Tom Hayes, the previous Citigroup and UBS dealer who bore the brunt of the backlash in opposition to banks rigging the still-just-breathing London Interbank Provided Charge, won’t be going again to jail, the place he spent greater than 5 years. However he and his fellow LIBOR-fiddler and previously imprisoned scapegoat, ex-Barlcays dealer Carlo Palombo, Finance/tom-hayes-trader-at-center-of-libor-scandal-has-conviction-upheld-e452264c”>gained’t be getting their good names (or a load of cash) again, both, comparable to they’re.
The court docket mentioned Libor was imagined to be based mostly on banks’ real dedication of how cheaply they may borrow in markets and that prior court docket rulings had already settled the query that his newest attraction had raised…. The U.Okay.’s Critical Fraud Workplace, which prosecuted the case, mentioned the judgment “is obvious that these convictions for fraud are nonetheless as related immediately as ten years in the past.”
Along with being bizarre and winding up in a job the place primarily everybody was breaking the regulation, Hayes can now add to his record of misfortunes being British. In any case, if he’d been American, he’d seemingly by no means have spent a lot quite a lot of hours behind bars, on condition that, all of the sound and fury and convictions however, manipulating rates of interest isn’t unlawful on this aspect of the pond.
[Hayes] informed reporters outdoors the courthouse that he deliberate one other attraction, within the hopes of elevating the case to the nation’s Supreme Courtroom.
“IT’s a really, very type of ‘Alice in Wonderland’ scenario right here,” he mentioned. “The discrepancy between us and the remainder of the world in relation to this matter is stark. The thought that you could be sitting in America and do one thing that may be deemed felony in the UK is loopy.”
Finance/tom-hayes-trader-at-center-of-libor-scandal-has-conviction-upheld-e452264c”>Tom Hayes, Dealer at Heart of Libor Scandal, Loses Attraction [WSJ]
Bankers jailed for interest rate rigging lose appeal [BBC]
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