Rate 'rigging' traders say they were scapegoated - now the Supreme Court will decide
Summary
Two former traders, Tom Hayes and Carlo Palombo, previously convicted for manipulating interest rate benchmarks Libor and Euribor, are contesting their convictions in the UK Supreme Court. Their case, challenged by the Serious Fraud Office, could potentially reverse all remaining convictions related to this issue if successful. The case has drawn attention due to similar alleged activities by central banks and government officials worldwide that were not prosecuted.Key Facts
- Tom Hayes and Carlo Palombo are former traders who were jailed for manipulating Libor and Euribor rates.
- The Supreme Court in the UK is reviewing their convictions, which were originally secured by the Serious Fraud Office.
- Hayes was sentenced to 14 years in jail in 2015 for his role in the alleged rate-rigging scheme.
- Libor and Euribor are benchmarks that help set interest rates on loans and mortgages globally.
- Evidence suggested that central banks and government officials engaged in similar conduct without facing charges.
- US courts have overturned similar convictions, but in the UK, the convictions still stand.
- The Supreme Court's decision could lead to overturning all related convictions.
- Senior politicians have expressed concerns that the traders were used as scapegoats and are calling for a public inquiry into larger-scale interest rate manipulation.
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