Tom Hayes: Winning Supreme Court challenge is an incredible feeling
On Wednesday the Supreme Court quashed the convictions of former Citigroup and UBS trader Tom Hayes.
In 2015 he was found guilty of multiple counts of conspiracy to defraud over manipulating the London Inter-Bank Offered Rate (Libor) between 2006 and 2010.
Speaking after his convictions were overturned, Mr Hayes, who arrived at court wearing a Kenny Rogers The Gambler t-shirt, said he was not 'bitter' about his experience.
He told a press conference: 'I always believed that it would happen. I always had confidence it would happen.'
Mr Hayes added: 'This wasn't a gamble for me. My trial judge called me a gambler.
'So I decided today I would wear a T-shirt, a Kenny Rogers Gambler T-shirt.'
Mr Hayes added: 'I'm really very grateful to the Supreme Court. We've had a consistent set of decisions from every other tribunal, and they were all to lose, and I got asked at my last appeal how I felt after we lost, and I said: 'Well, ask me when we've won.'
'Because I knew how it feels to lose, and today I'm learning how it feels to have won, and it's an incredible feeling.'
He added that going to prison, losing all his money, and missing out on five years of his son's life has taught him not to value 'things'.
Mr Hayes also said he became a Christian in prison, where he used to have the 'angry test, because the people who were angry, were innocent, because they were so annoyed about and frustrated with the miscarriage of justice they'd gone through'.
He said: 'I'm a better person today than when I went into prison. My faith really helps me overcome a lot of the anger to see myself through that sentence.
'I had a lot of stuff. Money enables you to buy more stuff and more stuff on top of that and your goal is to require more stuff again.
'But when all your stuff is taken away from you, and then your liberty is taken away from you, and your dignity gets taken away from you, and your family gets taken away from you and your children get taken away from you, what are you left with, and do you miss the stuff?
'When I got to my open prison, being able to walk on the grass barefoot and see the stars in the sky was such an amazing thing.
'Going on a train, crossing the road, and then when I got released after five-and-a-half years into Covid, walking around Regent's Park in the snow and hearing a lion's roar, those were just amazing things for me, it was so powerful.
'I've really learned what you should value in your life as a result of what's happened to me. I'm not chasing stuff anymore.'
Mr Hayes said he did not know what he would do next, but that suddenly the 'vista of freedom and choice' had opened up to him, and he would like to go and live near a large body of water.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
22 minutes ago
- Bloomberg
China Fails to Capitalize on Europe's Grievances Over US Tariffs
I'm Chris Anstey, an economics editor in Boston. Today we're looking at Europe-China ties. Send us feedback and tips to ecodaily@ And if you aren't yet signed up to receive this newsletter, you can do so here. Fifty years after the European Economic Community (now the European Union) established diplomatic ties with mainland China, relations with Beijing are at an ' inflection point.'
Forbes
an hour ago
- Forbes
Centene Reports $253 Million Loss Amid Health Insurer Cost Struggles
Centene chief executive officer Sarah London on Friday July 25, 2025 said the company is ... More "disappointed by our second quarter results, but we have a clear understanding of the trends that have impacted our performance, and are working with urgency and focus to restore our earnings trajectory." In this photo, London speaks during the Forbes Healthcare Summit in New York, US, on Tuesday, Dec. 5, 2023. Photographer: Michael Nagle/Bloomberg Health insurer Centene reported a $253 million loss in its second quarter as the provider of government-subsidized benefits struggles to manage costs of its health plan members. The $253 million loss, or 51 cents a share, compares to a $1.1 billion in net income, or $2.16 a share, in the second quarter of last year, Centene disclosed Friday in its quarterly earnings report. Centene said premium and service revenues increased 18% to $42.5 billion from $36 billion in the year ago period. Centene, which has 28 million health plan subscribers, is seeing rising costs among health plan members in all three government-subsidized benefits it helps manage: Medicaid, Medicare Advantage and individual coverage under the Affordable Care Act, also known as Obamacare. "We are disappointed by our second quarter results, but we have a clear understanding of the trends that have impacted our performance and are working with urgency and focus to restore our earnings trajectory," Centene Chief Executive Officer Sarah M. London said in a statement accompanying the company's earnings report. "Despite the shifting landscape, we believe that the staying power of Medicaid, Medicare and the Individual Marketplace is as strong as it has ever been. Centene has significantly fortified our platform in service of these programs over the last three years, and as we move forward, we are focused on continuing to adapt with the market to deliver meaningful value to our members, our stakeholders and our shareholders over the long term." Centene, which planned to reveal its 2025 profit forecast during a call with analysts Friday morning, pulled its financial guidance earlier this month, citing an independent firm's analysis showing patients it provides health benefits for were sicker and needed more healthcare services than anticipated. On Friday, Centene said its health benefits ratio, which is the percentage of premium revenue that goes toward medical costs, jumped to 93% for the second quarter of 2025, compared to 87.6% in the comparable period in 2024. 'The (health benefits ratio) increase was primarily driven by a reduction in the company's net 2025 Marketplace risk adjustment revenue transfer estimate, increased Marketplace medical costs, higher medical costs in Medicaid driven primarily by behavioral health, home health and high-cost drugs, and an increase to the 2025 Medicare Advantage premium deficiency reserve based on the progression of earnings during the year (with higher earnings at the beginning of the year and lower at the end of the year, given cost sharing progression),' Centene said in its second quarter earnings report. Centene's cost struggles are only the latest among a parade of health insurance companies that have struggled in the last two years to control costs of subscribers in plans subsidized by the government. Just last week, Elevance Health, which sells Blue Cross and Blue Shield plans in 14 states, lower its profit forecast for the rest of 2025 due to rising costs in its Medicaid plans and individual policies it sells under the Affordable Care Act. In addition, Molina Healthcare lowered its earnings guidance for the rest of the year in the face of cost pressures in all three of the government-subsidized health insurance programs it helps manage: Medicaid, Medicare Advantage and individual coverage under the ACA, also known as Obamacare. And in May, UnitedHealth suspended its financial outlook for the rest of the year and replaced its top executive as the parent of UnitedHealthcare grapples with rising healthcare costs in its Medicare Advantage business. Medicare Advantage plans contract with the federal government to provide health benefits to seniors. Medicare Advantage plans also contributed to struggles last year for Humana and CVS Health, which elevated a new chief executive in part to help gain control of its struggling Aetna health insurance business. CVS is also exiting the individual health insurance business, leaving about 1 million Aetna members in 17 states looking for new coverage in 2026.
Yahoo
an hour ago
- Yahoo
Apple (AAPL) iPhone Demand Drops in June, UBS Sticks With Neutral Rating
Apple Inc. (NASDAQ:) is one of the On July 22, UBS analyst David Vogt reiterated a 'Neutral' rating on the stock with a $210.00 price target. The firm cited a major drop in iPhone demand during June after two months of strong sales behind the neutral rating affirmation. 'Following two strong well above seasonal months driven by fears of a potential iPhone price increase related to broad based tariffs, we estimate iPhone sell-through in the month of June declined 18% YoY as demand fizzled. Therefore, for the June quarter, we estimate iPhone units came in around 45M or up 3.4% YoY, roughly 1.5M above our prior estimate." Apple is a technology company known for its consumer electronics, software, and services. While we acknowledge the potential of AAPL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None.
