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| Libor rigging trial: Former Barclays bankers jailed | Libor rigging trial: Former Barclays bankers jailed |
| (35 minutes later) | |
| Four City traders have been ordered to serve jail sentences after being convicted of rigging the Libor rate. | Four City traders have been ordered to serve jail sentences after being convicted of rigging the Libor rate. |
| Jay Merchant was sentenced to six-and-a-half years, while Peter Johnson, who pleaded guilty, and Jonathan Mathew were each jailed for four years. | Jay Merchant was sentenced to six-and-a-half years, while Peter Johnson, who pleaded guilty, and Jonathan Mathew were each jailed for four years. |
| Alex Pabon received two years and nine months. All four worked for Barclays. | Alex Pabon received two years and nine months. All four worked for Barclays. |
| Judge Anthony Leonard told Southwark Crown Court: "What this case has shown is the absence of integrity that ought to characterise banking." | Judge Anthony Leonard told Southwark Crown Court: "What this case has shown is the absence of integrity that ought to characterise banking." |
| Libor - or the London inter-bank offered rate - is used by banks to set prices of financial products. It underpins trillions of pounds in loans for households and companies worldwide. | Libor - or the London inter-bank offered rate - is used by banks to set prices of financial products. It underpins trillions of pounds in loans for households and companies worldwide. |
| The former Barclays employees are the only other people to be jailed in the Libor rigging scandal since Tom Hayes was convicted last year. | The former Barclays employees are the only other people to be jailed in the Libor rigging scandal since Tom Hayes was convicted last year. |
| The Serious Fraud Office (SFO), which brought the investigation, pointed to comments from the judge that the bankers' behaviour showed "an absence of integrity". | The Serious Fraud Office (SFO), which brought the investigation, pointed to comments from the judge that the bankers' behaviour showed "an absence of integrity". |
| The judge added that the four men would serve half their sentences in prison and then be released, the SFO said. | The judge added that the four men would serve half their sentences in prison and then be released, the SFO said. |
| 'Position of power' | 'Position of power' |
| Judge Leonard said he gave Merchant the longest sentence because he judged him to "bear greatest responsibility for what happened". | Judge Leonard said he gave Merchant the longest sentence because he judged him to "bear greatest responsibility for what happened". |
| "I do not judge that you were the originator of the scheme, but it was under your leadership the manipulation took off," the judge said on Thursday. "You abused a position of power and authority." | |
| Mathew, of Shenfield, Essex, and Merchant and Pabon, who both live in the US, were convicted of conspiracy to defraud on Monday after an 11-week trial. | Mathew, of Shenfield, Essex, and Merchant and Pabon, who both live in the US, were convicted of conspiracy to defraud on Monday after an 11-week trial. |
| Johnson, of Tunbridge Wells, pleaded guilty of the same charge in October 2014, but was only sentenced on Thursday. | |
| Scandal | Scandal |
| The convictions are a victory for the SFO after five City brokers were cleared in January of helping Hayes to manipulate the Libor rate. | The convictions are a victory for the SFO after five City brokers were cleared in January of helping Hayes to manipulate the Libor rate. |
| Hayes, a former star trader, was initially sentenced to 14 years in prison, although that was later reduced to 11. | Hayes, a former star trader, was initially sentenced to 14 years in prison, although that was later reduced to 11. |
| The US Justice Department said it is dropping charges against three former brokers acquitted in the January ruling. | The US Justice Department said it is dropping charges against three former brokers acquitted in the January ruling. |
| The Libor rigging scandal erupted in 2012 when Barclays was given a £290m fine and its chief executive Bob Diamond was forced to resign. | The Libor rigging scandal erupted in 2012 when Barclays was given a £290m fine and its chief executive Bob Diamond was forced to resign. |
| Royal Bank of Scotland, UBS, Deutsche Bank and broker Icap have also received heavy fines for attempting to manipulate the rate. | Royal Bank of Scotland, UBS, Deutsche Bank and broker Icap have also received heavy fines for attempting to manipulate the rate. |