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| Tom Hayes |
Ex-UBS & Citigroup trader jailed 14yrs for Libor manipulation
A former UBS and Citigroup yen derivatives trader, Tom Hayes, has been sentenced to 14 years in jail after becoming the first person to be convicted by a jury of rigging the Libor interest rate.
In a landmark case, 35year old Hayes was convicted of eight counts of conspiracy to defraud.
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| Juergen Fitschen and Anshu Jain |
Deutsche Bank headquarters raided by police in tax fraud probe June 10, 2015
German prosecutors raided Deutsche Bank AG’s Frankfurt headquarters Tuesday morning in connection with a criminal tax-fraud probe, according to officials and other people familiar with the matter. The raid came two days after the bank said its co-chief executives would resign but the timing appeared to be unrelated to the management change, people familiar with the situation said.
http://www.hangthebankers.com/deutsche-bank-fined-libor-rate-rigging/Deutsche Bank fined a record $2.5bn for Libor rate-rigging
April 26, 2015
German banking giant Deutsche Bank will pay a record $2.5 billion for rigging interest rates in a multi-bank conspiracy that undermined global financial markets, US and British authorities said Thursday.
Another Deutsche banker and SEC enforcement attorney ‘commits suicide’ October 27, 2014
Back on January 26, a 58-year-old former senior executive at German investment bank behemoth Deutsche Bank, William Broeksmit, was found dead after hanging himself at his London home, and with that, set off an unprecedented series of banker suicides throughout the year which included former Fed officials and numerous JPMorgan traders.
Fed Vice Chair says bankers should be punished for financial crimes June 2, 2015
Federal Reserve Vice Chairman Stanley Fischer said bankers who have engaged in wrongdoing should be punished, and he chided the industry for pushing back against financial regulations adopted to prevent another conflagration.
“Individuals should be punished for any misconduct they personally engaged in,” Fischer said in a speech to bankers Monday in Toronto. While massive fines are being imposed on banks, “one does not see the individuals who were responsible for some of the worst aspects of bank behavior, for example in the Libor and foreign-exchange scandals, being punished severely.”
Some of the world’s biggest banks, including Citigroup Inc., JPMorgan Chase & Co., and Barclays Plc, have agreed to pay more than $10 billion to U.S., U.K. and Swiss authorities to settle probes into rigging of foreign-exchange rates.