Tom Hayes, the previous Citigroup and UBS dealer who bore the brunt of the backlash towards banks rigging the still-just-breathing London Interbank Offered Rate, won’t be going again to jail, the place he spent greater than 5 years. But he and his fellow LIBOR-fiddler and previously imprisoned scapegoat, ex-Barlcays dealer Carlo Palombo, received’t be getting their good names (or a load of cash) again, both, comparable to they’re.
The courtroom mentioned Libor was imagined to be primarily based on banks’ real willpower of how cheaply they may borrow in markets and that prior courtroom rulings had already settled the query that his newest attraction had raised…. The U.Ok.’s Serious Fraud Office, which prosecuted the case, mentioned the judgment “is clear that these convictions for fraud are still as relevant today as ten years ago.”
In addition to being bizarre and winding up in a job the place basically everybody was breaking the legislation, Hayes can now add to his record of misfortunes being British. After all, if he’d been American, he’d seemingly by no means have spent a lot various 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] advised reporters exterior the courthouse that he deliberate one other attraction, within the hopes of elevating the case to the nation’s Supreme Court.
“It’s a very, very sort of ‘Alice in Wonderland’ situation here,” he mentioned. “The discrepancy between us and the rest of the world in relation to this matter is stark. The idea that you can be sitting in America and do something that would be deemed criminal in the United Kingdom is crazy.”
Tom Hayes, Trader at Center of Libor Scandal, Loses Appeal [WSJ]
Bankers jailed for rate of interest rigging lose attraction [BBC]
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