It was standard industry practice, according to the CCRC application for Mr Hayes, to select a rate within that accurate range best suited to the bank’s commercial interests – based, for example, on the trades it had done. That was, according to him and the other defendants in rate-rigging trials, in line with a fiduciary duty they had as part of their jobs to do all they could to maximise revenues and minimise losses for their banks.
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“While no regulator can, or should, guarantee companies will not fail in the future, we will continue to take...
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