tom hayes said he was being made a scapegoat.ut the prosecution argued that the motive was simply greed. anna simpson reports. anna: tom hayes arriving in court today with his wife, a traitor that was paid millions and made millions -- trader that was paid millions and made millions. >> what this means is the jury was sure he was dishonest in his manipulation. bankers are subject to precisely the same standards of honesty and dishonesty as the rest of us. an act: what is libor and what did tom hayes do? it is a key interest rate set in london and determines what banks pay to borrow. it also matters to all of us because $450 trillion worth of contracts are based on it, everything from credit cards to car loans to borrowing rates for businesses. hayes was based in tokyo from 2006, first at ubs bank, manipulating libor on an almost daily basis to boost his own traits. investigator trolled through e-mails and electronic chats uncovering evidence that hayes had rigged the rates at other banks, too, bribing middlemen. "if you keep fixe

tom hayes was found guilty of conspiracy to rig the benchmark rate.udge set a message had to be sent to the banking world. manus: the u.k. government has started to sell off its stake in the royal bank of scotland to it raised two point one billion pounds by offloading 5.4% of its shares. george osborne is taking a loss as he tries to revive investor appetite in the bank seven years after became britain's biggest casualty of the financial crisis. francine: now, let's get more on issuednd the rbs ceo has a statement saying "i am please the government has started to sell down its stake. it is an important moment and reflects the progress we are making to become a stronger, simpler, and fairer bank. there is more work to be done but we are determined to determine -- to build a bank the country can be proud of." manus: this was something that was warned about by the chancellor a couple of weeks ago. we's taking a loss. this is a bit of a gamble. public opinion, yes. the chancellor does not seem to mind. the tried to lay groundwork. he said in june that he

tom hayes is the face of libor. he has a hefty sentence. this is significant and how the industry is changing. guy: a 14 year perspective. that was it expected? >> no. it is one of the longer sentences. he will serve probably half of it. or like seven years. still seven years is a long time. anna: some people are suggesting that the message is -- just because everyone is doing something. you are referencing a previous trial. >> tom hayes was arrested in 2012. they were the first bank to see if sanctions should be imposed. he was arrested and wanted to avoid being sent to the u.s. within six months, here in a on the deal and decided he wanted to sit trial and put his fate in the hands of 12 individuals and he would be the political football that he saw himself as. you have to think, would you been better to take the deal. guy: thank you very much. that brings us to our twitter question of the day. is it the system or are individuals to blame? tweet us @annaedwardsnews. anna: coming up on countdown, it is 10 minutes past 6:00, but after the b

tom hayes was found guilty of conspiracy to rake the benchmark rate. a message had to be sent to the banking world. it is doubled his sentence handed to another ubs trader convicted of brought in 2012. deutsche bank may be facing another investigation. this time, it concerns russia. reportercial crimes census this from new york. >> u.s. authorities are investigating deutsche bank for $6 billion worth of trades which were done on behalf of a russian client. donethese trades may have is allowed clients to move money out of russia, white passing u.s. sanctions laws. is investigation comes on top of at least two other criminal investigations the bank is facing. the bengals a had a change of leadership with the new ceo installed in recent weeks, so there's a lot of legal turmoil and a lot of mounting legal issues that the bank is facing. back to you. rishaad: keri geiger with the latest. john kerry is heading out to asia. he is coming to take part in the latest talks. tensions in the south china sea, talking with beijing. -- whating in nissat does he hope t

tom hayes was convicted in the u.k.ght counts of benchmark to rig the rate and sentenced to 14 years of prison. susie joins us from london. today, onege day that we've been waiting for about six or seven years now. the libor scandal was one of the big scandals of the crisis. the library was really the start of all of this. and tom hayes has become synonymous with the wrongdoing that emerged. he was found guilty today and to get 14 years in prison was a real indication for the regulators and prosecutors who have been pursuing this case. pimm: are there any others that will stand trial? are others. it cannot say much about them because of restrictions. that the a to say prosecutors will go forward with the charge. matt: for this kind of crime, you go to a federal prison that may have a golf course, even. is it the same in the u.k.? not the same. he will serve about half the time, which will be about seven years. we have a lot of prisons linked to the court where he was sentenced where he could be in his cell of 223 hours

the court in london has sentenced tom hayes to 14 years in jail. he was found guilty on all counts of conspiring to rig the widely used in #interest rate known as libor. he formally worked with ubs and citigroup and says his former employers knew what he was doing. both tanks have refused to comment on the sentence. the prosecutor in london said his motives were simple -- greed. some commodity news now and crude oil fell to its lowest level in six months. rent crude traded down, dropping to under $50 a barrel. oversupply and fears of a slowdown in china are weighing negatively on prices. in july, out what from opec companies reached the highest level in recent history. a lack of a plan to accommodate iran is also fueling supply worriers -- supply worries. >> we predict i late november or early december, we can see all the sanctions lifted. the first thing we need to do is reclaim the market and the market share we have lost. we have already begun the process to sell our oil. we will add at least 500,000. -- 500,000 barrels a day and will achieve pr

