Banker jailed for 14 years

[Janik]

A white collar crime getting the penalty it deserves? Blimey. I hope that judge enjoyed his career.

[Antepli Ejderha]

Banker jailed for 14 years

The Libor man is appealing how conviction, hope the judge gives him extra years inside but doubt it will happen.

[anton pulisov]

Banker jailed for 14 years

My Rabobank branch sent me an e-mail last year about a new mobile app which allows you t o all sorts of banking things online. They encouraged me to write back if I had any questions. My reply:

Dear Rabobank,

I was interested to hear about your new mobile phone app. Recently I heard that Rabobank has acquired the ability to control LIBOR interest rates. I don't understand what these are and was wondering if you could you possibly explain to me what it entails and how I can use it to my advantage. Also, I was wondering if a LIBOR feature will be rolled out to the mobile phone app as well.

I never got a reply. Even better, I never got a junk e-mail from them again.

[The Awesome Berbaslug!!!]

Banker jailed for 14 years

Three Anglo executives were sent to jail last week. They had been engaged in chicanery and trying to hide loans. They were unfortunate in that the judge they had presiding over the case had in an earlier life been a workers party td. They got 3 years, two years and eighteen months respectively, but none of it was suspended.

The head of Anglo, Sean fitzpatrick is coming up for trial soon, because it was his loans they were hiding. I can see Seanie getting a fairly hefty spell. But not for anything related to his actions that crippled the country.

[linus]

Banker jailed for 14 years

Antonio Pulisao wrote: My Rabobank branch sent me an e-mail last year about a new mobile app which allows you t o all sorts of banking things online. They encouraged me to write back if I had any questions. My reply:

Dear Rabobank,

I was interested to hear about your new mobile phone app. Recently I heard that Rabobank has acquired the ability to control LIBOR interest rates. I don't understand what these are and was wondering if you could you possibly explain to me what it entails and how I can use it to my advantage. Also, I was wondering if a LIBOR feature will be rolled out to the mobile phone app as well.

I never got a reply. Even better, I never got a junk e-mail from them again.

Lol Tonio! Cool app bro.

That 14-yr sentence is a total Jérôme Kerviel move: throw the kitchen sink at the mid-level manager and fine the bank the equivalent of a parking ticket.

[Benjm]

Banker jailed for 14 years

linus wrote: That 14-yr sentence is a total Jérôme Kerviel move: throw the kitchen sink at the mid-level manager and fine the bank the equivalent of a parking ticket.

Hayes raised the question of whether he was being scapegoated as part of his defence. As things stand, possibly so, but this would be better rectified by hauling more of his colleagues and peers in to face the music rather than letting him off.

[HORN]

Banker jailed for 14 years

Just wanted to express my thanks to Antonio Pulisao for sharing the wonderful email he sent to Rabobank.

[ian.64]

Banker jailed for 14 years

Hayes raised the question of whether he was being scapegoated as part of his defence. As things stand, possibly so, but this would be better rectified by hauling more of his colleagues and peers in to face the music rather than letting him off.

Personally I'm surprised any person involved in misspelling scams or indeed any financial banking criminality is being brought to book and jailed, as the normal route is for the bank in question to take a financial hit, get a reprimand and then go back to what they do, while muttering barely-convincing mea culpas. What's needed is more court trials of those involved and, obviously, if found guilty, jailed. The more this happens, the more higher-echelon figures with their hands in it will find that their positions are not as strong as they presume.

In a business like banking where some types still hold well-paid jobs and get promotions when they should be tramping around in prison exercise yards with all the other lags, it'd sharpen the mind somewhat.

[beak]

Banker jailed for 14 years

ian.64 wrote: In a business like banking where some types still hold well-paid jobs and get promotions when they should be tramping around in prison exercise yards with all the other lags, it'd sharpen the mind somewhat.

But isn't the point of putting LIBOR man in jail to avoid taking action against a culture and systems (and, yes, people) who make it possible?

[strike]Yours,
Someone Who Has Never Studied Either Economics Nor Law[/strike]

[ursus arctos]

Banker jailed for 14 years

One who has studied both could definitely see it that way.

Hayes is an interesting poster boy for City shenanigans. He's about as far from the barrow boy stereotype as you can get and has been diagnosed with Asperger's. He also was an incredibly difficult client, contradicting his defence counsel in open court on more than one occasion and repeatedly changing his story.

He's also unquestionably guilty, though his claim that he was just doing what many of his peers where, but only left more evidence, rings very true.

[Janik]

Banker jailed for 14 years

ian.64 wrote: I'm surprised any person involved in misspelling scams

Please, please, please say that this was deliberate.

[The Awesome Berbaslug!!!]

Banker jailed for 14 years

I thought it was deliberate. There's a scam in Ireland which hinges on you being able to legally sign your name in three very different looking ways
You can sign it in English, in irish, and in irish in the oldish gothic script. (which uses dots and bars and other accents) my name looks very different in all three forms, but my mum's maiden name is unrecognisable.

A lot of irish scam artists have ripped off a lot of English banks and businesses this way down through the years.

