Trader gets 14 years in jail in UK for rigging Libor rate

A trader who worked for UBS and Citigroup was jailed Monday for 14 years by a London court after becoming the first person to be found guilty by a jury of rigging the benchmark Libor inter-bank lending rate. The verdict on Tom Hayes, 35, came after a two-month trial at a London court. Hayes had denied eight counts of conspiracy to defraud between 2006 and 2010, when he worked for Swiss bank UBS and its US rival Citigroup.