Court hears trader said Libor could be fixed for 'a Mars bar'


Libor rigging was commonplace at UBS and was as easy as offering colleagues a bar of chocolate, Tom Hayes said in a nine-year-old Internet message shown to jurors at his criminal trial.

Bloomberg News reports that in a September 2006 conversation, an interdealer broker asked Hayes whether Libor fixings were manipulated.

'Yes of course they are', Hayes said in the e-mail shown to jurors on his second day on the witness stand Wednesday. 'Just give the cash desk a Mars bar and they’ll do whatever you want'.

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

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

Hayes Said Traders Would Help Rig Libor for a Mars Bar

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