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By *avebi48Man
over a year ago
Lordswood |
love how he justified his confession, to avoid being extradited to the US where they're much harder on this. Oh and it wasn't illegal because everyone was doing it, will have to tell the law that one next time I'm stopped for speeding |
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"Is Tom Hayes, the City trader convicted of rigging LIBOR today, the fall guy for the banking sector?
"
Yep.
Also shows how clearly the difference between white collar crime (money) & how little time bloody sex offenders / paedophiles get banged up for.  |
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By *bi HaiveMan
over a year ago
Forum Mod Cheeseville, Somerset |
He wasn't the only guilty party.
He won't be the last.
As for the sentence? I think it's only unfair in comparison to the lesser sentences many other crimes - often violent/sexual - get given.
A |
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"Is Tom Hayes, the City trader convicted of rigging LIBOR today, the fall guy for the banking sector?
Yep.
Also shows how clearly the difference between white collar crime (money) & how little time bloody sex offenders / paedophiles get banged up for. "
Sorry to go off topic a bit.  |
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By (user no longer on site)
over a year ago
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"Is Tom Hayes, the City trader convicted of rigging LIBOR today, the fall guy for the banking sector?
"
A fall guy but a substantial fall guy. I used to do substantial deals based on Libor and was amazed how rates fluctuated over as little as 20 to 30 minutes. I think i got good rates but this explains why we saw unexplained fluctuations. |
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By *icketysplits OP Woman
over a year ago
Way over Yonder, that's where I'm bound |
"He's not the only one being prosecuted with regards to this matter. Lets hope this is the state of things to come."
I do think it will be more difficult for some to cut deals now there has been a conviction.
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By *icketysplits OP Woman
over a year ago
Way over Yonder, that's where I'm bound |
"Is Tom Hayes, the City trader convicted of rigging LIBOR today, the fall guy for the banking sector?
Yep.
Also shows how clearly the difference between white collar crime (money) & how little time bloody sex offenders / paedophiles get banged up for.
Sorry to go off topic a bit. "
Sentencing always raises some ire. Different crimes have different tarifs but that's a different issue altogether.
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By *icketysplits OP Woman
over a year ago
Way over Yonder, that's where I'm bound |
"Is Tom Hayes, the City trader convicted of rigging LIBOR today, the fall guy for the banking sector?
A fall guy but a substantial fall guy. I used to do substantial deals based on Libor and was amazed how rates fluctuated over as little as 20 to 30 minutes. I think i got good rates but this explains why we saw unexplained fluctuations. "
I had a similar experience and not understanding how the rate changed just with me looking away once.
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"As a rule of thumb, the more you steal the greater your chances are of getting away with it.
Apropos:
https://en.wikipedia.org/wiki/J%C3%A9r%C3%B4me_Kerviel"
That link came out funny...
This one... (sorry it's Daily Fail)
http://www.dailymail.co.uk/news/article-2747667/French-rogue-trader-cost-bank-4-9bn-euros-freed-four-months-jail.html
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By *yrdwomanWoman
over a year ago
Putting the 'cum' in Eboracum |
"Is Tom Hayes, the City trader convicted of rigging LIBOR today, the fall guy for the banking sector?
Yep.
Also shows how clearly the difference between white collar crime (money) & how little time bloody sex offenders / paedophiles get banged up for. "
In this country crimes involving money always get higher sentences than crimes involving people. the law really needs to get its priorities sorted but I guess they think that the sort of crime in the OP affects a hell of a lot more people. |
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By *icketysplits OP Woman
over a year ago
Way over Yonder, that's where I'm bound |
"Is Tom Hayes, the City trader convicted of rigging LIBOR today, the fall guy for the banking sector?
Yep.
Also shows how clearly the difference between white collar crime (money) & how little time bloody sex offenders / paedophiles get banged up for.
In this country crimes involving money always get higher sentences than crimes involving people. the law really needs to get its priorities sorted but I guess they think that the sort of crime in the OP affects a hell of a lot more people."
The conviction rates for financial crimes are much lower, partly because of the complexity of the evidence involved and partly because deals are done.
I wonder if Gove will be the minister to look at tarifs.
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By (user no longer on site)
over a year ago
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"Is Tom Hayes, the City trader convicted of rigging LIBOR today, the fall guy for the banking sector?
"
.
Lol he's quite likely the biggest fall guy ever!
Let's see if I can remember the list that they've paid fines (I should add they told us how much there'd pay) for.
Drug money laundering
Terrorists money laundering
Libour
Xxxx
Gold
Insider dealing
Hiding money for millionaires
Actively recruiting psychopaths
Misselling insurance
Misselling financial products
Failing to admit and compensate missold products after thered been told to.
Deliberately putting going concern business into bankruptcy so they could pick clean good assets from them.
16 counts of misuse of data
Failing to keep correct i.t procedures.
Should I even mention the fact that they almost collapsed the entire British economy through pure greed of bonuses!
And then there's the top people at boardroom level who've been caught
Stealing
Rent boys
Hard drugs
And then there's the vultures like
Lloyd blankfein, Jamie diamond, Timothy geithner.
