Tom Hayes is not an impressive-looking guy, all things considered. Though only 35 he has a tired face, no doubt the result of the stress he’s been under. Appearing at London’s Southwark Crown Court for the first day of his trial, he sported an open-collar shirt under a dark sweater and rumpled khaki slacks. Nothing special.
His unprepossessing appearance adds to the banality of the corrupt world he reflects. Hayes is the first of a string of bankers accused of working to fix the rate at which banks lent each other money, known as the Libor rate. Some $350 trillion worth of loans are pegged to Libor.
The sums involved dwarf the relative pittance at the heart of the FIFA scandal. The worst offenders in FIFA are alleged to have taken millions of dollars in bribes. The U.S. Justice Department estimates the entire FIFA scheme at around $150 million…
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