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Currently Playing: Wrongly Convicted Over the Financial Crisis (Sentenced to 14 Years)

Former trader Tom Hayes was sentenced to 14 years in prison for manipulating LIBOR, which used to be one of the world's most important interest rates. Prosecutors said Tom was the ringleader of a conspiracy to influence the rate. Tom says he was made a scapegoat for the financial crisis and that what he did was commonplace. He ended up spending five and a half years in prison before being released in 2021. Then in 2025 the Supreme Court overturned his conviction. *LIBOR has now been replaced by other benchmarks. 🤝 Want 1:1 financial help from us? Answer a few questions to find the right service & book free call: https://getmost.typeform.com/pod-episodes 🎉 Sponsors Hiscox - Protect your business: https://makingmoney.email/hiscox Vanta - Get your company secure and compliant: ⁠https://vanta.com/makingmoney - If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk. This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life. -------- You can listen to the BBC Lowball Tapes, which we discuss in the episode, here: https://www.bbc.co.uk/programmes/m0014wtn --------- Chapters: 00:00 - What did Tom do? 05:58 - Did he know it was wrong? 09:59 - Lowballing by banks 13:16 - Was Tom a scapegoat? 14:49 - Vanta ad 16:19 - How ordinary people were affected 22:56 - Was this about making money? 25:39 - In high-security prison 29:50 - Hiscox ad 31:03 - Being sentenced to 14 years 34:36 - The first months of prison 45:97 - Saying goodbye to his family 49:55 - Getting his conviction overturned 56:57 - Why did it happen? 01:00:40 - Dealing with the anger 01:07:43 - Is manipulation still happening in the finance industry?