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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.