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LIBOR Scapegoat Found Guilty, Sentenced To 14 Years
Update: Hayes has been sentenced to 14 years in jail.
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Tom Hayes, the former UBS trader standing trial for his role in manipulating LIBOR, was found guilty on eight counts in a London court. The jury, which deliberated for a week, was unanimous in its decision. To wit, from Bloomberg:
Former UBS Group AG and Citigroup Inc. trader Tom Hayes, the first person to stand trial for manipulating Libor, was found guilty of eight counts of conspiracy to rig the benchmark rate.
After a week of deliberations, jurors unanimously found that the 35-year-old conspired with traders at brokers to dishonestly game the London interbank offered rate to benefit his own trading positions.
As Bloomberg notes, Hayes is the first person to stand trial for rigging the benchmark and had contended that he only pleaded guilty in the first place because he had an intense fear of having to serve a lengthy prison sentence in the US.
Hayes was also quick to remind the court that the practice of gaming the submissions to benefit trading books was so ubiquitous as to be enshrined in an official LIBOR rigging guide called "Guide to Publishing Libor Rates" that was distributed to UBS employees. It was also revealed during the trial that Hayes has been diagnosed with Asperger’s syndrome, which means he tends to "only see the world in black and white" - apparently that was supposed to be seen as a mitigating factor.
In the end, it appears that the public needed a head (not literally we hope), and because prosecuting senior executives for such things is absolutely out of the question even when, as we saw last week with Anshu Jain, they were not only supportive of the practice but in fact physically moved desks around to facilitate it, Hayes will be the fall guy.
Or, as we put it in June: "Will Hayes' quest to diffuse responsibility and bring down more senior executives with him succeed? Hardly."
We'll give Tom the last word here and although we're not entirely sure what this quote means, we're sure there's a lesson in it somewhere:
"I’ve always wanted to do my job as perfectly as I could, whether I was cleaning a deep fat fryer or deboning a chicken. They always gave me those jobs because they knew there would be no chicken left on the bone and no fat left in the fryer."
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I knew he was guilty the moment I saw his fat fingers.
OMG, a white banker going to jail? Didn't they have any Indians in the LIBOR rigging ring?
The seventh seal has been broken...
Regards,
Cooter
They are trying hard for diversity.
Diversity in Scape-goating.
Is it safe for Made-Man Mervyn, Baron of Lothbury, to return from his non-extradition treaty island vacation? One can only take so much or rubbing tanning oil on Corzine's back.
The quote means he did what his bosses wanted 100%. They wanted all the fat off the Libor rate and he gave it to them.
is that the first banker since madoff to go to jail?
Hayes, funny it doesn't sound Jewish. Imagine that!
I was going to say he probably deserved it for being such a stupid goy.
Well, one down and the rest of Wall St. to go......
a fall guy or a jumper, either you fall or we jump you.
Justice has been served, the bad guy went to jail and this should send a strong message to the rest of them that they better not try this stuff again.
I'm just glad we can finally put this whole sordid episode behind us and welcome a new day. A day that signals the turning point back to more transparent and fair markets.
http://blisshabits.com/wp-content/uploads/2012/07/snark1.jpg
https://www.youtube.com/watch?v=7MsUU9g63ac
There fixed it! Banks fined billions. Junior clerk swings from gallows. All good
Publicity stunt. Just like governor of BoE needs to write a letter to Chancellor to explain the inflation above 2%. Do you really think the inflation movement not within the Chancellor's daily radar?? Think again.
A 'conspiracy' implies more than one fucking dumb-ass, when's the next trial?
Can you say "fall guy"?
Dumbass! He should have called himself "Goldblatt". He'd be a free man.
At last! Justice is served!.The system has been cleaned up and I feel safe again!
Keep fucking that chicken!
https://www.youtube.com/watch?v=X7XbukdoGmM
That fried chicken was 'fat finger' lickin' good
Another Nottajew goes down.
pods
His punishment: 10 years of "hard time" at Club Med.
But we will ban him from Cincinnati Reds home baseball games!
His punishment: 10 years of "hard time" at Club Med
lol -That's right, bitch - you're going to have to put your own lotion on .... Yeah, he'll end up at Lompoc where they have a "red line" instead of fences .... outside the tennis courts.... Chances are, he'll do 6-18 months and quietly be pardoned once the spotlight is off him.
Can't the Honorable Jon Corzine help a brother out?
that was the final fraudulent behaviour executed by any of the big banks, and there shall be no more lawsuits.
WHAAT! Not an Indian?
They couldn't locate the banana vendor. He took the ONSTAR unit out of his cart.
I'd hire him on Q99X2 to run the rehab centers.
Now let's see how they can convict one guy of a 'conspiracy' while not going after anyone else!
"We've secretly replaced the fine justice they used to serve with pure bullshit. Let's see if anyone notices."
Yeah, right. It only takes one man to rig the LIBOR. Only people with single brain cell will believe this shit.
Easy boys, he's got Aspergers...!
I see his problem... His last name doesn't end in Stein.
He wouldn't have been arrested if his name was Jacob Notguiltyberg.
pods
That was a hard comment for me to make, but eventually patterns start to appear that can't be ignored.
I grew up in NY, and there were a lot of Jewish kids in my school. I was friends with a lot of them. When I found out about how the money system works, and old world money, I was able to make the jew comments without feeling bad about disparaging the guys I knew. They certainly weren't a part of it.
pods
Edit: It's also almost comical. Like seeing a black guy driving a watermelon truck, or (my favorite) seeing an Italian Greaseball in an IROC Camaro. They were a dime a dozen upstate.
