Tom Hayes emerges from his trial at Southwark Crown Court for
Libor manipulation as a very considerable loser, who took some very
bad decisions in the course of the SFO investigation and trial (and
perhaps deserves his long sentence for the level of stupidity
displayed alone, although the Judge specifically stated that he
took no account in passing sentence of the way his defence was
run). At the same time, the reputation of the SFO has increased
enormously. Let no one underestimate how serious and complex the
investigation was, and how difficult the case was to bring to
court, particularly as a 'manageable' trial. All involved
at the SFO deserve great credit for their skill and determination,
and for holding their nerve. This was just the kind of case that
the SFO was set up for, and it has achieved one of its central
aims: to show that bad conduct – whether fraud or bribery
– will be investigated and punished. The remaining Libor
cases will be approached with
