He "ruled the roost" from his desk in Frankfurt where he managed the cash position for the bank, prosecutors at the SFO said. While Hauschild never directly set the rates, prosecutors alleged the managing director used the submissions to help his team and his own trading positions.
Ex-Barclays Plc, Deutsche Bank AG Euribor Traders Plea Not Guilty To Conspiring To Manipulate Interest-Rate Benchmark
Christian Bittar Photographer: Simon Dawson/Bloomberg
Hauschild’s defense involved distancing himself from the actions of three colleagues, Joerg Vogt, Ardalan Gharagozlou and Kai-Uwe Kappauf. During his trial, he said he’d seen information from prosecutors that indicated the three were able to decide whether to accommodate requests for particular rates from Bittar, a former Deutsche Bank trader. He himself didn’t act on Bittar’s requests, he said.
When the prosecution lawyer James Waddington said the three men were “behaving dishonestly in relation to Euribor submissions,” Hauschild replied, “Yes.” Later, when Waddington asked whether he thought the three had “got you into a lot of trouble,” he said “Yes.”
While Hauschild’s trip to Italy cost him “a lot of money that he’s not going to get back,” as well as time spent in custody, it had at least one advantage, said John Milner, an attorney at IBB Solicitors who isn’t involved with the case.
“He has the freedom to travel the globe now, which he wouldn’t have had before.”
Now, Hauschild is planning to return to Germany to do charity work, Ryan said. He has no plans to go back into banking, but wants to “use his financial skills and ability in a different way.”
But first, Ryan said, he wants a holiday.