'There was one occasion where there was a very deliberate attempt by me and a guy at' Deutsche Bank, to coordinate strategies, Hayes said in a 2013 recording played to a London jury Monday. 'We agreed to keep our Libors high and then low. That is basically price fixing, as the U.S. like to call it'.
Bloomberg News reports that Hayes, 35, 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.
The former trader, who worked at banks including UBS and Citigroup, has pleaded not guilty.
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