14 years for city trader (Update)

Osem · 03-08-2015, 18:13

Quote:

Former City trader Tom Hayes has been found guilty at a London court of rigging global Libor interest rates.

He was sentenced to 14 years in prison for conspiracy to defraud.

The 35-year old is the first individual to face a jury trial for manipulating the rate, which is used as a benchmark for trillions of pounds of global borrowing and lending.

http://www.bbc.co.uk/news/business-33763628

Can't say I have much sympathy. Mind you it's easy to throw the minnows to the dogs isn't it. I'm wondering when those far higher up the corporate and regulatory food chain are going to be properly called to account. Won't be holding my breath...

03-08-2015, 18:17

no sympathy at all and it looks like the scape goat has been found .Having said that 14 yrs seems a bit OTT for something that every major financial institution seemed to be involved in

denphone · 03-08-2015, 18:18

He deserves his sentence totally but sadly there are many others out there who have got away scot free.

Osem · 03-08-2015, 18:24

Quote:

Originally Posted by denphone

He deserves his sentence totally but sadly there are many others out there who have got away scot free.

Plenty of people must have known about and benefitted from what was going on but, as usual, it's the pawns in the game who are made an example of.

When you consider what damage people like Fred the Shred did to our economy, they should have been banged up for life instead of walking away with fat pensions and pay offs.

Taf · 03-08-2015, 18:44

Let's hope this is the first of many with lots of massive fines.

Osem · 03-08-2015, 18:58

I doubt the executives who, at the very least, turned a blind eye to this illegality (and other dubious practices) and regulators who clearly weren't up to the task will ever face any form of sanction. IMHO it's inconceivable that sharp practice on the huge scale now evident wasn't known about at the highest levels and even if illegality can't be proved, those who presided over this ought to be made to pay heavily.

Ramrod · 04-08-2015, 13:44

After reading this I feel a bit sorry for him...

Quote:

He claimed that rather than the riches, the true reward was knowing he was doing the job to the best of his ability, saying the large bonuses were simply a mark of how much you were valued.

"The point is you're greedy, you want every little bit of money you can possibly get because that is how you are judged. I wanted to do my job as perfectly as I could do it because that is how I do a job. It is like solving that equation, it is like seeing that number – there isn't subjectivity, it is make money, lose money – it is just so pure,” he said.

One explanation for his self-confessed obsessive personality could have come with his diagnosis earlier this year of Asperger’s syndrome.

Julian · 04-08-2015, 15:03

Some rapists and killers don't get 14 years

TheDaddy · 04-08-2015, 20:37

Quote:

Originally Posted by Julian

Some rapists and killers don't get 14 years

That'd be reason to increase their sentences not decrease his imo

denphone · 05-08-2015, 04:23

Quote:

Originally Posted by TheDaddy

That'd be reason to increase their sentences not decrease his imo

+1

**Maggy** · 04-07-2016, 16:07

http://www.bbc.co.uk/news/business-36703143

Quote:

Three former Barclays employees have been found guilty of rigging the Libor interest rate between 2005 and 2007.
Jay Merchant, 45, was convicted unanimously at Southwark Crown Court of manipulating the key financial rate.
Jonathan Mathew, 35, and Alex Pabon, an American 38 year-old, were found guilty by majority verdict after a ten-week trial. The trio will be sentenced on Thursday.

Will be interesting to see what sentence these three get..

denphone · 04-07-2016, 16:13

10 to 15 years hopefully.

heero_yuy · 04-07-2016, 16:39

Quote:

Originally Posted by denphone

10 to 15 years hopefully.

A couple of years in Ford with a couple of years off for being total (Fill in the words)

ntluser · 04-07-2016, 16:52

Given that any illegal manipulation of the market is potentially a threat to the financial security of our nation eg leading to a recession we need to send a strong message to all those in the financial sector that such behaviour will not be tolerated and that heavy prison sentences can be expected.

04-07-2016, 23:07

If you really want to prevent this happening it's the executives who need to be brought to justice not the underlings doing what their told or made to feel is the right way. Banking has long lost it's trusted status amongst the public but the fact that very few higher level people ever pay for the chaos they create for quick profit is truly sickening. He knew what he was doing was wrong and the sentence is fine with me now drag his boss and his bosses boss in and we're making a start.