Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging – WSJ

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.

Read more at Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging – WSJ.

3 thoughts on “Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging – WSJ

  1. Jay Towner says:

    Sacrificial Lamb ?

    • ColinTwiggs says:

      More traders will appear in court in September, but it will be interesting to see if any senior management are charged. Jail time for one senior exec would serve as a greater deterrent than several billion dollars in fines.

  2. Mike says:

    How long can the Stock Markets rise in an declining economy, how long can Bonds pay zero and negative rates when debt and money are rising and how long can Gold (GLD) keep going lower when demand is exceeding annual production?

    Answer: For as long as governments and banks can rig the markets.

    There needs to be more people sentenced to prison than just fines as has been handed out in the past.

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