Second, Hayes is the first person to be convicted, the article describes him in depth as a nod to the industry's and prosecution's argument that a few trading superstars are responsible for the corruption of the LIBOR. The article is quite sympethetic to their narrative of Hayes having the right combination of brains, risk-appetite, and carefree attitude that led him to take advantage of the system's problems, bolster his career and ultimately his arrest.

Third, Hayes' lawyers used his Asbergers in his defense. If anything the article is ignores that diagnosis and holds Hayes accountable for actions.

>Journalism, especially long-form journalism, is just a spectacularly bad medium for talking about systems problems.

what is your alternative?

This. Am I missing something, or is it bizarre that LIBOR came to play such a significant role in the financial markets, given it's so hackable?

A facetious comparison would be how every year people bet on what colour hat the Queen will wear on Ladies Day at Royal Ascot. If suddenly trillions were being staked on this market, could you prosecute a courtier for handing her a strawberry bonnet?

BUT... Other people saw this rate which looked like a really convenient benchmark, and started using it as a benchmark. Now you have all the makings of a conflict of interest.