Jailed Libor trader comments on UBS bonus structure

Winston Churchill

Tom Hayes, the former trader jailed for rigging Libor, told a London court that UBS’s bonus structure was "an enigma wrapped in a riddle" as he fights a bid by prosecutors to seize his assets.

"What did Churchill say about Russia? A mystery wrapped in an enigma wrapped in a riddle? That was the UBS bonus structure," said Hayes, in response to questions Wednesday about the correlation between his performance and compensation.

Bloomberg News reports that the Serious Fraud Office is seeking to recover at least $3.5m - the amount of Hayes’s bonuses at UBS and Citigroup - which it claims are the proceeds of his efforts to manipulate the London interbank offered rate. The bulk of that is tied up in a seven-bedroom house in Surrey, England, known as the Old Rectory.

The proceedings are being presided over by Justice Jeremy Cooke, the same judge who sentenced Hayes to 14 years in prison in August 2015 for rigging the benchmark interest-rate used in trillions of dollars of derivatives and loans. Cooke’s sentence was later deemed "excessive" and cut by three years on appeal in December.

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

Hayes Calls UBS Bonus Structure `An Enigma Wrapped in a Riddle'

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