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Libor Verdict: More Charges Could Follow

OWoN: This is welcome news now Hayes got the drop 12 or so more will follow. A massive boost for Justice. How about we then indicte 20 or 30 more from the US who also conspired, ship them to London to stand trial, and let them also do 20 years arse up on the meat block. Banging up the Bankgsters at last? This way the Bastards will face Justice! No scumbag Plea Bargains - Hard time!


Tom Hayes was sentenced to 14 years jail for his role in the Libor scandal


Libor Verdict: More Charges Could Follow


After the landmark ruling, more than a dozen of Tom Hayes's co-conspirators could now stand trial, Ian King says.

Sky News
By Ian King
3 August 2015

The conviction of former UBS and Citigroup trader Tom Hayes of conspiring to manipulate the Libor rate is a landmark moment that could pave the way for others to be charged.

Until now, no individual has been convicted of the offence - despite global authorities spending seven years investigating the Libor-rigging scandal.

It had often been assumed that Libor-rigging was an incredibly complex offence that an ordinary jury of non-financial specialists might struggle to understand and, therefore, convict someone of doing.

So there will have been a huge sigh of relief from the Serious Fraud Office (SFO) at the conviction of 35-year old Hayes.

More than a dozen other former workers in the financial services sector, some of whom were Hayes's co-conspirators, according to evidence given in his trial - may also now stand trial for similar offences.


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Had Hayes been acquitted, those trials would probably have collapsed, piling further pressure onto an agency that has frequently been criticised in the past for its inability to convict white-collar criminals.

Throughout the aftermath of the financial crisis, there have been frequent complaints about the lack of scalps for what happened, something that has been a source of irritation to regulators and their political overlords alike.

The authorities will have been delighted by the 14 year sentence handed to Hayes by Mr Justice Cooke.

Mark Carney, the Governor of the Bank of England, told me in a recent Sky News interview that he was frequently asked by members of the public why more bankers had not been sent to prison following the crisis.


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For his part, Hayes may feel he has been made a scapegoat.

His defence rested on an argument that his bosses had not only known about what he was doing, but had acquiesced to his behaviour, since it was making profits for them.

He will argue that he was only a foot-soldier, and the generals to whom he reported are equally deserving of punishment.

His mistake was that, during the 82 hours' worth of interviews he gave to the SFO, he more or less admitted his guilt.

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3 comments :

  1. This is great news. It will help investigators with opportunities to charge and prosecute upper management in banks and financial institutions.

    ReplyDelete
  2. This guys bosses need the same.... as well as many many more around the globe...

    ReplyDelete
  3. Best news I've heard in years, now lets start the same ball rolling in the USA with the bankers and the good old boys club wall street. It is high time they get the same or longer in jail with a nice fella called BUBBA !! They have been screwing everyone else lets see how their hiney's hold up in the slammer with Bubba & friends.

    ReplyDelete

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