Hayes Libor Verdict Shows ‘Everyone Did It’ Is Still No Defense
by Suzi Ring
August 3, 2015 — 9:22 AM MST
[Tom] Hayes was found guilty of all eight counts of conspiracy to manipulate the London interbank offered rate and sentenced to 14 years in prison Monday after a week of deliberations by the jury. His lawyers argued he acted like his peers and with the full knowledge of employers who never tried to stop him.
The defense was a throwback to Kweku Adoboli and Jerome Kerviel, former traders who were both convicted for multi-billion dollar losses at UBS Group AG and Societe Generale SA, and claimed their bosses knew about their behavior. Its failure in the Hayes trial re-confirms the move toward greater individual accountability in the industry following the financial crisis.
Monday, August 03, 2015
I guess screwing with LIBOR was a grift too far...
Posted by Steve J. at 11:28 PM