Wages of sin: Hayes trial highlights abuse of Libor weaknesses

Interest rate's governance and wider industry culture also in the dock

Tom Hayes
Tom Hayes: manipulated benchmark

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, and a message needs to be sent to the world of banking accordingly," Cooke told Hayes after he read

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