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KSDK.com

U.S. Banks Scrutinized in LIBOR Scandal Probe

Financial trader Tom Hayes needed help with the Japanese yen as he worked in his Tokyo office on March 3, 2010.

Hayes, who was a Citigroup employee then, messaged a friend at a brokerage firm and explained that his trading would benefit from a low Libor rate for Japanese yen - a reference to one of 10 currency-based rates British banks set daily based on their estimated cost of borrowing from each other.