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...He was poached by Citigroup with a $4.2mn joining bonus but dismissed 10 months later as the Libor scandal gained pace....
...Hayes’ fresh appeal comes over a decade after the scandal erupted over Libor — the London Interbank Offered Rate — which resulted in banks paying major fines for rigging the benchmark in their favour....
...Events: Former UBS and Citigroup trader Tom Hayes, the first person jailed over the Libor scandal for conspiring to rig the benchmark interest rate, will challenge his conviction in London’s Court of Appeal...
...yet for AI start-up Anthropic (FT) Janet Yellen warns China against clean energy dumping (FT) Xi Jinping tells US CEOs that China’s growth prospects remain ‘bright’ (FT) Tom Hayes loses appeal against Libor...
...But regulators have spent years (almost but not quite) killing off Libor after the mega-scandal in which banks paid huge fines and traders were convicted of manipulating the benchmark....
...But then, in the aftermath of the financial crisis, a very big scandal broke....
...He was one of a number of defendants prosecuted in the high-profile banking scandal that saw banks pay out billions of dollars in fines....
...He was subsequently poached by Citigroup, which let him go 10 months later as the Libor scandal gathered pace....
...Libor, in contrast, is the cost of unsecured lending between banks, but after a massive scandal and an equally massive change in the way regulators view bank capital, there hasn’t been much action in that...
...The FT’s Harriet Clarfelt and Philip Stafford take us back to the 1980s origins of the scandal-ridden benchmark rate, how its reputation came apart and why, with just weeks to go before a June 30 deadline...
...He lasted less than two years before resigning in the wake of the Libor rate-rigging scandal....
...scandals following the 2008-09 financial crisis....
...F&C Investment Trust FY, Ferrexpo FY, Geberit FY, The Gym Group FY, Inditex FY, Metro Bank FY, Volkswagen FY Thursday Former star UBS and Citigroup trader Tom Hayes, the first person jailed over the Libor...
...US dollar Libor was used for decades to price various debt and derivative products around the world and became key to multiple manipulation and price rigging scandals since the global financial crisis, with...
...For a minute there, it seemed like global regulators were postponing the death of Libor yet again. The plan was that ICE would stop publishing the scandal-ridden benchmark at the end of June 2023....
...Hayes became the first person in the world to be found guilty by a jury over the Libor scandal and served five-and-a-half years in prison....
...around the world and was at the heart of a series of manipulation scandals following the global financial crisis....
...Matthew Connolly had been found guilty of fraud in 2018 in one of several high-profile cases brought by the US government over the Libor scandal that roiled the banking sector and forced some of the world...
...A scandal over how Libor was set erupted after 2012, resulting in charges for traders conspiring to rig the rate in their favour and some $9bn in fines for banks worldwide....
...In 2012, Bob Diamond became a scapegoat for the industry-wide Libor interest-rate rigging scandal. When that scandal broke, Diamond waived his bonus but the Barclays board wanted to keep him in post....
...After Antony Jenkins took over as Barclays chief executive in 2012 following the Libor scandal, he moved quickly to axe the bank’s structured capital markets unit, responsible for controversial tax avoidance...
...The scandal over Libor — the London Interbank Offered Rate — sent shockwaves through global financial markets more than a decade ago....
...The Libor scandal had global consequences for the industry, as well as for the bank. Nothing like this applies here. Professor Pier Carlo Padoan Chairman, UniCredit, Milan, Italy...
...scandal....
...Over the previous decade, Deutsche had been rocked by a string of highly embarrassing scandals including dividend tax fraud, Libor rate-rigging, the mis-selling of mortgage-backed securities and money laundering...
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