Former trader given 14 years prison for market manipulation

[unhappycamper]

http://www.france24.com/en/20150803-former-trader-given-14-years-prison-market-manipulation

Former trader given 14 years prison for market manipulation
Latest update : 2015-08-03

A British judge sentenced a former Citibank and UBS trader to 14 years in prison Monday after a jury found him guilty of masterminding the manipulation of a key interest rate, the London Interbank Lending Rate, or Libor.

Judge Jeremy Cooke sentenced 35-year-old Tom Hayes, who specialized in products pegged to London interbank offered rate (Libor), after jurors found him guilty of manipulating the rate from 2006 to 2010. He was charged with conspiring with other traders - but he says he was made a scapegoat for a common practice.

"What this case has shown is the absence of that integrity which ought to characterize banking," Cooke said. "You, as a regulated banker, succumbed to temptation in an unregulated activity because you could."

~snip~

Hayes is the first to be convicted by a UK jury of Libor rigging.

[onecaliberal]

1. That will never happen in the US

Bankers and. Corporations are above the law.

[haikugal]

2. Well it's a start..... n/t

[Wellstone ruled]

3. Another Corporate Janitor thrown to the

Wolves just to shut down the critics.