Former City trader Tom Hayes has been found guilty at a London court of rigging global Libor interest rates.
He was sentenced to 14 years in prison for conspiracy to defraud.
The 35-year old is the first individual to face a jury trial for manipulating the rate, which is used as a benchmark for trillions of pounds of global borrowing and lending.
Many of the world's leading banks have paid heavy financial penalties for tampering with the key benchmark.
The jury found Hayes guilty on all eight charges of conspiracy to defraud.
If my memory serves me right Libor rates were one of the main causes of the so called "credit crunch" of 2007, when banks raised their inter bank rates making it more difficult for banks to borrow money off each other. So why only one convicted of it? Why has the bank he worked for not been asked to repay the profits to those affected by it? The banks and accounts used to commit the crime should be impounded, as would any other 'tool# used to commit a crime. I'd deport him and all the rest of his mates to the US afterwards as well, greedy barsteward.
As for the 'press' the writeup by the Economist seems to think it was too harsh, perhaps their readership
is made up of bankers.....
http://www.economist.com/blogs/graph...tion-tom-hayes
He was sentenced to 14 years in prison for conspiracy to defraud.
The 35-year old is the first individual to face a jury trial for manipulating the rate, which is used as a benchmark for trillions of pounds of global borrowing and lending.
Many of the world's leading banks have paid heavy financial penalties for tampering with the key benchmark.
The jury found Hayes guilty on all eight charges of conspiracy to defraud.
If my memory serves me right Libor rates were one of the main causes of the so called "credit crunch" of 2007, when banks raised their inter bank rates making it more difficult for banks to borrow money off each other. So why only one convicted of it? Why has the bank he worked for not been asked to repay the profits to those affected by it? The banks and accounts used to commit the crime should be impounded, as would any other 'tool# used to commit a crime. I'd deport him and all the rest of his mates to the US afterwards as well, greedy barsteward.
As for the 'press' the writeup by the Economist seems to think it was too harsh, perhaps their readership
is made up of bankers.....http://www.economist.com/blogs/graph...tion-tom-hayes
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