knew banks were stretching the truth of their Libor submissions, known as “lowballing”, to downplay the stress in the inter-bank lending market. 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 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.