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Late Lunchtime Links: $5m trader may be made to retrain as a builder

From trading to forklift truck driving

From trading to forklift truck driving

Tom Hayes, the ex-RBS Libor trader who was poached by Citigroup for $5m in 2009, could be in for a dramatic career change if the criminal fraud charges brought against him this morning by UK authorities prove successful.

Hayes is being charged with eight counts of conspiracy to defraud in connection with the Libor-rigging scandal. If convicted he’s likely to be sent to one of the UK’s open prisons, such as Ford Open Prison in West Sussex or Leyhill Open Prison in Gloucester. Inmates at such institutions are typically subject to rehabilitation and retraining programmes which can include lessons in joinery, waste management and forklift truck driving. At Ford Open Prison, inmates are reportedly seconded to work at Travis Perkins, a local builder’s merchant, or DHL, the delivery company.

Hayes isn’t the only former trader who may be subject to rehabilitation. The Wall Street Journal notes that several ex-Barclays traders have been under criminal investigation since last year.

Meanwhile: 

Tom Hayes sometimes used his personal Facebook page to discuss where he wanted Libor to move to. (Wall Street Journal) 

Exane hired 23 people and its profits fell 51%. (Financial News) 

George Osborne says Hester’s exit was entirely voluntary. (Telegraph)

Tomorrow’s Mansion House speech will outline the future for RBS. (Bloomberg) 

The UK has scored a major win in protecting the City against Europe. (Financial Times)  

Chief investment officer of Soros Fund Management, says he’s no longer able to use his economic forecasting expertise because markets are rigged. (Wall Street Journal) 

Asset managers complain that they can’t find sales staff in Hong Kong and Singapore. (Finanical News) 

Mark Carney will be bringing his Canadian PR man to work with him in the UK for two years. (Reuters) 

How coffee can cramp your creativity. (New Yorker) 

When it makes sense to become a beauty queen rather than taking a job in finance. (CS Monitor)

Comments (1)

Comments
  1. In the UK we don’t have as much of a trend as in the US to send white collar criminals to open prisons. They all start in Category B prisons (formally medium security, but they are the standard for prisoners who are not unusually dangerous or likely to escape). Many are then downgraded to C and eventually D (open conditions) as the move towards the end of their sentence.

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