(Photo: Neil Hall/Reuters)
Tom Hayes, the first trader to go on trial for Libor manipulation, told a court that he reversed his intent to plead guilty because he felt “intense rage” over the transatlantic investigation into his conduct and wanted to be judged by a jury rather than become a “political football”.
“I’d rather put my fate in the hands of 12 people than plead guilty to a politically driven process,” he testified on Monday. “I may not agree with what they decide in the end but I will accept it.”
Mr Hayes, a former yen derivatives trader at UBS and later Citigroup, began answering prosecutor Mukul Chawla QC’s questions under cross-examination at Southwark Crown Court on Monday. He testified last week, under questioning by his own barrister, that after he was charged by US prosecutors in late 2012, his only concern was getting charged in the UK so he could face trial in his home country.
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