UK: Trader Tom Hayes jailed for 14 years over Libor rate-rigging

[webfact]

Former trader given 14 years prison for market manipulation
DANICA KIRKA, Associated Press

LONDON (AP) — A British judge sentenced a former Citibank and UBS trader to 14 years in prison Monday after a jury found him guilty of masterminding the manipulation of a key interest rate, the London Interbank Lending Rate, or Libor.

Judge Jeremy Cooke sentenced 35-year-old Tom Hayes, who specialized in products pegged to yen-denominated Libor, after jurors found him guilty of manipulating the rate from 2006 to 2010. He was charged with conspiring with other traders — but he says he was made a scapegoat for a common practice.

"What this case has shown is the absence of that integrity which ought to characterize banking," Cooke said. "You, as a regulated banker, succumbed to temptation in an unregulated activity because you could."

Libor is a key rate that banks use to borrow from each other. Revelations that it was rigged shook the markets because the rate affects what many people pay when they take out loans, such as a car loan.

Hayes is the first to be convicted by a U.K. jury of Libor rigging.

Prosecutor Mukul Chawla said Hayes "behaved in a thoroughly dishonest and manipulative manner" and called him the ringmaster at the center who told others what to do and rewarded them for their "dishonest assistance."

"The motive was a simple one: it was greed," he said.

Hayes claimed his bosses knew what he was doing.

-- (c) Associated Press 2015-08-04

[godden]

14 years with a zero on the end would have been better but it's a start.

[12DrinkMore]

One is not enough.

[delgarcon]

Considering how rife this practice is and how small a cog he was in a very big wheel, 14 years seems a bit strong to me, especially when you look at some of the sentencing of violent rapists and murderers.

I reckon he was badly advised to plead not guilty as well.

[Anthony5]

So a precedent is set. Will Jamie Dimon be the next?

[chasntong]

Considering how rife this practice is and how small a cog he was in a very big wheel, 14 years seems a bit strong to me, especially when you look at some of the sentencing of violent rapists and murderers.

I reckon he was badly advised to plead not guilty as well.

This guy probably had a detrimental affect on thousands of lives not just a few, now to make sure he's not out in a couple of years.

[Baerboxer]

Considering how rife this practice is and how small a cog he was in a very big wheel, 14 years seems a bit strong to me, especially when you look at some of the sentencing of violent rapists and murderers.

I reckon he was badly advised to plead not guilty as well.

This guy probably had a detrimental affect on thousands of lives not just a few, now to make sure he's not out in a couple of years.

The BBC report said he must serve 7 years before being considered for parole.

There are many others, many of whom are much more senior than Hayes. Let's see how many are prosecuted.

[Basil B]

Considering how rife this practice is and how small a cog he was in a very big wheel, 14 years seems a bit strong to me, especially when you look at some of the sentencing of violent rapists and murderers.

I reckon he was badly advised to plead not guilty as well.

Sure he will appeal...

maybe cut to 7 that's probably 3.5 years... He will probably be out on weekend leave within a few weeks.

But for me these guys should 1 years suspended, and ten years of community service... just remember he has lost his job and should also be barred by the FSA from working in the financial sector for life.

Now time to get the big fish, their line managers and the big fat cats at the banks who must have known what was going on, me think a good (horse whipping) may be in order.

[sammygood]

only one ?

scapegoat of his bosses?

or scare that 1 man would have so much power on the so called sa-tok market

[12DrinkMore]

Considering how rife this practice is and how small a cog he was in a very big wheel, 14 years seems a bit strong to me, especially when you look at some of the sentencing of violent rapists and murderers.

I reckon he was badly advised to plead not guilty as well.

Sure he will appeal...

maybe cut to 7 that's probably 3.5 years... He will probably be out on weekend leave within a few weeks.

But for me these guys should 1 years suspended, and ten years of community service... just remember he has lost his job and should also be barred by the FSA from working in the financial sector for life.

Now time to get the big fish, their line managers and the big fat cats at the banks who must have known what was going on, me think a good (horse whipping) may be in order.

One year suspended?

Ludicrous.

Bankers control the money supply, the price of money and who gets it. They can send whole economies into depression, inflation, deflation, create jobs and destroy jobs.

The LIBOR rate is one key price that affects the value of many millions of contracts across the globe, and touches on the asset value of a vast number of financial assets held by insurance companies and pension schemes.

They have a huge moral responsibility to the global popualtion. But those 4ckers only care for their own profits.

[Oceanbat]

This is bullshit. 14 years for rigging a bloody rate while the Rotherham rapists get 4-9 years.

OB

[Jonmarleesco]

'"What this case has shown is the absence of that integrity which ought to characterize banking," ...' Has this old codger just caught up with the rest of the world? Little doubt, though, that Hayes has been made a scapegoat.

[sangtip2]

In the US he would have been "To big to jail" I am glad to see the UK still puts these people away.

[mrfill]

Considering how rife this practice is and how small a cog he was in a very big wheel, 14 years seems a bit strong to me, especially when you look at some of the sentencing of violent rapists and murderers.

I reckon he was badly advised to plead not guilty as well.

This guy probably had a detrimental affect on thousands of lives not just a few, now to make sure he's not out in a couple of years.

The BBC report said he must serve 7 years before being considered for parole.

There are many others, many of whom are much more senior than Hayes. Let's see how many are prosecuted.

My guess is about nil.

The crowd have had their fun seeing one thrown to the lions so the rest can now continue their wealth accumulation in peace having served up a patsy while millions of others have to continue to pay off the debts run up by this shower.

[midas]

"What this case has shown is the absence of that integrity which ought to characterize banking," Judge Jeremy Cooke said. "

With all due respect Your Honour banksters wouldn't understand the basic meaning of integrity

Deutsche bank having only just struck a deal on Libor rate manipulation is already being investigated again by the Department of Justice for money laundering for the Russians

[midas]

"What this case has shown is the absence of that integrity which ought to characterize banking," Judge Jeremy Cooke said. "

With all due respect Your Honour banksters wouldn't understand the basic meaning of integrity

Deutsche bank having only just struck a deal on Libor rate manipulation is already being investigated again by the Department of Justice for money laundering for the Russians