Ex-Trader Convicted Of Libor Manipulation Made Written Request To Colleague Not To Put Libor Manipulation Requests In Writing
Unfortunately, he forgot to end the message with "Okay, starting NOW" or "Ready go" or "This message will self-destruct in 30 seconds" or "Nothing I've written here can be used against me in a court of law" but he'll remember for next time.
Tom Hayes schooled brokers and traders on how to downplay requests to manipulate Libor as scrutiny of the benchmark rate intensified in 2010 after he joined Citigroup Inc., according to e-mails and messages at a trial in London. Hayes, who was convicted in August of manipulating the benchmark, asked a junior colleague in Tokyo to help him push a version of the rate lower in a March 2010 instant message. The electronic chat was read to jurors by prosecutors in the fifth week of a trial of six former brokers. "Just have a quiet word with" the rate-setter, Hayes told his co-worker at the U.S. bank. "Make sure not to put it in writing."
Don't `Put It in Writing,' Hayes Told Colleague at Citigroup [Bloomberg]