Monday, August 10, 2015

Libor scandal: You can bank on there being a scapegoat...

Tom Hayes was, no doubt about it, something of an oddball. Every office has one. Usually it’s a bloke: someone good at his job, perhaps, and so grudgingly tolerated, but never quite one of the lads.

Maybe his work colleagues snigger at him behind his back, as they did with Hayes. They called him Tommy Chocolate – as they downed drinks at the pub, he preferred to sip a hot chocolate and munch on biscuits, and, well, that’s just bizarre, isn’t it?

He was a decent enough derivatives trader, but shy and socially inept, and he had another nickname too: Rain Man, after Dustin Hoffman’s autistic character in the 1988 movie of the same name. You get the picture. No one was much surprised when he was diagnosed with mild Asperger syndrome.

When Hayes became the only banker – so far, at least – to be prosecuted over manipulating one of the world financial markets’ key rates, the London interbank offered rate (Libor), he would pitch up with his wife to Southwark Crown Court each day in a succession of scruffy V-necks and tatty slacks. His shoes were always scuffed. Full story...

Related posts:
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  3. IMF data shows Iceland's economy recovered after it imprisoned bankers...
  4. Iceland jails former Kaupthing bank bosses...
  5. Big bank 'crime of the century' results in guess what? No jail time ...
  6. Kill the banker...
  7. Iceland jails former Landsbanki CEO...
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  9. Look over your shoulder, banker man..

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