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Global Banking: Will the Scandals Never End?

In: Driven to the Brink

Author

Listed:
  • Alicia Micklethwait
  • Patricia Dimond

Abstract

‘Probity and honesty are essential, as is trust which is based upon it. The LIBOR activities, in which you played a leading part, put all that in jeopardy.’ Tom Hayes held his head in his hands as he listened to Mr Justice Cooke’s remarks, stunned by the 14-year jail sentence he had just received for conspiracy to defraud. Hayes was just the first of a series of bankers to be tried for LIBOR and Euribor (Euro Interbank Offered Rate) manipulation following the collective penance of the banks that were fined more than $9 billion for their part in the scandal.

Suggested Citation

  • Alicia Micklethwait & Patricia Dimond, 2017. "Global Banking: Will the Scandals Never End?," Palgrave Macmillan Books, in: Driven to the Brink, chapter 4, pages 67-94, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-59053-4_4
    DOI: 10.1057/978-1-137-59053-4_4
    as

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