“ They wanted to jail a banker – I was that banker ”

According to Mr. Hayes’ CCRC application, it was standard industry practice to select a rate within that precise range that best suited the bank’s business interests – based, for example, on the transactions it had performed. It was, according to him and the other defendants in the rate-rigging trials, in accordance with a fiduciary duty that they had in the course of their work to do all they could to maximize income and minimize losses for their banks.