Tom Hayes Libor-rigging trial: Broking market described as the Wild West June 16, 2015 The former trader on trial for alleged interest rate rigging described the broking market he worked in as being like the “Wild West” in court yesterday. Former UBS and Citigroup yen derivatives trader Tom Hayes told the court that the market had no rules and relationships in the sector relied on lavish entertainment. [...]
Lord Mayor to tell Mansion House: City miscreants are guilty of theft June 9, 2015 Lord Mayor Alan Yarrow will demand that the City’s bad eggs are made to pay for their misbehaviour, during a hard-hitting speech at tonight’s Mansion House dinner. “I have little sympathy for those who put themselves before their clients – using their firms to feather their own beds,” the Lord Mayor will say, arguing [...]
Tom Hayes recruited accomplices to manipulate Libor, court told May 27, 2015 Former UBS and Citi trader Tom Hayes spent years recruiting other bankers and brokers to help him manipulate Libor submissions, prosecutors claimed yesterday. Hayes, the first trader to face accusations in front of a jury, denies eight charges of conspiracy to defraud. Southwark Crown Court yesterday heard that he tried to recruit his step-brother, who works at [...]
Libor case: Senior Bank of England official “The Hammer” received emails from Tom Hayes’ brokers May 27, 2015 A senior Bank of England official nicknamed “the Hammer” was sent emails that were part of an alleged campaign to rig the benchmark interest rates, a London court heard today. Martin Mallett, who at the time was chief currencies dealear at the BoE, was among dozens of people who received an email in 2007 [...]
Trader Tom Hayes accused of greed and dishonesty in Libor-rigging scandal May 26, 2015 The first trial of a trader accused of fraudulently attempting to manipulate key interest rate benchmark Libor began in Southwark yesterday. Prosecutors said Tom Hayes, a 35-year-old former UBS and Citigroup trader, was “greedy” and used his position over several years to engage in the “dishonest rigging of Libor”. Hayes, who pleaded not [...]
Libor-rigging scandal: Tom Hayes lost his Citi job over his methods, prosecutors tell court May 26, 2015 Former trader Tom Hayes was fired in 2010, four years after he started attempting to manipulate Libor, according to the prosecution’s case in court yesterday. Lawyers presenting the Serious Fraud Office’s (SFO) case in Southwark Crown Court said the former UBS and Citi banker received complaints just months after he started to work at [...]
Libor-rigging scandal: As trader Tom Hayes comes to court, wait for justice will soon be over – Bottom line May 26, 2015 Politicians have been screaming for blood over the Libor scandal for years, as fines and firing have not sated their anger with banks. Now they have a chance to see if one accused trader will be jailed, as the evidence is presented to a jury. But coming three years after the Barclays fine blew [...]
First Libor case with ex-UBS and Citigroup trader Tom Hayes comes to trial at Southwark Crown Court today May 26, 2015 The first criminal trial over allegations of conspiracy to rig the Libor benchmark interest rate will start in London court today. Tom Hayes, a former trader at banks UBS and Citigroup, will appear at Southwark crown court charged with eight counts of conspiring to rig the Libor rate. Hayes previously pleaded not guilty to charges of conspiracy [...]
Citi avoids Libor charge but faces forex-rigging settlement May 11, 2015 Giant investment bank Citi will not face prosecution over Libor manipulation from the US Department of Justice, yesterday announcing that the investigation is at an end. However, Citi is expected to be one of at least four banks settling the allegations of foreign exchange manipulation with US regulators this week. The bank has already paid [...]
Deutsche Bank share price falls as pressure rises on bosses in wake of Libor rigging fines April 28, 2015 Deutsche Bank’s share price fell again yesterday as investors failed to warm to the German lender’s latest strategic plan. The stock has fallen eight per cent since the bank was fined £1.7bn last Thursday for attempting to manipulate Libor – the latest in string of problems for the bank, resulting in mounting pressure on [...]