Or you could have Micheal Blomberg or Steve Forbes that have been running completely open business conferences in Greece for years about the best way to carve up Greek assets, once theyve leveraged them out of business!
Yeah there fine upright citizens them sharp suited billionaires!
No the entire bad element of the whole corrupt bunch is tom Hayes obviously and making a right good example of him will cure the rest!!!
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By *icketysplits OP Woman
over a year ago
Way over Yonder, that's where I'm bound |
"Is Tom Hayes, the City trader convicted of rigging LIBOR today, the fall guy for the banking sector?
.
Lol he's quite likely the biggest fall guy ever!
Let's see if I can remember the list that they've paid fines (I should add they told us how much there'd pay) for.
Drug money laundering
Terrorists money laundering
Libour
Xxxx
Gold
Insider dealing
Hiding money for millionaires
Actively recruiting psychopaths
Misselling insurance
Misselling financial products
Failing to admit and compensate missold products after thered been told to.
Deliberately putting going concern business into bankruptcy so they could pick clean good assets from them.
16 counts of misuse of data
Failing to keep correct i.t procedures.
Should I even mention the fact that they almost collapsed the entire British economy through pure greed of bonuses!
And then there's the top people at boardroom level who've been caught
Stealing
Rent boys
Hard drugs
And then there's the vultures like
Lloyd blankfein, Jamie diamond, Timothy geithner.
Or you could have Micheal Blomberg or Steve Forbes that have been running completely open business conferences in Greece for years about the best way to carve up Greek assets, once theyve leveraged them out of business!
Yeah there fine upright citizens them sharp suited billionaires!
No the entire bad element of the whole corrupt bunch is tom Hayes obviously and making a right good example of him will cure the rest!!!
"
You're late! I expected you to provide this sort of information 40 minutes ago.
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By *avebi48Man
over a year ago
Lordswood |
its a catch-22, make the punishment hard and it may deter some from doing the same, but self-regulation in the finance and other sectors always leads to blurring of lines and rules. The attitude of "its ok coz everyone was doing it" is not a good one.
Can't see how you equate bonuses with financial collapse tho, only effect bonus levels would have had would be to incentivise the cheats to do more of it, but a bonus in itself wasn't the reason. |
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By *icketysplits OP Woman
over a year ago
Way over Yonder, that's where I'm bound |
"its a catch-22, make the punishment hard and it may deter some from doing the same, but self-regulation in the finance and other sectors always leads to blurring of lines and rules. The attitude of "its ok coz everyone was doing it" is not a good one.
Can't see how you equate bonuses with financial collapse tho, only effect bonus levels would have had would be to incentivise the cheats to do more of it, but a bonus in itself wasn't the reason."
I think the bonus culture drove a lot of the behaviour.
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By *avebi48Man
over a year ago
Lordswood |
"its a catch-22, make the punishment hard and it may deter some from doing the same, but self-regulation in the finance and other sectors always leads to blurring of lines and rules. The attitude of "its ok coz everyone was doing it" is not a good one.
Can't see how you equate bonuses with financial collapse tho, only effect bonus levels would have had would be to incentivise the cheats to do more of it, but a bonus in itself wasn't the reason.
I think the bonus culture drove a lot of the behaviour.
"
I expect it's as much about being the star trader as bonus levels to be honest. Name in lights and all that, its a very competitive world in the trading rooms. For Nick Leeson I doubt it was just bonuses, he was trying to cover over his bad trades and destroyed the company he worked for, as an example. Those collapses really started the chain of failures as stability and belief in the system got shaken.
Bonus levels won't have helped but aren't the only thing, just what the press and others have made of it. 100% bonuses were common in the finance sector over the past 30 years at certain levels.
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By (user no longer on site)
over a year ago
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"its a catch-22, make the punishment hard and it may deter some from doing the same, but self-regulation in the finance and other sectors always leads to blurring of lines and rules. The attitude of "its ok coz everyone was doing it" is not a good one.
Can't see how you equate bonuses with financial collapse tho,
only effect bonus levels would have had would be to incentivise the cheats to do more of it, but a bonus in itself wasn't the reason.
Yep you nailed it with that paragraph
."
.
You know Goldman Sachs actually started the credit crunch!
There was one maths genius working in the back office rooms who did risk assessment for them and it was a really simple formula that showed they had 5000% liabilities, he actually spent months and months trying to get that across at board level because in his words when he was questioned at a congress committee on it.
Nobody wanted to hear the work of his department because everyone was making huge bonuses on the very things that was causing the banks over leveraged problems!
Ps he was if I remember correctly, earning around 80k dollars doing his job of risk assessment at the bank with no bonuses!
PPS on a side note some of the best young mathematicians leaving the very best university's are employed at banks doing ridiculous tediously stupid formula for derivatives and algorithms and risk assessment.
One bank was rather proud that it's formula for derivatives could only be understood by only a handful of the world's greatest mathematicians!!.
I think that bit is crucial to getting prosecuted in any court |
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