Dishonest bankers should face jail for taking risks with taxpayers' money, ex-prime minister Gordon Brown says. In his memoir, Mr Brown said failing to put fraudsters in prison would "give a green light" to the sort of behaviour that led to the financial crash. He also said "little has changed" since the crash, which came during his time in Number 10. The year 2009 "has proved to be the turning point at which history failed to turn", he said. Mr Brown was Labour prime minister during the worst financial crisis since the great depression of the 1930s, and in October 2008 his government unveiled a £400bn package aimed at rescuing the UK's banking system.
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.