American Kabuki – Libor Scandal Arrests – 12 December 2012

Bankers-go-to-jailThomas Hayes, a former trader at UBS AG and Citigroup, was arrested by the Serious Fraud Office and City of London Police today, said the people, who asked not to be identified because the investigation is ongoing. The three men arrested, ranging in age from 33 to 47, are all British nationals living in the U.K., the SFO said in an e-mailed statement.

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British police have made their first arrests in an investigation into attempts by banks to manipulate the global benchmark interest rate Libor, detaining three men after their homes were searched.

Three U.K. citizens, ages 33, 41 and 47, were taken to a London police station for interviews “in connection with the investigation into the manipulation of Libor,” the Serious Fraud Office said in a statement.

The office, a government agency that investigates serious or complex fraud and corruption, began its inquiry in July after Barclays (BCLYF) admitted rigging Libor and agreed to pay $453 million to settle with U.S. and U.K. authorities. The scandal cost Barclays’ chief executive Bob Diamond his job. link to original article

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