Citigroup managers accused of knowing about trader's Libor rigging

Sunset in Tokyo, Japan

Citigroup managers knew about Thomas Hayes’s attempts to manipulate benchmark interest rates, the trader said in a 2010 letter written days after he was fired by the bank.

Bloomberg News reports that the note, shown to jurors on the fifth day of Hayes’s fraud trial, was sent after Hayes was dismissed following an internal investigation found he had tried to manipulate Libor by making requests of brokers and traders to submit favourable rates.

'My actions were entirely consistent with those of others at senior levels in Citigroup Global Markets Japan', Hayes wrote in the September 9, 2010, letter to a human resources executive at the bank shown to jurors by prosecutors Tuesday. 'Senior management at CGMJ were aware of my actions and at no point was I told that my actions could or would constitute any wrong doing'.

To access the complete Bloomberg News article hit the link below:

Bank Managers Knew About Libor Fixing, Hayes Told Citigroup HR

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