Fired Citi FX trader says he and others made scapegoats

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A fired Citigroup currency trader joined a growing list of former bank employees who claim their bosses made them scapegoats for market-manipulation scandals that led to billions of dollars in fines.

Bloomberg News reports that Robert Hoodless, 40, said while giving evidence to a London employment tribunal that he and the other traders on his desk shared information with rivals "to meet the expectation of our own managers."

I was "used as a scapegoat rather than being judged fairly and consistently with previous disciplinary sanctions," Hoodless said in written statement filed to the court. "The severity of my punishment has been influenced by the desire of senior management to demonstrate a change in culture at the bank" to regulators.

Banks have paid $10bn in fines after investigations into foreign-exchange market manipulation. Panicked by regulatory probes, firms ignored employment law and were too quick to fire traders, according to three rulings published so far. That would usually mean sympathy and a big payday for the victims. So far, judges say, no one deserves it.

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

Fired FX Trader Uses the `S' Word (Scapegoat) in Citigroup Case

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