Wages of sin: Hayes trial highlights abuse of Libor weaknesses
Former swaps trader Tom Hayes was sentenced to 14 years in prison on August 3 for conspiring to rig a key Libor interest rate. The trial has exposed the vulnerability of the previous rate-setting process to manipulation, as well as the depth of misconduct surrounding it
The mood was tense in Court Two of London's Southwark Crown Court on August 3, as Tom Hayes's sentence of 14 years for rigging Japanese yen Libor was read out by judge Jeremy Cooke. Although Hayes is expected to serve only half that time in custody, it is one of the longest sentences handed down for a financial crime in the UK.
"The conduct involved here is to be marked out as dishonest and wrong
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