Vindication for two bankers. Questions for Britain’s legal system
The LIBOR saga reflects badly on the courts
WERE TOM HAYES and Carlo Palombo guilty merely of being bankers? In 2015 Mr Hayes, formerly of UBS and Citigroup, was convicted of conspiring to manipulate LIBOR, a benchmark interest rate. He was initially sentenced to 14 years in prison (the same as the maximum for blackmail). In 2019 Mr Palombo, once of Barclays, was given four years for fiddling EURIBOR, another benchmark. Both men were released in 2021.
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