Ex-Citi trader sent accusing email

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The day after Thomas Hayes was dismissed by Citigroup for rigging Libor, the derivatives trader fired off an e-mail accusing his boss of manipulating similar benchmarks.

Bloomberg News reports that Hayes, who is on trial in London, said that the head of Citigroup’s investment bank in Japan, asked traders to fiddle with the Tokyo interbank offered rate, according to an e-mail shown to jurors by prosecutors Monday.

'(He) would talk to the cash desk in Tokyo and ask them to move Tibors', Hayes wrote to a counterpart at Barclays in a September 2010 message. 'I never spoke to the Tokyo cash desk as they were a different business area'.

The 35-year-old Hayes 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. The former trader, who worked at banks including UBS, has pleaded not guilty.

Prosecutors say that Hayes bullied and cajoled fellow traders and brokers to move benchmark rates to boost his positions. Hayes’s lawyers say the practice was widespread.

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

Hayes Accused Boss of Misconduct After Being Fired by Citigroup

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