Insight – How Libor whiz Rain Man became ‘the guy everyone was going to blame’
He was so obsessed with the numbers that he did not see his downfall coming.
The first trader convicted by a jury in the global Libor rate-rigging scandal was a maths whiz nicknamed “Rain Man”, who slept as an adult under a superhero duvet cover he had owned since he was eight.
Tom Hayes, found guilty of eight counts of conspiracy to defraud, told the court he never thought he had been dishonest.
During a nine-week trial at London’s Southwark Crown Court, the 35-year-old former yen derivatives trader for the Tokyo offices of UBS and Citigroup said he had always been driven to do a good job. He wanted to gain “an extra edge”, he said, and his bosses had condoned methods that were common practise at the time.
The whole world is one big Ponzi scheme.