Former Libor trader Hayes looks forward to kebab after "traumatic"…

Former Libor trader Hayes looks forward to kebab after "traumatic"…

City trader nicknamed ‘Rain Man’ who was jailed for fixing Libor interest rates is greeted by his wife and son as he is released after six years in prison – and says he can’t wait to eat a doner kebab

  • Tom Hayes spearheaded global conspiracy to manipulate Libor interest rates
  • Was sentenced to 11 years in prison in Arundel, Sussex – but only served half
  • Libor acts as reference for rates on around $450trillion-worth loans worldwide
  • Hayes said he was jailed for doing his job the way he had been asked to

A City banker who was jailed for five-and-a-half years for manipulating interest rates has been reunited with his wife and son following his release – and says he can’t wait to eat a doner kebab.

Tom Hayes, 36, who was known by colleagues as ‘Rain Man’ because of his obsessive personality, spearheaded a global conspiracy to manipulate London interbank offered rates (Libor) in order to make more money on his trades.

He became the first trader convicted of rigging Libor interest rates and was sentenced to 11 years in prison in Arundel, Sussex – but only served half his time prior to his release yesterday.

Libor acts as a reference for rates on around $450trillion-worth of loans worldwide. 

Former-UBS and Citigroup derivatives trader Hayes – a gifted mathematician with Asperger’s syndrome – was charged by both US and British prosecutors.

He was based in Tokyo but later moved to Fleet, Hampshire. 

Former-UBS and Citigroup derivatives trader Tom Hayes, 36, (pictured greeting his son following his release from prison) was jailed for five-and-a-half years for manipulating interest rates

Hayes has been reunited with his wife and son following his release from prison in Arundel, Sussex

Hayes, who was known by colleagues as ‘Rain Man’ because of his obsessive personality, spearheaded a global conspiracy to manipulate London interbank offered rate (Libor). He was released from prison yesterday (pictured with his wife Sarah and son Joshua)

Hayes (pictured with his wife Sarah after he was released yesterday) became the first trader convicted of rigging Libor interest rates and was sentenced to 11 years in prison in Arundel, Sussex – but only served half his time prior to his release yesterday

What are Libor interest rates and how were they fixed? 

The London Interbank Offered Rate (Libor) is used as the basis for hundreds of trillions of dollars of loans and transactions around the world, from complex derivatives to household mortgages.

It is a benchmark that indicates the interest rate that banks charge when lending to each other and is seen as fundamental to the operation of UK and world markets.

Interbank rates were first thrust into the spotlight during the 2007 and 2008 credit crunch when rates shot up as nervous lenders stopped lending to each other.

The rigging is said to have involved the submission of false figures in order either to make more money for traders or to paint a false picture of a bank’s health.

The scandal, which allegedly meant consumers faced higher interest charges, saw eight banks and brokerages fined billions by regulators in the US and the UK. 

He said he was jailed for doing his job the way he had been asked to – and believed he will yet be exonerated.

Pictures captured the moment Hayes reunited with his wife Sarah and nine-year-old son Joshua – with the youngster seen running into his father’s arms. 

In a statement on his release from HMP Ford, Hayes said: ‘Today, I begin the process of rebuilding my life and my shattered relationship with my son, Joshua.

‘After a traumatic five-and-a-half years in custody and two-and-a-half years of bail, my eight-year ordeal in the UK is almost over.

‘And I’m going to enjoy my first doner kebab in a long time.’

Hayes is trying to clear his name with a drawn-out appeal through the Criminal Cases Review Commission (CCRC), an independent body that reviews potential miscarriages of justice and can send cases back to the Court of Appeal.

His lawyer Karen Todner, said he had served a ‘monstrous’ sentence after being made a ‘scapegoat with a disability’ for those more senior. 

She called for more funding for the CCRC and urged the body to respond to applications more quickly to ensure the wrongfully imprisoned receive justice.

She said: ‘Amongst many grounds of appeal, Tom’s autism was only diagnosed shortly before his trial, the jury were not made aware of it and no medical evidence was allowed to be called in his defense.’

Hayes is the last of three, high-profile traders convicted in Britain of benchmark rigging to be released.

Hayes (pictured hugging his son following his release from prison) was based in Tokyo but later moved to Fleet, Hampshire

Hayes (pictured with his son) said he was jailed for doing his job the way he had been asked to – and believed he would yet be exonerated

In a statement on his release from HMP Ford, Hayes said: ‘Today, I begin the process of rebuilding my life and my shattered relationship with my son, Joshua’ (pictured greeting his father

Hayes (pictured) is trying to clear his name with a drawn-out appeal through the Criminal Cases Review Commission (CCRC), an independent body that reviews potential miscarriages of justice and can send cases back to the Court of Appeal

Hayes earned millions of pounds as a much-coveted trader – but his paycheck was eclipsed by that of French trader Christian Bittar, who once worked for Deutsche Bank and earned more than £60million ($82 million) between 2005 and 2009. 

Both earned hundreds of millions of pounds for their employers.

Bittar – once considered one of the world’s most-skilled traders – was prosecuted for conspiring to manipulate Euribor, the euro equivalent of Libor. 

He pleaded guilty and was jailed for five years and four months in July 2018.

But he was released last February under an early removal scheme that allows some foreign citizens to be deported to their homeland nine months before the end of the custodial half of their sentence.

Hayes (pictured speaking to journalists after his release) is the last of three, high-profile traders convicted in Britain of benchmark rigging to be released

Hayes (pictured) earned millions of pounds as a much-coveted trader – but his paycheck was eclipsed by that of French trader Christian Bittar, who once worked for Deutsche Bank and earned more than 60 million pounds ($82 million) between 2005 and 2009

Bittar’s former co-defendant and friend, ex Barclays trader Philippe Moryoussef, gained notoriety by fleeing to his native France before his London trial.

Last November, he won a court battle against extradition to Britain, where he faced an eight-year sentence.

Hayes’ departure from jail coincides with the demise of Libor. 

After a global investigation into benchmark rigging, that led to leading banks and brokerages paying about $9billion in regulatory settlements, it will be scrapped at the end of 2021. 

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