UK Arrests 3 in Libor Scandal

Britain has made the first three arrests in the Libor rate-fixing scandal, the New York Times reports. All are British nationals, aged 33, 41, and 47, adds the Wall Street Journal. The men are being questioned and their homes have been searched, authorities say. The youngest of the three, Thomas Hayes, has worked as a trader for UBS and Citigroup, insiders say. He didn't last long at Citi: He was fired in 2010 after he reportedly asked a London trading desk about manipulating Libor rates. But the arrests don't guarantee charges, the Times notes. Until now, authorities had been focused on pursuing banks, not individuals, in the case. (More Libor stories.)