Bankers have been convicted and what happens next?

Two former city traders, Tom Hes and Carlo Palombbo, have found their guilty for rate by the Supreme Court of Britain.

He was convicted for manipulating the interest rates used for loans between banks and went to jail, which determined the cost of lending for the choice of hostage and car finance deals.

So what is the rate and what happens next?

Mr. Hayes and Sri Palombbo were among the traders of the city, who were prosecuted for manipulating the rate benchmark, Libor and Uribor.

These were used to track the cost of cash borrowing between banks and to determine interest rates on millions of mortgage and commercial loans.

To connect the 2008 financial crisis, from his actions, he was accused, who said that after his sentence, he was stated that he had “literally nothing”.

Libor is now discontinued, while Uribor is being improved.

Mr. Hayes was accused of being an international fraud conspiracy to influence these rates to benefit the trade of banks.

He was the first banker to go to jail for rate-ring in 2015, and was initially sentenced to 14 years, later reduced to 11 years, of which he served half.

Mr. Palumbo was imprisoned for four years in 2019.

Mr. Hayes did not deny that in UBS, and later in Citibank, he attempted to manipulate the Labor rate.

However, he said that it was common in banks where he worked and his superiors knew what he was doing.

He argued that he was being made a sacrificial goat for an industry works.

Former Barclays Trader, Shri Palombbo also argued that it was a general commercial exercise.

In criminal trials on both sides of the Atlantic from 2015 to 2019, 19 people were convicted for conspiracy and nine were sent to jail.

As he had given his time, evidence was revealed that at that time the central bankers and government officials from all over the world, including a top advisor, had pressurized banks as if they were involved in jail to engage in very similar conduct for them – but on a large scale.

No central banker or government official was prosecuted.

Soon after his release after fulfilling the terms of his entire jail, an American appeal court decided that there was no crime after such conduct; Nor against any rule.

The US justice department quashed the allegations against Tom Hayes, and the US courts again sentenced all the same.

But in Britain, they remained guilty criminals.

After a 10 -year legal battle, the Supreme Court ruled that the tests of Mr. Hayes and Mr. Palombbo were inappropriate and overturned their culprits.

In the UK, traders’ cases were blocked by the appeal to reach the Supreme Court by a five -time appeal between 2015 and 2019.

But the Supreme Court left Mr. Hayes and Mr. Palombbo, deciding that the instructions given to the jury at the end of the tests of Mr. Hayes and Mr. Palombbo were incorrect, meaning that their convicts were found to be unsafe.

The serious fraud office, which brought the case against the traders, said it would not be in the public interest to look for a return.

Mr. Hayes told in a press conference that he could be able to re -receive the money seized from them. He said that he would advise to claim compensation.

“I have been on the basis of 24 hours for the last ten years, as I have been unable to plan any aspect of my life,” he said. He was prosecuted, then in jail, then on the license.

“Now suddenly Vista of freedom and choice and what I can do is opened to me.”

Conservative MP David Davis said that “batsman practice resulted in connivance between banks and government agencies … and we have not been with it – we will return to Parliament in the autumn.”

Karen Todner, Solicitor of Mr. Hayes, called for a complete public inquiry among the culprits, and to improve the justice system.

“Tom has missed the formative years with his son, time with his family, with his family and his career and his home loss,” he said. “Time will never get back”.

He said that the allegation against Mr. Hayes was “disappointingly vague”, it took a long time to appeal for the case.

He said that with bodies such as severe fraud office, post office and RSPCA, criminal cases should not be able to bring criminal cases, as “the dual role of the investigator and prosecutor creates sufficient conflict of interests that create a abortion of justice”.

Solicitor Ben Rose, for Carlo Palombbo, said other traders may now be able to “wrong”.