This is currently the FT’s most popular story. It’s an amazing read. Check it out!
via Tom Hayes found guilty of rigging benchmark interest rates – FT.com.
This was a showcase trial for the UK’s Serious Fraud Squad and a major success.
However, it is interesting that Hayes was almost desperate to be convicted in the UK, so that he would not be at risk of extradition to the US, where jail sentences are much tougher and the treatment harder. I question whether Hayes’ UK sentence was tough enough as a deterrent?
Personally, I would like to see greater collaboration between the UK and the US authorities, with the UK deciding whether to press charges or let the US extradite and follow the US route.
Two open questions come to mind:
- Surely, we must stop financial criminals playing the system and getting lighter sentences in the UK than the US?
- Also this is still the tip of the iceberg in terms of prosecuting financial crime – why?