Former UBS and Citigroup trader, Tom Hayes, who was jailed last year for trying to manipulate Libor, has written to the Serious Fraud Office claiming the Bank of England knew about how the benchmark was "lowballed" leading up to the financial crisis. Hayes, a former UBS and Citigroup trader who is serving 11 years for conspiracy to defraud, has maintained that many banks submitted Libor rates that reflected the market and also suited their commercial positions, with the tacit blessing of regulators. The letter claims that Mr Hayes had been paid £1m by Barclays in 2008 after he helped it rig interest rates on its own behalf.
Former UBS and Citigroup trader, Tom Hayes, who was jailed last year for trying to manipulate Libor, has written to the Serious Fraud Office claiming the Bank of England knew about how the benchmark was "lowballed" leading up to the financial crisis. The letter claims that Mr Hayes had been paid £1m by Barclays in 2008 after he helped it rig interest rates on its own behalf.