Five brokers accused of conspiring with Tom Hayes,a former star trader at UBS and Citigroup, to manipulate the Libor benchmark have been found not guilty in a London court.
The brokers – Danny Wilkinson and Colin Goodman from ICAP, Noel Cryan from Tullett Prebon and RP Martin’s Jim Gilmour and Terry Farr – stood trial at London’s Southwark Crown Court for about 15 weeks in the UK’s Serious Fraud Office’s prosecution over alleged efforts at Libor manipulation.
Just has been done. Traders can monkey around at the edges but the idea that they can manipulate interest rates to any significant degree is absurd. All kinds of people had agendas to mark LIBOR at different levels. Sometimes in directions contrary to the desire of those on trial.
Hayes was not so likely. He was found guilty in August 2015.