Breaking News Headlines: Ex-UBS, Citi Trader Hayes in UK Court on Libor Charges

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Breaking News Headlines: Ex-UBS, Citi Trader Hayes in UK Court on Libor Charges

Breaking News Headlines: Ex-UBS, Citi Trader Hayes in UK Court on Libor Charges
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Breaking News Headlines: Ex-UBS, Citi Trader Hayes in UK Court on Libor Charges

by Wochit 1:05 mins

Former UBS and Citigroup trader Tom Hayes has made his first appearance in a London court. He is accused of "conspiracy to defraud" in connection with a global investigation into the Libor interest rate rigging scandal. Hayes is the first suspect to head to court in an inquiry that's stretched from North America to Asia. He and others are accused of rigging crucial benchmark rates such as Libor - the London interbank offered rate - against which trillions of dollars of loans are priced. Organizers of the Taormina Film Festival scrambled to put together a last-minute tribute to U.S. actor James Gandolfini, after he suffered a fatal cardiac arrest while in Italy to attend the festival's closing ceremony and receive an honor from the Sicilian resort city. The United States uses drones for surveillance in some limited law enforcement situations, FBI Director Robert Mueller said, sparking additional debate about President Barack Obama's use of domestic surveillance.

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