The LIBOR Fixing Scandal Gets A Conviction And A Book via cfaille, AllAboutAlpha.com
This month began rather badly for Tom Hayes. A jury found him guilty of eight counts of conspiracy to defraud in connection with the manipulation of the London Interbank Offered Rate. He was then sentenced to 14 years, half of which will be spent in prison before there is any possibility of release.
Hayes had defended himself by trying to kick responsibility up the ladder. His superiors have thus far managed more successfully to do the same in reverse: they’ve kicked responsibility down the same ladder, blaming everything on rogues.
“Well, that’s why you’re the boss.”
Next month may bring Hayes at least a small sense of vindication to clutch to his heart as he begins serving that term. Portfolio/Penguin is bringing out Open Secret, a book on the way Libor was rigged, written by Erin Arvedlund, whose previous book Too Good to be True (2009) was one of the better additions to the Madoff-scandal library.