tom hayes was found guilty of trying to man i lais late rates in four years at city group, he was thefirst banker to be tried he received one of the hashest penalties since the financial crisis. >> take that one guy! crime doesn't pay. unless you are anyone other than that one guy. (laughter) perhaps fox news the best known target in our show's proverbial cross hairs paid the ultimate press. their sprite driven anger machine routed in the fear that any change in the stat outside did -- statusco with erode the power structure. >> where can the fear be coming from. i guess-- oh god. >> on bull [bleep] mountain. >> we report you can suck it. >> you are the loopus of news. >> you're [bleep] down now you're [bleep] down now. >> not only did i take down fox news i did it with the power of song. face it, fox now you're just a bloody husk of the news corporation you once were irrelevant. >> kaput. >> this thursday's gop primary debate hosted by fox news. >> fox news will make the decision tomorrow night as to which candidates make it in the prime time. (laughter) >> jon: i did say fox news in

tom hayes was accused of manipulating to benefit his own trading position. >>> puerto rico didn't completely miss that big payment that was due august 1. the island paid a what it owed marking the first default by the commonwealth. as kate kelly reports from san was, the island's financial problems run very deep. >> puerto ricans default questions. due to bond investors would be paid in full, in part or not at all. in a move like that, the first at a u.s. state sighed entity could well have ripple effects. puerto rico saddled with expenses they can't meet will likely lose access to the credit market as rating agencies like standard & pours and moody's degrades them. with unemployment sxhi the cost imported goods and taxes to deal with some residents were already worried. >> i went to the bank to do a transaction and that was the subject of conversation in the lobby of the bank. it was all about how it is imthem. and how now apparently there were people talking about how they would get $105. >> small business owners who sell rum in a family owned shop in old san juan say they are getting sque

. ♪ erik: breaking news, everybody tom hayes, the first person to stand trial for manipulating liborn, tom hayes, the first trader to be found guilty by a jury of manipulating the london interbank offered rate. that is a story will bill be -- we will be following. stephanie: now we have to take you back to autos, gm, ford, and chrysler all out with july sales figures. there are some surprises. we have been sifting through the numbers. matt miller, and jamie butters who is in detroit -- i know matt is getting sidetracked. he heard some members of the bloomberg fitness challenge are posting bikini photos and it has overwhelmed. but i will start with jamie butters. gm came in way above estimates. jamie: they really blew the estimates out of the water, even though cap like was down 7% stop luxury sales, suvs, and pickups are what is driving the market. gm are getting better prices but not great volumes. but they are selling a lot of pickups and suvs. a great surprise today. matt, i will throw out a lot of unscripted questions because i been trying to get a hold of jamie this morning and

hour, up in the next half tom hayes is sentenced after being found guilty of conspiracy. years he will get. pimm: we will also explain why anrles koch is calling for end to corporate welfare for the biggest banks on wall street. now back to one of the top stories of the day. president obama's clean power play. the climate change initiative promises to a day century of political power generation to and and richard to the coal industry as you were just describing. it is facing its worst downturn in decades. president obama's plan is expected to go into debt in the next month or two. but it is likely to face and implementation challenge that could stall it. >> this is on very solid legal foundation. act provides epa with clear authority to set carbon pollution. an enormous amount of input from utilities, states and other stakeholders. it is our hope, rather than spending time and money on legal fights, what we will see now is a constructive effort to get to work and design state plans. betty: journeys on the phone is robert f kennedy junior, and .ashington reporter robert, y

tom hayes was convicted on eight counts of conspiracy. the pound deliberated a week before delivering its verdict and concluded that he schemed with other traders to fix the libor registry. prosecutors investigating billions of dollars of traits with deutsche bank. this is according to people with knowledge of the situation. it focused on so-called mirror trades that have allowed russian clients to move funds out of the country without properly alerting authorities. those are your top stories at this hour. alix: president obama has announces bold plan to tackle climate change. big investors are speculating on how quickly the u.s. will shift to renewable sources. biggest the second power producer could be affected. us president and ceo joins exclusively from the white house with more. thank you for joining us, sir. i wanted to start with your telling us how the president's new power plant affects your company. whereyou mention, naturally the largest natural gas-fired power generation company in the united states. the only way to get here -

