Wednesday, 27 May 2015

Alleged Libor ringleader motivated by greed, trial hears

From Reuters –

“Tom Hayes, a former trader on trial for allegedly conspiring to rig benchmark interest rates, has admitted to being motivated by greed and was fired by U.S. bank Citigroup in 2010, prosecutors told a London court on Tuesday.

Hayes is the first person to be prosecuted over manipulation of the London interbank offered rate (Libor) after a seven year, global inquiry that has led to banks and brokerages paying around $9 billion in fines and sparked an overhaul of how financial benchmarks such as Libor are policed.

Opening the case for the prosecuting, Serious Fraud Office (SFO) senior lawyer Mukul Chawla told the court that Hayes, 35, was at the centre of a conspiracy to rig Libor and had admitted during 82 hours of interviews with prosecutors that he had put his trading book and pay above other concerns.”

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