Tom Hayes Gets A Little Bit Of Christmas Magic A Little Early

Mr. Libor is getting a few pieces of coal removed from his stocking.
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Deck the Halls!

It appears that Santa - or in this case a high British appeals court - has decided that Tom Hayes was maybe ranked a little too high on the "Naughty List."

At a hearing on Monday, a three-judge panel of the Court of Appeal reduced Mr. Hayes’s sentence to 11 years in prison, down from 14 years, his original sentence following his conviction in August.

And it seems that Hayes can thank his own confusion about what actually constitutes naughty vs nice for those three years.

“The culpability was high and the harm serious. A deterrent element was plainly required,” the court said in its ruling.
“However, we are of the view that taking into account all the circumstances (in particular his age, his non-managerial position in the two banks, and his mild Asperger’s condition), that the overall sentence was longer than was necessary to punish the appellant and to deter others.

Because let's be honest, if we can't forgive a fall guy at Christmas, when can we?

His lawyers argued that Mr. Hayes did not believe his conduct was dishonest, saying that he made no effort to hide his actions. In his voluntary testimony, Mr. Hayes told the authorities that the practice was “widespread” and “blatant” in the industry.

Ho, ho, ho indeed.

Court Reduces Ex-Trader’s Sentence in Libor Case [DealBook]

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