Stereotypes allow us to laugh at ourselves. Except that a drunk Irish guy poses less of a threat to me than someone gaining control of issuing my nation's currency.
" They were a dime a dozen upstate."
Sounds like Rockland county. You should have checked out Nassau County during the 80´s for some real flava ; ). Lots of posers. LOTS.
Further north. Upstate.
https://en.wikipedia.org/wiki/Apalachin_Meeting
Tons of Italians up there. And some Italian Retard Out Cruising (IROC).
pods
Good read. Didn´t think there would be many jewish peeps around there. Learn something new everyday.
Much appreciated comment. I've come to realize the guilt piled on one for merely questioning those patterns is enough to keep the masses from recognizing things that are directly in front of their face. The more time goes on the more I believe as Ayn Rand did, that guilt is the greatest and most often used weapon to control others.
If you want to learn who rules over you, simply find out who you are not allowed to criticize.
I would credit Voltaire, but there seems to be some dispute whether or not he made this statement. Regardless, in today's politically correct world. truer words where never spoken.
The Truth About Israel and Palestine
LOL!!! I made the same comment above and didn't see yours. It is likely not good for you if we are thinking the same.
I don't know who I'm more scared for, you or me.
So they found a fall guy. I heard that LIBOR manipulation was a commonplace daily practice before the crisis.
Apparently his nickname was "rain man."
are you autistic?
yes.... yes he is.
When the guilty verdict was handed down, the defendent was nearly speechless.
He could only mutter "10 minutes to Wapner" before being led out of court.
pods
Well, at least now we know what happened to Mr. Rogers sweaters
But . . .but what about all the other guys, your honor?
Tip of the iceberg, still, shame he's got a prison sentence, hanging would be more sufficient for this little turd...
La Cosa Nostra
Well, thank God they found they guy responsible and justice was served. We can move on now.
/s
I wonder, will they follow up his claims that fiddling with the rate is rife and more cops knocking on doors dragging the wrethches out of Canary Warf cuffed up? I really hope so, but more than likely a few more lower ranking types will get their collars felt by the 50 and that'll be that.
14 FUCKING YEARS! In the UK?
You only get in the region of 20-25 for 1st degree murder.
Kiddie fiddlers get no more than 10 unless the crime was really horrific.
And if you run a multi-million pound ponzi that ruins the lives of countless older folk you'll get about 6-7.
Some sort of stitch up in all of this.
Gotta keep him quiet and anally receptive.
Just a politically-oriented judge doing as directed. Sends the right signal to the downstream minions. Shows the Yanks we don't need no stinkin' lessons in judicial terror. Reduced on appeal. Out in three, maybe less.
Aparently each charge carried 10 years as a maximum and he was found guilty on all eight charges, so he got off lighly.
If we can classify economic warfare as a war crime, a crime against humanity or treason, we can kill them all. On TV. Soccer field beheadings isn't enough...
Well, he can write a book and sell it - "My story".
Well, that cleaned up the whole mess. The janitor, the tea-lady, the cleaner and the boot-black got off with a letter of reprimand. You gotta have a patsy. Where's Ruby?
He doesn't look old enough to be the ring leader.
Great news, why didn't the person signing the trade transaction not see any jail time? And the person who oversaw the checks and balances of firms legal responsibility. Then arrives the CEO who is responsible for the entire helm.
One runner patsy is blamed for the in bound revenues without question. I call Bullshit.
Too bad for him that he could not plead; jewish.
the first and the last?
From the BBC website:
"Justice Cooke said Hayes was the "centre and hub of the manipulation." Fucking LOL, really, the kingpin., ha, I call bullshit.
http://www.bbc.co.uk/news/business-33763628
The mafia usually takes care of the family.
He'll retire a rich man, if he survives prison.
Kiddy fiddlers only get 5 to 7 years.
That's some message - It's more important to protect banks than children.
I rated the article a big '5' for the title alone.
Geez, the shit we tolerate....
LIBOR Scapegoat Found Guilty, Sentenced To 14 Years
I think Obama already pardon him....will trade him for a captured Teaparty member
yep...none of his bosses in the business for decades had any idea what he was doing. ARE YOU KIDDING! They can't leave their desk for crap without permission and full monitoring!
So how do they pick a scapegoat from among the corhorts of snot-nosed cubical inmates employed by the banksters, all doing the some thing on orders of their boss? Is it the one who draws the short straw? Pulls the black bean? Loses at rock-paper-scizzors?
SO they found the guy who read the "company handbook on how to fix the Libor rates", and they decided to screw THAT GUY.
And who wrote the company handbook? Ohhh Wait, I guess that must be Tinker Bell and Peter Pan, and all the Pixies who live at the bottom of the garden.
THIS SYSTEM IS SO CORRUPT .. it makes you wanna' puke. And that comment applies to the phone-buddies on both sides of the Atlantic.
Tom Hayes tried to fight the trend.
he was trying to move up the fixings 0.0025% up while the FED was manipulating, sorry, cutting rates from 5% to 0%
while he was trying to make a few thousand dollars out of his trades, the FED deprived of interest income holders of trillions of dollar deposits (and bringing interest down on trillion of debt instruments, bankrupting the whole pension system, and corrupting the whole market.
Call Ripley's, call Guinness, call William Black!
Someone went to jail...(golf clap)
LIBOR itself is a game. And this guy gets 14 years for gaming a game. That's rich.
Goyim goes to jail, justice served.
Conspiracy?? doesn't that involve more the one person BTW
Clean pants and toilet paper sell out in City of London