And yet the banksters get to sleep soundly in their bed with no jail time. The ex-trader is nothing but a small fish….
Ex-trader Tom Hayes was sentenced to 14 years in jail by a London court on Monday after being found guilty of conspiring to rig Libor benchmark interest rates following a seven-year global investigation.
After a nine-week trial and seven days of deliberations, the jury of five women and seven men found Hayes, a 35-year-old former UBS (>> UBS Group AG) and Citigroup (>> Citigroup Inc) trader, guilty of all eight counts of conspiracy to defraud.
In the first trial of a defendant accused of Libor rigging, Hayes had faced up to 10 years imprisonment for each count of conspiracy over the manipulation of London interbank offered rate (Libor), a crucial benchmark for around $450 trillion of financial contracts and consumer loans, between 2006 and 2010.