From David Enrich at the Wall St Journal:
LONDON—Former bank trader Tom Hayes was sentenced to 14 years in prison on Monday after a London jury convicted him of trying to fraudulently rig the London interbank offered rate, or Libor.
The unanimous jury verdict, followed about an hour later by the judge’s 14-year prison sentence, delivers one of the harshest penalties meted out against a banker since the financial crisis.
This sentence will hopefully establish precedent for other regulators to follow. If management condoned the actions, they are as guilty as the trader who perpetrated the crime. Let’s see what actions are taken against them.