“But so far, no senior executives have been prosecuted in a scandal that helped shred public faith in an industry and has cost some of the world’s biggest banks and brokerages $9 billion in fines and seen 21 people charged…”
Oh my children; gather round and Daddy will tell you a story of how the world really works…
In 2006 Tom Hayes was an intelligent nice young man of 25 years old who loved the numbers of finance; so much so that UBS Swiss Bank hired him to be a yen derivatives trader for their Tokyo office.
And Tom did an excellent job for UBS – earning the Swiss bank over US$300 million dollars in three years and 45,000 trades. YIKES!
Excellent job except for one thing… Tom was conspiring with other people to rig the markets, and he sent out thousands of emails to do it.
Did his bosses know? Ha! Does cheese go well on toast?
Now Tom and a few other low level people will probably be going to jail.
But the bosses? Everything be so fine, just fine. UBS and Citigroup paid fines, but none of those bosses will go to jail or lose their jobs.
Children… this is the way the world is.
Same same in Barbados. Everywhere.
Say… do we have branches of UBS or Citigroup in Barbados? Really? Well…
Insight – How Libor whiz Rain Man became ‘the guy everyone was going to blame’
He was so obsessed with the numbers that he did not see his downfall coming.
The first trader convicted by a jury in the global Libor rate-rigging scandal was a maths whiz nicknamed “Rain Man”, who slept as an adult under a superhero duvet cover he had owned since he was eight. Continue reading