Skip to main content

Newsroom

February 8, 2013

Rate-Rig Spotlight Falls on 'Rain Man'

Many anonymous traders are implicated in the tall stack of documents regulators published this week detailing Royal Bank of Scotland Group PLC’s attempts to rig the lending benchmark known as Libor. But only one trader is cited by name: a 33-year-old so brainy yet socially awkward that colleagues nicknamed him “Rain Man.”

Regulators portray that man, Tom Hayes, as the connective tissue in pervasive efforts by several banks to boost trading profits by manipulating the London interbank offered rate. Mr. Hayes hopscotched from RBS to the Royal Bank of Canada to UBS AG to Citigroup Inc., picking up the contacts and know-how that would be necessary to game Libor.

In one electronic chat released in connection with regulators’ $612 million settlement with RBS this week, Mr. Hayes asked another bank to skew Libor “too low for the next few days,” promising to “return the favour as when you need it.””

***

Read full Wall Street Journal article here

In the News
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today