Trader jailed for 14 years over Libor rate-rigging

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Got to have an official fall guy I guess. This fellow was sufficiently powerless so he got pinned.

(From The BBC)

During the trial, the court heard that manipulating the Libor rate was so commonplace that an offer of a Mars bar could get it changed.

Hayes told a fellow trader: “Just give the cash desk a Mars bar and they’ll set wherever you want.”

Hayes confessed, saying that he did not want to be extradited to the US.

He claimed that the manipulation was widespread.

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