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.
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