Thomas Hayes harbored a “seething hatred” for a colleague who oversaw UBS Group AG’s yen Libor submissions and eventually refused to work with him, the former derivatives trader said in a 2013 interview with prosecutors.
The animosity between the men is the latest revelation from a criminal trial in London, where the 35-year-old Hayes is accused of rigging the London interbank offered rate. The relationship between Hayes and Roger Darin, a short-term interest rate trader, deteriorated as the two men sat next to each other on UBS’s trading floor in Tokyo.
Hayes grew so frustrated with Darin that in the summer of 2009 he demanded his managers send his rival to Zurich, Hayes said in the Serious Fraud Office interview, that was shown to jurors Wednesday.
“Roger was never happy to do anything,” Hayes told the SFO. If Hayes “was reverent enough,” Darin wouldn’t mind helping -- “he enjoyed the power,” Hayes said.
Hayes is accused of eight counts of conspiracy to manipulate Libor, a benchmark for financial products worldwide. Hayes, a former trader at UBS and Citigroup Inc., is the first person to go on trial over the scandal.
Darin, who isn’t accused of wrongdoing by U.K. prosecutors, had his own, sometimes opposing, positions, and often rebuffed his requests for help moving the rate, Hayes said in the SFO interview.
Darin moved back to Zurich in August 2009, prosecutors said. I “didn’t trust Roger as far as I could throw him,” Hayes said in the SFO interview.