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Tom Hayes Blamed Libor Losses on Other Banks Fixing the Rate

  • `Lots of people had fixes,' Hayes said in 2007 e-mail
  • Hayes made Libor requests to brokers on `IMM fix day'
Thomas 'Tom' Hayes, a former trader at banks including UBS Group AG and Citigroup Inc., arrives for his trial at Southwark Crown Court in London August, 3, 2015.

Thomas 'Tom' Hayes, a former trader at banks including UBS Group AG and Citigroup Inc., arrives for his trial at Southwark Crown Court in London August, 3, 2015.

Photographer: Simon Dawson/Bloomberg

Tom Hayes, the former UBS Group AG trader convicted of manipulating Libor, blamed his losses on other banks fixing the benchmark rate after a bad trading day in 2007, according to online chats shown at a London trial Wednesday.

The electronic chats were shown to jurors on the 12th day of the trial of half a dozen brokers accused of helping Hayes rig the London interbank offered rate, the benchmark used to value more than $350 trillion of loans and securities.