former ubs group and citigroup trader tom hayes is the first person to stand trial for manipulating libornd was found guilty. after a week of deliberations, jurors found he conspired with gain libor to benefit his own positions. each count carries as much as 10 years in prison. erikmatt: wow./ big news. partnerre is agreeing to a deal with an italian company that breaks up a merger plan partnerre had reached with another company. exor is looking to diversify outside of manufacturing. for our those fiat and riata mobiles. a new sign of the deep trouble in the coal industry. isha natural resources filing for bankruptcy. the coal slump is the industry's worst in decades. the japanese automaker is getting a boost from an american hedge fund. suzuki. it jumped in training on word that third point is taking a fund in the company. loeb.point is run by dan after going dark for five weeks, the greek stock market reopened and many investors wish it had not. athens stock exchange 2%.pped as much as 22%tra manufacturing shrank last month at a record pace. one of my favorite stories of the day, three

citigroup trader tom hayes, the first person to stand trial for manipulating five or found guilty of eight counts of conspiracy to rig the benchmark rate and sentenced to 14 years in prison. after a week of deliberations, servers unanimously found he can spirit -- conspired with traitors to benefit his own trading position. mark: amy schumer teaming up with chuck schumer to call for tighter gun control. as senator earlier schumer unveiled a three-part plan that would make it harder for violent criminals and mentally ill to obtain guns. they cited a recent shooting in the louisiana movie theater that killed two women and injured nine others. the shooting occurred during a screening of the movie train wreck. decidepe people able to commonference between -- amendment and to protect everybody. >> porto we go -- puerto rico on the verge of default after missing a $50 billion debt repayment over the weekend. the government says it just does not have to money and needs to negotiate that debt load with creditors. oak: earlier tim coleman's with their chapter and stephanie rule. they asked wh

a london jury unanimously found former usb and citigroup trader tom hayes guilty of conspiracy, readinghe rate. a message has to be sent to the banking world. another ubs trader was convicted of fraud in 2012. in. auto sales accelerated july, beating estimates with suv's and pickups leading the way. let's take a look at the figures with jamie butters who joins us from detroit. run us through the numbers. jamie: really a great month for the auto makers in the u.s. it was expected to be a pretty good month, but it turned out to be even better. all the big automakers beat their estimates. everybody was up. it was really a very positive month. very strong sales. it indicates a strong year and strong momentum going into 2016. talkingo, specifically, about specific automakers, let's deal with stoyota. jamie: they are a very important player in this market and they were really the laggard. they were forecast to be down a little bit but ended up being up by less than 1% when the rest were up about 6%. the bright spot for toyota was lexus. bmw andlly beat tmat mercedes. the key has been this nx

a jury in london convicted tom hayes on eight counts of conspiracy. former citigroup and group trader. a panel to liberated a week before deliberating the verdict, concluding he's with other traders to fix libor. police in tennessee are searching for the suspect in a fatal shooting of a memphis officer. the 29-year-old man is facing a murder charge in the death of 33-year-old sean bolton. the officer was shot several times saturday night after approaching a car where a small time marijuana deal was in progress. three memphis officers have been fatally shot in the last four years. a&t is planning to introduce bundle of tv and phone services, it's first appeal to customers since its acquisition of direct tv. the deal will be available week after today and will include mobile phone services with unlimited talk and texting and unlimited exabytes of data for four lines. a japanese automaker is giving a big boost from an american hedge fund. shares of suzuki jumped in tokyo on word that heard point is taking a stake in the company. the firm is run by billio

a former bank trader behind bars and a jury convicted tom hayes of rate manipulation.say he rigged the offering used to value loans and securities worth more than $350 trillion. u.s. secretary of state john kerry is in singapore where he called for countries negotiating a major pacific rim trade deal to overcome differences. he said the so-called transpacific partnership would benefit the people of all nations and serve as a model for responsible global industry and commerce. participant will have to comply with core international labor and environmental standards. every participant will have to refrain from using underage workers, unsafe workplaces. every participant will have to ensure that state owned companies are competing fairly with ones that are privately owned. and every produced but will have to fight trade related bribery ensure free and digital open trade, and safeguard intellectual property. betty: his comments come days after trade ministers failed to bridge final gaps and healed the cord at talks in hawaii. coach sets forth a quarter that be analyst esti

tom hayes was found guilty after four years at ubs and citigroup.hest penalties since the financial crisis. banks have paid billions to settle. the libor interest rate is so important. everything you can think of every consumer rate you can think of is based on the libor rate. rigging of that was a serious problem. 14 years. >>> let's see what is coming up on "new day." alisyn camerota joins us. >> we will show more of the video of the police officer putting an 8-year-old boy with adhd in handcuffs for misbehaving. that officer has apparently done it before to another child. we will explore if the officer crossed the line and if it was illegal. >>> a measure to defund planned parenthood fails. republicans have not given up the fight. we will talk with the executive president about what the planned parenthood group plans to do next. we will speak to the anti-abortion cover up representative. we will find out what they plan to do next. all of that when we see you at the top of the hour. >> thanks, alisyn. >>> new objects found in the indian ocean. new

