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Tom Hayes, aged 35, a former City trader who rigged the Libor rates daily for nearly four years while working in Tokyo for UBS, then Citigroup, from 2006 until 2010, was jailed by Southwark Crown Court for 14 years for conspiracy to defraud. The government sold a 5.4 per cent stake in Royal Bank of Scotland, for 330p a share, against the 500p or so that it paid six or seven years ago to save the banking group; the government now owns 73 per cent of RBS.