Former Citigroup and UBS trader, Tom Hayes , who was jailed 11 years for trying to manipulate Libor, has written to the Bank of England claiming the Serious Fraud Office knew about how the benchmark was "lowballed" leading up to the financial crisis. Hayes has consistently claimed that many banks submitted Libor rates that reflected the market and that also suited their own positions, with the blessing of regulators.
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 has consistently claimed that many banks submitted Libor rates that reflected the market and that also suited their own positions, with the blessing of regulators.