Tom Hayes on Overturned Conviction: Libor Trial Was 'Disgusting'

Overturned Conviction and Judicial Misdirection

• ⚖️ The UK Supreme Court quashed the convictions of Tom Hayes and Carlo Palombo, citing misdirection of juries by judges.
• 📌 Hayes's 2015 conviction for rigging Libor and Palombo's 2019 conviction for manipulating Euribor were both overturned.

Politicization and Public Opinion

• 🗣️ Tom Hayes describes the politicization of prosecutions at the time, with MPs calling actions akin to treason and demanding imprisonment.
• 🏛️ He recounts the Governor of England speaking out during his trial, suggesting more bankers should receive longer prison sentences.
• 💡 Hayes highlights the issue of uneducated comments from those who did not understand Libor, believing it was a single number.

Concerns Over Jury Trials

• 🧐 The Serious Fraud Office reportedly stated in 2011 that the actions were not a crime, yet prosecutions proceeded.
• ⚖️ Hayes expresses concern over discussions to remove juries from trials, especially if done for financial reasons due to court backlogs.
• 👨‍⚖️ He states that a judge, rather than a jury, running his trial would have been catastrophic, with the judge allegedly declaring him guilty before evidence was presented.

Future Career Plans

• ✍️ Hayes is considering writing a book about his experiences, though he anticipates it might be boring.
• 🎬 There are discussions about potentially making a TV program or film based on his story.
• 📈 He is uncertain about his future in trading due to regulatory issues, as the FCA had previously sought to ban him for life.