'He was the ringmaster; at the very centre'.
Thomas Hayes was motivated by greed as he colluded with bankers, friends - and even his half-brother - to rig benchmark interest rates, prosecutors said at the first trial into the manipulation of Libor.
'He was the ringmaster; at the very centre', Mukul Chawla, the prosecutor, told jurors Tuesday on the first day of trial in London. 'Telling others what to do, getting others to do what he wanted' and sometimes rewarding them for their dishonest assistance, Chawla said.
Bloomberg News reports that Hayes, dressed in beige khakis and a navy blue sweater, is accused of eight counts of conspiracy to manipulate the London interbank offered rate, the benchmark used to value more than $350tril of loans and securities, from 2006 through September 2010. Hayes, who worked at banks including UBS and Citigroup, has pleaded not guilty to the charges.
'His motive was a simple one: greed', Chawla said.
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