Libor-rigging scandal: As trader Tom Hayes comes to court, wait for justice will soon be over – Bottom line

Politicians have been screaming for blood over the Libor scandal for years, as fines and firing have not sated their anger with banks. 

 

Now they have a chance to see if one accused trader will be jailed, as the evidence is presented to a jury.

 

But coming three years after the Barclays fine blew the lid on the scandal, it might surprise observers to learn that, by the standards of the average major fraud case, the charges levelled against Tom Hayes have come to court relatively quickly.

 

There were certainly mistakes along the way, as an under-resourced Serious Fraud Office (SFO) baulked at the Libor case, leaving much of the legwork to the City watchdog.

 

But since it took on the probe, the SFO has acted rapidly. In Tom Hayes’ case, prosecutors split his trial off from that of other defendants, coming to court more quickly and being presented more simply than many other fraud cases. The wait for justice will be over soon, as the jury weighs the evidence.