Rain Man Hayes With Superhero Duvet Loses Last Libor Gamble
Tom Hayes Loses Last Gamble
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The journey that led Tom Hayes to a drab courthouse on the banks of the River Thames started 6,000 miles away on a buzzing trading floor in Tokyo’s financial district in the summer of 2006.
Hayes had been at UBS Group AG for less than two months and was sitting on a losing bet on the direction of yen Libor, a lending rate set by a survey of banks. On a call that afternoon, a broker in London suggested he could help the young trader by influencing where rival lenders set their rates, Hayes testified during his trial.