Cleared City traders hit out at rate-rigging prosecutions and treatment
Tom Hayes was the first of nine traders to prosecuted by the Serious Fraud Office.
In 2012, he was accused of rigging Libor - an interest rate on loans and financial contracts that was used throughout the financial system. The rate was determined daily based on submissions from several large banks.
Mr Hayes was originally sentenced to 14 years in jail, one of the toughest sentences ever handed out for white collar crime. He served more than five years in prison, including the high security prison Belmarsh.
Speaking to Sky News today after the Supreme Court overturned the conviction, Mr Hayes said: "I came out (of prison) to a son who was nine years old who I left when he was three. My marriage broke down whilst I was in prison. My mental health broke down while I was in prison."
1:05
Mr Hayes said he was made responsible for damage caused by the financial crisis. " There was this zeitgeist that existed where they wanted to send bankers to prison... We were unlucky". he said.
He was joined by Carlo Palombo, who was convicted in 2019 for rigging Euribor, the Euro Libor rate.
Mr Palombo said he spent most of his days in a small cell that he shared with another inmate at Wandsworth Prison.
"There's violence everywhere. (We were) being treated like wild beasts by prison guards", he said.
He said he was the victim of a "purge" by banks and regulators as they sought to absolve themselves of the consequences of the crash. "The stuff of which I was accused and convicted was something that was done completely openly by absolutely every single person… it was just a normal business practice of the bank", he said.
Supreme Court judges said the two men did not receive fair trials because the juries were misdirected in the original cases. Essentially, they had been told their behaviour was dishonest without reaching that conclusion themselves.
Both men are now trying to move on with their lives. Mr Hayes said he wanted to move to the sea and rebuild his family.
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Justice Secretary ‘determined to keep prison staff safe' as Tasers trial starts
Specialist officers from the Operational Response and Resilience Unit based in Kidlington, Oxfordshire, and Doncaster, South Yorkshire, will be the first to become equipped with Tasers from Monday, as part of Government plans to clamp down on record levels of violence against prison staff. Justice Secretary Shabana Mahmood attended the base in Kidlington last Thursday, when officers demonstrated how they would use Tasers on violent inmates in scenarios where there is a significant threat to safety – such as hostage situations or riots. The trial will run until enough data has been collected to determine if Tasers should be more widely used, according the Ministry of Justice – but Ms Mahmood said she hoped to have updates in the autumn. 'I inherited a situation with completely unacceptable levels of violence,' she told reporters at the Kidlington base last week. 'I'm not willing to tolerate that. 'I'm determined to do everything I can to keep prison staff safe. 'They have been asking for Tasers to be allowed to be used in our prison estate for years and years and years, and I'm very pleased to have been able to greenlight this trial.' She said the roll-out of Tasers for local prison staff teams across the UK will be examined as part of the trial, adding: 'I think it's right that we start looking at the trial through the prism of our national capabilities. 'Of course I will consider what the trial shows, but from my perspective this is very much the beginning.' It comes after rates of assaults on prison staff reached record levels last year, rising by 13% in the 12 months up to December 2024, according to Government data. There were also 10,496 assaults on staff in the 12 months to September 2024 – a 23% increase from the previous 12 months and a new peak. In April this year, Manchester Arena plotter Hashem Abedi targeted prison staff at HMP Frankland with boiling oil and homemade weapons in a planned ambush. Four prison officers were injured at the jail in Brasside, County Durham, with three taken to hospital. 'The incident of Frankland has really forced the pace on further roll-out of these measures,' Ms Mahmood said. Southport killer Axel Rudakubana also allegedly attacked a prison officer at HMP Belmarsh in May by pouring boiling water over them. Union bosses called for officers to be given stab vests and protective equipment, with Ms Mahmood announcing in June officers would be told to wear body armour at close supervision centres, separation centres and segregation units in the highest categories of prisons in England and Wales. Last week, officers based in Kidlington demonstrated their emergency response protocols through two scenarios: one in which inmates take a member of staff as hostage, and another in which three inmates assault a fourth prisoner in the yard. In the hostage situation, officers showed how the use of loud pyrotechnics can help startle and distract violent inmates before officers are able to immobilise them by tackling them to the ground and putting them in handcuffs. In the yard attack scenario, officers deployed Tasers and gave verbal warnings before firing. The targets – fellow officers who played the role of violent inmates – wore thick protective suits so as to not feel the effects of the Taser. The trial will use the Taser 7 model, which generates 50,000 volts when fired, with the voltage dropping to 1,500 volts on contact with the skin to incapacitate the target. The T7 model is also a two-shot weapon, enabling officers to shoot a second time in the event they miss their target the first time. The Tasers will be worn by officers on their tactical vest in a secure holster, making the weapon visible to inmates as a deterrent, officers told Ms Mahmood last week. 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Officers already have access to batons and Pava spray, a synthetic form of pepper spray, in men's prisons in the public sector. The Ministry of Justice announced in April Pava spray is due to be made available 'in limited circumstances' to a select number of specialist staff at the three public sector young offender institutions – including YOI Werrington, Wetherby and Feltham A. The Taser trial is part of a £40 million package announced last month to boost security across the prison estate, including £10 million specifically for anti-drone measures such as new netting and reinforced windows, the Ministry of Justice (MoJ) said on Monday. 'Officers will be subject to robust accountability measures, each deployment of a taser will be reviewed,' a spokesperson for the MoJ added. The Prison Officers' Association (POA) said it welcomed the move, but added the Government needed to address the roots of violence in jail. 'The POA will always support any initiative that will help protect our members,' a spokesperson for the trade union said. 'However, as welcome as this initiative is we need to address the reasons why prison officers need Tasers in the first place. 'Violence in our prisons is out of control and apathetic prison managers would rather put the prison regime before the safety of their staff. 'We urgently need action to address overcrowding, understaffing, drugs and the other root causes of prison violence.'
