UK Arrests 3 in Libor Scandal

Brits questioned over rate-fixing
By Matt Cantor,  Newser Staff
Posted Dec 11, 2012 10:39 AM CST
UK Arrests 3 in Libor Scandal
People walk into the office of Citigroup bank in the financial district of Canary Wharf in London, Monday, Nov. 17, 2008.   (AP Photo/Sang Tan)

Britain has made the first three arrests in the Libor rate-fixing scandal, the New York Times reports. All are British nationals, aged 33, 41, and 47, adds the Wall Street Journal. The men are being questioned and their homes have been searched, authorities say. The youngest of the three, Thomas Hayes, has worked as a trader for UBS and Citigroup, insiders say. He didn't last long at Citi: He was fired in 2010 after he reportedly asked a London trading desk about manipulating Libor rates. But the arrests don't guarantee charges, the Times notes. Until now, authorities had been focused on pursuing banks, not individuals, in the case. (More Libor stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.