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UK jury says trader guilty of manipulating key interest rate
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2015/08/03 22:36
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A British jury has found a former Citibank and UBS trader guilty of being the ringmaster in the manipulation of a key interest rate, the London Interbank Lending Rate, or Libor.
The jury on Monday found 35-year-old Tom Hayes, who specialized in products pegged to yen-denominated Libor, guilty of manipulating the rate from 2006 to 2010. He was charged with conspiring with other traders — but he says he was made a scapegoat for a common practice.
Libor is a key rate that banks use to borrow from each other. Revelations that it was rigged shook the markets because the rate affects what people pay when they take out loans, such as a car loan.
Hayes is the first to be convicted by a U.K. jury of Libor rigging.
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Brady lawsuit transferred from Minnesota to New York court
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2015/08/02 22:36
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Tom Brady's lawsuit against the NFL in which he wants his four-game suspension overturned will be heard in New York instead of Minnesota.
Brady and the players' union filed their suit Wednesday in Minnesota. But the NFL already had filed papers Tuesday in New York, moments after announcing that Commissioner Roger Goodell upheld the suspension for Brady's involvement in the use of underinflated footballs in the AFC championship game.
U.S. District Judge Richard Kyle, based in Minnesota, ordered the transfer.
The judge wrote that he "sees little reason for this action to have been commenced in Minnesota at all."
He noted that Brady plays in Massachusetts, the union is headquartered in Washington and the NFL in New York, Kyle added that "the arbitration proceedings took place in New York and the award was issued in New York." Jeffrey Kessler, the lead attorney for Brady and the union, wasn't concerned about this game of musical witness chairs.
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Zimbabweans linked to illegal lion hunt appear in court
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2015/07/29 19:45
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Two Zimbabweans arrested for illegally hunting a protected lion named Cecil were in court on Wednesday as anger at the kill by an American dentist escalated.
"If, as has been reported, this dentist and his guides lured Cecil out of the park with food so as to shoot him on private property ... he needs to be extradited, charged, and, preferably, hanged," People for the Ethical Treatment of Animals said in a statement Wednesday. The statement, emailed to The Associated Press, came from Ingrid Newkirk, president of the animal rights organization.
Social media on the internet — for example on Twitter under #cecilthelion — were also filled with condemnation of the killing of the black-maned lion just outside Hwange National Park in Zimbabwe.
The Zimbabwean men — a professional hunter and a farm owner — are accused of helping Walter James Palmer hunt the lion. Zimbabwean police said they are looking for Palmer, who reportedly paid $50,000 to track and kill the animal.
During a nighttime hunt, the men tied a dead animal to their car to lure the lion out of a national park, said Johnny Rodrigues, chairman of the Zimbabwe Conservation Task Force. The American is believed to have shot it with a crossbow, injuring the animal. The wounded lion was found 40 hours later, and Palmer shot it dead with a gun, Rodrigues said.
Palmer, a dentist living in the Minneapolis suburb of Eden Prairie, said in a statement that he was unaware the lion was protected, relying on local guides to ensure a legal hunt.
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NY state Sen. Sampson found guilty of obstruction
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2015/07/25 23:20
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A once-powerful New York politician was convicted Friday on charges he lied to the FBI in an attempt to obstruct a corruption investigation targeting him for embezzlement.
A federal jury in Brooklyn reached the verdict after deliberating for about a week at the trial of state Sen. John Sampson.
The Brooklyn Democrat was found guilty of one count of obstruction of justice and two counts of making false statements. He was acquitted on six other counts, including witness tampering.
Sampson, 50, who was re-elected last year, was at the center of the latest federal trial resulting from federal prosecutors' campaign against dirty dealing in Albany.
The verdict showed that the jury agreed that the defendant has an "utter disregard for the rule of law and criminal justice system," acting U.S. Attorney Kelly Currie said outside court.
Defense Attorney Nathaniel Akerman called the mixed verdict a partial victory, and told reporters he would pursue all his appeal options to appeal the convictions "until Mr. Sampson is vindicated."
Also speaking outside court, jury forewoman Kim O'Meally said that jurors decided to clear Sampson on the counts tied to a government cooperator, real estate developer Edul Ahmad. Asked what she thought of the witness, she replied: "He's dirty."
Prosecutors originally charged him with embezzling funds while acting as a court-appointed referee for home foreclosure proceedings in the mid-2000s. They also alleged he persuaded Ahmad to loan him nearly $200,000 to cover up the theft in exchange for political favors.
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