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Program Co-Chairs Maggie O’Donell and Aitan Goelman discuss the history of the ABA Criminal Justice Section’s White Collar Crime Institute and the upcoming 2026 program on March 10-13, 2026 in San Diego, CA.  "White Collar Talks" are hosted by Nina Marino and Joe Whitley.
The ABA White Collar Crime Institute is the nation’s premier forum for insights, updates, and expert analysis in the field of white collar crime. This annual event brings together leading practitioners, in-house counsel, judges, academics, and enforcement officials for an in-depth exploration of the most pressing legal, regulatory, and ethical issues impacting the white collar landscape today.

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Josh Hoe is Senior Policy Manager at Dream.org, and the host and creator of the Decarceration Nation Podcast.  Josh, who is himself formerly incarcerated, is the author of “Writing Your Own Best Story: Addiction + Living Hope.”  We connected to discuss Josh’s recent writing, in which he argues that the so-called “National Emergency on Crime” is not real, and why we should reject it.

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This is the first episode in our two-part discussion with Tom Hayes, who we first spoke with in April 2025.  At the time of our first discussion with Tom, recorded in Part 1 of this series, Tom was awaiting a decision of the United Kingdom’s Supreme Court on the appeal of his August 2015 conviction, arising from his work submitting rates on behalf of bank he worked for, which were used to determine the London Interbank Offered Rate (or, LIBOR)—a benchmark rate, to which many other financial instruments were connected.
In Part 1, we hear from Tom about his fall from the high-end life of an international banker earning a handsome salary in Japan, and how it all came to a screeching halt on August 3, 2015.  On that day, Tom was convicted by a jury, in the United Kingdom, of a conspiracy to defraud.  The allegation was that Tom and others had submitted rates to benefit the financial institutions they worked for, instead of providing more accurate rates.  For that conduct—what the prosecution characterized as a “manipulation” of LIBOR—Tom was sentenced to 14 years in prison, subsequently reduced to 11 years in prison, of which he ultimately served about 5.

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This is Part 2 of our two-part discussion with Tom Hayes, the now vindicated former English banker, who we first spoke with in April 2025.  At the time of that earlier discussion with Tom, in Part 1 of this series, Tom was awaiting a decision of the United Kingdom’s Supreme Court on the appeal of his August 2015 conviction, arising from his work submitting rates, on behalf of his employer, a bank, that were used to determine the London Interbank Offered Rate (or, LIBOR)—a benchmark rate, to which many other financial instruments were connected.
The allegation was that Tom, and others, had manipulated their submission of rates to benefit the financial institutions they worked for.  For that conduct—what the prosecution characterized as a “manipulation” of LIBOR—Tom was sentenced to 14 years in prison, subsequently reduced to 11 years in prison, of which he ultimately served about 5. 
But a parallel prosecution in the United States against two other traders, brought by the U.S. Department of Justice, was dismissed, following a favorable decision of the U.S. Court of Appeals for the Second Circuit in 2022.  At the time of our discussion with Tom in Part 1, the United Kingdom remained the only jurisdiction that viewed Tom’s conduct as criminal.  That is, until his conviction—and the conviction of another trader, Carlo Palumbo—were overturned by a unanimous UK Supreme Court on July 23, 2025.  We caught up with Tom after this tremendous reprieve.

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In the Eastern District of Pennsylvania, home to Philadelphia and its surrounding counties, the U.S. Attorney is David Metcalf.  We spoke shortly after the end of the government shutdown, at a time when the U.S. Department of Justice is under great scrutiny.  The job of U.S. Attorney is always challenging, and even more so in the current climate, so we appreciated U.S. Attorney Metcalf generously sharing his time and thoughts with JustPod listeners.