Finally! City Trader sentenced to 14 years for rigging Libor

dowie said:
why is the financial crash relevant here? He's been sentenced for something unrelated.
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I was just making the point that he's the only person to be convicted since the biggest Made-in-London scandal/screw-up in history.
 
Pretty sure everyone at his level and higher would have to be at least aware of what was going on. This sentence is welcome news imo, but there should be Police van loads of them in the dock.
 
At best, a scapegoat who might deter some people. Fraud was routine, probably still is and probably will be in the future. It's probably reduced for the time being (or at least better hidden) but that probably won't last.

It's a greed-based system with immense power, so corruption is inevitable. There may be the odd few people in the system who reject the lure of wealth and blow the whistle, but it's a rare thing to throw a lucrative career away on a matter of principle when you know nothing will be changed by it apart from your life.
 
yup indeed, there should be a heck of a lot more... as if his bosses/co-workers didn't know what was going on
 
scorza said:
Who forced the London based banks to bet the farm on dodgy derivatives containing US sub-prime mortgages?
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You do realise that banks based in Paris, New York, Germany, Belgium, Italy, Spain, etc. also all invested in those products too right?
 
scorza said:
That was in France though wasn't it?
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yup, and equally irrelevant to the financial crisis as the guy charged over LIBOR in your OP

Who forced the London based banks to bet the farm on dodgy derivatives containing US sub-prime mortgages?
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who 'bet the farm' on them?

'Made-in-London'... nope... the clue is there already: US
 
Pfft, a fall guy falls, what big interesting news that is.

The real menaces will never be put to trial as that is how the business of trading works, if its remotely sketchy, it is never recorded, but they still have knowledge of it and that is difficult to prove.
 
well fortunately in some of these cases the traders were dumb enough to use chat applications, e-mail etc...

the guys above them who knew what was going on however... yup they're at best going to switch jobs - no evidence to charge them
 
''Tom Hayes said he wasn't dishonest - he was being made a scapegoat. The jury disagreed''

I completely believe him, they'll throw a few small fry offenders under the bus and that's the last we'll hear of it all.
 
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I don't... he's trying to portray himself as some poor junior employee they've thrown to the wolves - he knew what he was doing - sure others did too but he left behind a trail of evidence - that isn't a scapegoat so much as just someone stupid enough to get caught
 
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