'Stupidiest' trader put Libor 'wish list' on Facebook

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'(I was) either the stupidest fraudster ever because I wrote everything down or there was an element of me that genuinely didn't think about it'.

Tom Hayes, a former trader on trial in London on Libor-rigging charges, said he must have been either stupid or untroubled by his business practices because he left reams of evidence, according to documents presented to the court on Thursday.

Reuters reports that in the first trial of an individual accused of benchmark interest rate manipulation, the court heard that Hayes was obsessed by Libor, the London interbank offered rate - a benchmark for around $450tril of financial contracts worldwide that affected the profit and loss of his trading book.

He even sometimes updated his Facebook page with a Libor wish list, according to transcripts and summaries of interviews between the former UBS and Citigroup yen derivatives trader and Serious Fraud Office (SFO) investigators in 2013, which were read out to the court.

To access the complete Reuters article hit the link below:

Former trader Hayes put Libor wish list on Facebook, London court hears

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