Tom Hayes, who worked for UBS and Citigroup, enlisted a large number of people to manipulate the interbank lending rate, a court is told at the start of his trial. A City trader was the “ringmaster” at the centre of a conspiracy to fix lending rates between banks, a jury has heard during the first criminal trial in the Libor-rigging scandal. Tom Hayes was accused of using his position as a trader for UBS bank and later Citigroup in Tokyo, to “cajole”, “beg” and “bribe” rate setters into submitting false data on an almost daily basis. During just nine months at Citi, “dishonest” trades helped Hayes earn £3.5m, the ... (full story)