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Trial begins for 'greedy' trader accused of fixing Libor rates

A "wholly dishonest, greedy" trader did "everything in his power" to manipulate interbank lending rates in a bid to rake in ever-higher wages, a court heard.

Former UBS and Citigroup trader Tom Hayes, aged 35, appeared before a jury at Southwark Crown Court today charged with eight counts of conspiracy to defraud between 2006 and 2010.

The trial of Tom Hayes began today Credit: PA

He stands accused of deliberately rigging the rates, known as the London Interbank Offered Rate (Libor), to earn more cash.

Mukul Chawla QC, prosecuting, said Hayes had been "motivated by greed".

He was the ringmaster at the very centre, telling others around him what to do and in a number of cases rewarding them for their dishonest assistance.

Mr Hayes's desire was to earn and make as much money as he could. The more that he earned for his employers, the more they would value his services and, inevitably, the more that they would pay him.

All bankers want to maximise their profits, but Mr Hayes did it in a wholly dishonest way, concerned wholly with his profits and wholly unconcerned by the fact that he was cheating those with whom he was trading.

– Mukul Chawla QC

Hayes also managed to fix the rates at banks he did not work at, the court heard, by approaching middlemen known as brokers.

He denies the charges.

The trial continues.



Officials launch homicide investigation into BB King death

Officials in Nevada have launched a murder investigation alongside Las Vegas police into the death of blues singer BB King.

The coroner's office in Clark County confirmed on Twitter that it had taken jurisdiction over the 89-year-old's body.

It comes after two of King's children, Karen Williams and Patty King, claimed that they believed their father was poisoned by two of his long-time business associates.

Trevor Bayliss named England cricket head coach

Australian Trevor Bayliss has been appointed as the England cricket team's new head coach.

Trevor Bayliss, England's new head coach. Credit: England Cricket Board

Mr Bayliss, 52, succeeds Peter Moores who was sacked earlier this month following England's dismal World Cup.

One of Bayliss's first tasks will be to guide England through the upcoming Ashes series against his native Australia in July.

Bayliss, who has previously coached Sri Lanka, described his appointment as "an honour".

  1. Border

From the archives: Ben Stokes as a youngster

Ben Stokes' dazzling century gave England one of their most remarkable Test win's at Lord's over the weekend.

The 23-year-old Cumbrian's performance has led to comparisons with one of the sports all-time greats, Ian Botham.

Ben grew up in Cockermouth and we've found a video of him as a teenager in 2005 when he was called up to the England under-15s squad.

Watch it here:

If you're wondering about the second teenager in the video, he's called Jordan Clark and currently plays county cricket for Lancashire.

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