a london jury convicted tom hayes yesterday of rate manipulation. british fraud investigators said he break the london interbank offered rate at least two more interest rates and in british courts within the next year. bloomberg spoke with the fraud officer on the ruling. >> the significance in here is that the verdict shows that the jury recanted and bankers are subject to exactly the same standards of honesty and dishonesty as the rest of us. stephanie: i love when they say you know what? this trader may have a social disorder, he needs this special treatment, that special treatment. erik: 14 years of special treatment. stephanie: that is true. he is a special individual. when i sat amongst traders at all sorts of disorders, all that mattered is that they were up money. erik: they call this guide the ringmaster, right, but let's not forget there was a ring. he wrote all these interdealer brokers to manipulate prices and they are going to face trial too. stephanie: as they should. erik: number five, a tale of the automakers once again, but this tim

be tried to fiction global interest rates has been sentenced to 14 years in prison. 35 year old tom hayesing the libor to finance mortgages and other products. it's worth trillions of dollars. >>> zero tolerance for any athletes found guilty of doping. enough widespread allegations are casting doubt on medalists not just from olympics but world championships. and according to british and german media, a third of those who won medals from 2001 to 2012 had abnormal test results. and 800 had suspicious samples. to be clear, those results do not prove doping. international officials will meet in toulouse france to discuss the airplane part that was found on reunion island in the indian ocean. and now it's in france for testing. >> reporter: reunion island shore line is being searched inch by inch. every object that washes ashore scrutinized by investigators looking for parts of the missing malaysian airliner. the hunt for even more aircraft debris has now expanded to nearby mauritius island. cnn on board a boat with volunteers, looking for anything floating at sea that could belong to a plane

tom: fair. agreed. olivia sterns, on "market makers" this morning on this transaction of valeant and sprout. look at black rock as well with peter hayeside. ♪ tom: good morning, everyone. "bloomberg surveillance." a lot going on. futures, -14. -17 was below. i'm watching the russian ruble. jaw-dropping. let's get to top headlines with vonnie quinn. vonnie: islamic state is for a caresponsibly bombing in egypt. 29 people were hurt in the explosion at a government building in cairo. islamic state's message said the attack was vengeance for the execution of six militants. commodities firms working hard after posting earnings. fell, the stock is down 17% since the company went public for years ago. when lebron james tweets, people listen, at least according to a company that handles media for athletes here he says each of the twitter messages is worth $140,000. do the math, that is $1000 per character. the nba superstar has more than 23 million followers. no other sport star is even close. with that said, you can tweak us. brendan: @bhgreeley! vonnie: we can boost those tweets. brendan: absolutely. i am like lebron james in many ways. von

tom brady back in court today. otis livingston is here. >> so briefly. we are coming down to a decision. like one of hayes late fourth quarter winning drive, it will come down to the final seconds. they failed to reach a settlement this morning. they met for 20 minutes in lower manhattan but couldn't reach an agreement on his appeal of his four-game suspension. the decision lies in the hands of the judge and he will have a ruling in the next day or two or by friday at latest. if ruled in his favor, it's believed that brady will have time to get prepared for the season opener against the pittsburgh steelers on thursday, september 10th. >>> all right. after seeing four of their safeties go down with injuries, the giants are about to find out what brown can do for them. resigning former giants stevie brown, he was released by houston last week. we are still waiting to see the highly anticipated pairing of victor cruz and odell beckham jr.'s. cruz has had a camp injury. he will be ready for week one, but the team is cautious. >> nothing in terms of, you know, playing that first week or not playing that first

. >> keithing banks hayes miller good to see you as well a, berg asset maith headed one of multiare issue national guards tomrady roger goodall for kain court, about those . >> the lifetime ban of pete roast calls treatment offed by a. sandra: injuries, back in a minute. here is a simple math problem. two trains leave st. louis for albuquerque at the same time. same cargo, same size, same power. which one arrives first? hint: it's not the one on the left. the speedy guy on the right is part of an intelligent system that creates the optimal trip profile for all trains on the line. and the one on the left? uh, looks like it'll be counting cows for awhile. so maybe the same things aren't quite the same. ge software. get connected. get insights. get optimized. maria: welcome back keeping on to some stories tracking cheryl casone with headlines. cheryl: good morning. we are keeping you up to speed on latest coming out of colorado. epa administrator mccarthy heading to colorado this morning to view the damage, done by her agency, to the colorado river, apoll apologized for the mine spill that released estimated 3