[ian.64]

Banker jailed for 14 years

Janik: No. It was the end-product of an autocorrect cock-up and me neglecting to check before I submitted my post, resulting in profound embarrassment. I shall now move to Finland and never return.

Hayes is an interesting poster boy for City shenanigans. He's about as far from the barrow boy stereotype as you can get and has been diagnosed with Asperger's. He also was an incredibly difficult client, contradicting his defence counsel in open court on more than one occasion and repeatedly changing his story.

I'm immediately struck by Michael Lewis's book, The Big Short, where a financial advisor with a flair for short selling (and being successful with it) has to talk to his son's headmaster about the child's unusual behaviour at school. The child is highly intelligent and does well, but obssesses on certain things, doesn't connect to the world and seems to close himself off from everybody. The father doesn't think too much of this, as those were aspects of his own personality and life, and were actually instrumental in forming his own well-rewarded reputation in the world of finance.

But the child's behaviour becomes ever more erratic and, at his wife's urging, the father talks to a doctor. The doctor stuns him by declaring the boy has Aspergers syndrome, and, by that token, so had the father, the symptoms in the father at an early age making him coldly, fiercely and unusually fascinated by numbers and how they worked in the financial markets, hence his almost effortless ways in dealing in brokerage, commodities and other banking products.

The most telling detail is the man's swift study and comprehension of a weighty short-sellers prospectus. He soon makes light work of the tome, not realising that everyone else who read it gave up after a few pages, the work being an exasperatingly impossible task to sift through. And so, a financial document which no-one in the banking community could possibly decipher is easily read and understood by a man with Aspergers.

It's not an explanation or answer of how minds in the banking world work, however, but I just thought it telling in some way.

[gavc23]

Banker jailed for 14 years

ian.64 wrote: Janik: No. It was the end-product of an autocorrect cock-up and me neglecting to check before I submitted my post, resulting in profound embarrassment. I shall now move to Finland and never return.

I'm selling a house in Espoo as it happens. I'll even throw in my Finnish textbooks to give you a head start.

[hobbes]

Banker jailed for 14 years

Why, have you finnished them?

[ian.64]

Banker jailed for 14 years

I'm selling a house in Espoo as it happens. I'll even throw in my Finnish textbooks to give you a head start.

Kiitos paljon.

[ursus arctos]

Banker jailed for 14 years

There are definitely areas of finance in which Asperger's elements could be a competitive advantage.

Just as there are areas in which being a sociopath can give one an edge.

[caja-dglh]

Banker jailed for 14 years

There are plenty of people mortgaging their future health with ADHD drugs to try and get an edge.

[ursus arctos]

Banker jailed for 14 years

Well, I imagine that got them through high school and uni, so I imagine that it can be hard to stop now.

I'm virtually certain that there are similarly situated people in our shop.

[Tubby Isaacs]

Banker jailed for 14 years

I increasingly look at long sentences and think: jeez, haven't we got enough people in prison? Couldn't we knock a couple of years of that one? If we did that with all the long sentences, couldn't we shut a couple of prisons?

[anton pulisov]

Banker jailed for 14 years

The Awesome Berbaslug!!! wrote: I thought it was deliberate. There's a scam in Ireland which hinges on you being able to legally sign your name in three very different looking ways
You can sign it in English, in irish, and in irish in the oldish gothic script. (which uses dots and bars and other accents) my name looks very different in all three forms, but my mum's maiden name is unrecognisable.

A lot of irish scam artists have ripped off a lot of English banks and businesses this way down through the years.

Don't forget the infamous Prawo Jazdy.

[Paul S]

Banker jailed for 14 years

Tubby Isaacs wrote: I increasingly look at long sentences and think: jeez, haven't we got enough people in prison? Couldn't we knock a couple of years of that one? If we did that with all the long sentences, couldn't we shut a couple of prisons?

We probably could do Tubby and this is just one of them. I suspect it'll be reduced on appeal though. I can't see what sending him to prison for seven years will achieve.

[ursus arctos]

Banker jailed for 14 years

I increasingly look at long sentences and think: jeez, haven't we got enough people in prison? Couldn't we knock a couple of years of that one? If we did that with all the long sentences, couldn't we shut a couple of prisons?

He's not going to actually serve 14 years, is he? Over here, he would likely be out in less than 10 (assuming he doesn't get the sentence reduced on appeal).

The issue with mass incarceration is grounded in mandatory minimum and the like, not necessarily "headline" sentences.

[jwdd27]

Banker jailed for 14 years

It's usually a third of the sentence that gets served in the UK, which would mean he'll serve 4 years 8 months, probably mostly in an open prison for "civilised" criminals.

[Tubby Isaacs]

Banker jailed for 14 years

jwdd27 wrote: It's usually a third of the sentence that gets served in the UK, which would mean he'll serve 4 years 8 months, probably mostly in an open prison for "civilised" criminals.

It's not a third, it's a half.

And all sorts of people go into open prisons. When "Skull Cracker" absconded in 2014, the press got excited about how many who'd committed less than civilized crimes were in open prisons. 350 who'd committed murder alone.