John Mann MP welcomes first ‘Libor’ guilty verdict

MP for Bassetlaw John Mann has welcomed the verdict in the trail of the former city trader Tom Hayes, who has been found guilty on eight counts of rigging the London Inter Bank Offered Rate, or Libor for short.

Pictured is MP John Mann
Pictured is MP John Mann

However, whilst this is the first prosecution many of the UK’s biggest banks and hedge funds have been fined millions of pounds for manipulating this key rate.

Mr Mann said: “It’s about time that someone has been found guilty in a court of law for this.

“But what about those people at the top of our big banks who created this culture of wrong doing, why have they been allowed to get away this?

“It’s time that those at the top who took the big salaries and bonuses are brought before the courts for what happened on their watch,” he added.