2012-12-20thomsonreuters.com

``The corruption was breathtakingly widespread. According to the FSA, UBS took good care of the brokers who helped the bank in its rate-rigging campaign: Two UBS traders whose positions depended on Libor rates, for instance, engaged in wash trades to gin up "corrupt brokerage payments ... as reward for (brokers') efforts to manipulate the submissions." In one notorious 2008 phone conversation recounted in the FSA filing, a UBS trader told a brokerage pal, "If you keep (the six-month Libor rate) unchanged today ... I will fucking do one humongous deal with you.... Like a 50,000 buck deal, whatever. I need you to keep it as low as possible ... if you do that ... I'll pay you, you know, 50,000 dollars, 100,000 dollars ... whatever you want ... I'm a man of my word."''


Lijit Search

Comments: Be the first to add a comment

add a comment | go to forum thread