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Glasgow Times
23-07-2025
- Business
- Glasgow Times
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.' Carlo Palombo and Tom Hayes were backed by Sir David Davis (Jordan Pettitt/PA) 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. Mr Hayes was convicted of interest rate benchmark manipulation in 2015 and 2019 respectively (Jordan Pettitt/PA) '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.
Leader Live
23-07-2025
- Business
- Leader Live
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.
Rhyl Journal
23-07-2025
- Business
- Rhyl Journal
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.
23-07-2025
- Business
UK Supreme Court quashes convictions of 2 bank traders after deciding their trials were unfair
LONDON -- Britain's Supreme Court on Wednesday quashed the convictions of two financial market traders accused of manipulating benchmark interest rates in one of the biggest scandals to come out of the global financial crisis in 2008. The charges against Tom Hayes, a former Citigroup and UBS trader, and Carlo Palombo, who worked for Barclays, centered around alleged efforts to influence the London Inter-Bank Offered Rate, or Libor, and its euro currency equivalent Euribor, which were used to set the interest rates on trillions of dollars of loans and other financial products around the world. The court ruled that the convictions of Hayes and Palombo were unfair because the judges in their separate cases gave inaccurate instructions to jurors. That effectively prevented jurors from considering the key question of whether the traders had acted dishonestly. 'That misdirection undermined the fairness of the trial,' Judge George Leggatt wrote in an 82-page decision backed by all five members of the panel that heard the case. Hayes was convicted in August 2015 and sentenced to a maximum of 14 years in prison, which was later reduced to 11 years. Palombo, convicted in March 2019, was sentenced to four years in prison. Both men were released in 2021. 'It destroyed my family, I missed most of my son's childhood,' Hayes told the BBC. 'For so long I've been an international fugitive … and now I can move on with my life, or try to,' he added. The decision came after the U.S. Second Circuit Court of Appeal in 2022 overturned the convictions of two traders charged with similar crimes in the United States. Hayes and Palombo, whose appeals were repeatedly rejected by British judges, were allowed to take their case to the U.K. Supreme Court after that ruling. The U.K.'s Serious Fraud Office began investigating alleged efforts to manipulate Libor in 2012. That ultimately led to the conviction of nine bankers. 'We have considered this judgment and the full circumstances carefully and determined it would not be in the public interest for us to seek a retrial,' the SFO said in response to the Supreme Court ruling. Libor and Euribor were critical benchmarks that were once used to set the interest rates on everything from business loans to home mortgages and credit card debts. As a result, they also became central to more complex financial transactions such as those used by banks and businesses to bet on interest rate fluctuations. The benchmarks were vulnerable to manipulation because they were set by banks that could profit from swings in interest rates. Each day, major international banks were asked to submit the interest rate at which they could borrow money from other banks. An average of those submissions was then used to set the daily Libor and Euribor rates. During the financial crisis, regulators became aware that some banks were making artificially low Libor submissions to make their institutions seem more creditworthy. Some traders also sought to influence the submissions made by their banks as even small moves in the benchmark rates could boost their profits. Those risks became even more pronounced during the financial crisis, when lending dried up and bankers had to base their daily submissions on a subjective assessment of the market rather than actual loans.
South Wales Argus
23-07-2025
- Business
- South Wales Argus
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.' Carlo Palombo and Tom Hayes were backed by Sir David Davis (Jordan Pettitt/PA) 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. Mr Hayes was convicted of interest rate benchmark manipulation in 2015 and 2019 respectively (Jordan Pettitt/PA) '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.
