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LIBOR rigging: Difference between revisions
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In any case, common law conspiracy to defraud was not abolished, still hasn’t been, and that is what Hayes was charged with. | In any case, common law conspiracy to defraud was not abolished, still hasn’t been, and that is what Hayes was charged with. | ||
Being a common law offence, its ingredients are not sharply delineated — this in itself is a good policy reason to abolish all common law crimes, but anyway<ref>Shout out to my buddies in Kiwiland, by the way, where all criminal offences were codified and all residual common law crimes abolished in 1961. Good job, Kiwis!</ref> — though it seems to be along the following lines: ''there was an agreement between persons who intended to defraud someone by doing something dishonest with a likelihood of resulting loss, even if no loss eventually arose''.<ref>This is in JC’s non-expert words. Not a criminal lawyer. May be missing something.</ref> | Being a common law offence, its ingredients are not sharply delineated — this in itself is a good policy reason to abolish all common law crimes, but anyway<ref>Shout out to my buddies in Kiwiland, by the way, where all criminal offences were codified and all residual common law crimes abolished in 1961. Good job, Kiwis!</ref> — though it seems to be along the following lines: ''there was an agreement between persons who intended to defraud someone by doing something dishonest with a likelihood of resulting loss, even if no loss eventually arose''.<ref>This is in JC’s non-expert words. Not a criminal lawyer. May be missing something.</ref> | ||
The crux: was Hayes ''dishonest'' when he submitted his LIBOR rates? | The crux: was Hayes ''dishonest'' when he submitted his LIBOR rates? | ||