The Rest Is Money 199. When George Osborne Went After The Bankers, I Went To Prison
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Aug 17, 2025 Tom Hayes, a former trader for UBS and Citigroup, shares his tumultuous journey from working in high-stakes finance to serving prison time for LIBOR manipulation. He discusses the pressures and ethical dilemmas faced by traders during the financial crisis, revealing how he lost everything—his career, savings, and marriage. With his conviction recently overturned, Tom reflects on the emotional chaos and legal battles he endured, providing a gripping insight into the consequences of ambition in a turbulent world.
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Politics Shaped The LIBOR Prosecution
- Tom Hayes says his prosecution became political after politicians demanded bankers be jailed and LIBOR became a political target.
- He argues public and political ignorance about LIBOR shaped a hostile environment that harmed his case.
UBS Outsourced The Cleanup
- Hayes describes UBS outsourcing investigations and favouring early co‑operation that produced scapegoats.
- He says UBS never properly interviewed him and hid 12 million documents in Switzerland.
LIBOR Was A Small Part Of His Profits
- Hayes wanted to show his P&L correlation with LIBOR but UBS never disclosed daily profit and loss for his trial.
- He estimates LIBOR moves explained only a small fraction of his profits, with most from market‑making and risk taking.