part of the team defending the bank against charges relating to the Libor scandal.

Libor (London Interbank Offered Rate) is the average interest rate in dollars that international banks charge each other for borrowing, which is crucial to the setting of $450trillion (316trillion) in financial contracts around the world.

Every day a group of leading banks submits the interest rates at which they are willing to lend, thereby setting the Libor rate.

But several banks have admitted their traders manipulated the Libor rate over a number of years - possibly as far back as 1991 - to boost profits and their own bonuses.

Several traders have been jailed in London and New York for their part in the scandal.

The Libor scandal first broke in the summer of 2012 but revelations about how deep and extensive it was tumbled out over the next two years.

It was during that time that Mr Rossi, Mr Broeksmit and Mr Gambino died.

Mr Rossi's widow, Antonella Tognazzi, has told the Italian press her husband 'knew too much' and hired a lawyer to investigate her husband's death.

She pointed out that in his alleged suicide note he referred to her as Toni, a name he had never used for her.

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Calogero Gambino, known as Charles, was Deutsche Bank's in-house lawyer in charge of defending the firm against challenges over its traders' manipulation of the Libor rate

Mr Rossi was closely involved in Monte Paschi's $7.5billion (5.28billion) takeover - financed by Deutsche Bank, using rates set by Libor - of another Italian bank in 2008.

Many banking analysts believed at the time Monte Paschi had paid too much for its rival.
Monte Paschi also got involved in risky derivatives, again based on Libor calculations, that made heavy losses during the financial crisis of 2008.

The New York Post's Sunday business editor, Michael Gray, says dozens of bankers have committed suicide since the global financial crisis began in 2008 but he said Mr Rossi's and the two others stood out as suspicious.

Mr Broeksmit's stepson Val told the New York Post there were several aspects of his death which remained baffling.

He said Mr Broeksmit had just emailed friends about how much he was looking forward to going on a skiing holiday a week later.

Although a psychologist had reported that Mr Broeksmit was 'very anxious about authorities investigating areas of the bank at which he worked' his depression over the Libor investigation had lifted prior to his death.

Val Broeksmit told the Post: 'Yes he killed himself. But there's a question: could it be suicide by extortion, could it be suicide by pressure or saying if you don't do this, we're going to do this? There's a couple suspicions I have.'

A month before his death Mr Broeksmit wrote to fellow executives asking why he should take the lead on a stress test for the bank.

He wrote: 'Who is recommending that I do this? I am supposed to be an independent director and this puts me further into a role aligned with management,' he wrote.

When Mr Gambino died - found hanging from a balcony at his home in Brooklyn - he left behind no note and his family have never commented on his death, but the Post claims his death is suspicious.

http://www.dailymail.co.uk/news/article-3638560/Mystery-suicides-international-bankers-deaths-three-financiers-London-New-York-Siena-linked-Libor-scandal.html