A former City trader has been found guilty of rigging the Libor interest rate. In a landmark case, Tom Hayes, a 35-year-old former UBS and Citigroup yen derivatives trader, was convicted of eight counts of conspiracy to defraud. Hayes, from Fleet, Hampshire, was accused of being the ringleader in a vast conspiracy to fix the London interbank offered rate (Libor), a benchmark for $450tn (£290tn) of financial contracts and loans worldwide, between 2006 and 2010. He was the first person to face trial after a global investigation into the rate-rigging scandal. Motivated by greed and a desire for higher pay, Hayes set up ... (full story)