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December 19, 2012

UBS E-Mails Show How Traders Manipulated the System

For some traders, trying to manipulate a benchmark global interest rate was somehow heroic.

“Be a hero today,” a trader at UBS asked (in all caps) a broker at another firm in 2009 when the two discussed a specific interbank lending rate in an e-mail. But the financial regulators found little heroism in the conduct.

The exchange is among the colorful and brazen e-mails between UBS traders and brokers outside the firm that were published on Wednesday by the Financial Services Authority of Britain. The F.S.A. and other global regulators reached a $1.5 billion settlement with the Swiss banking giant over a multiyear scheme to manipulate interest rates.”

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Read full New York Times article here

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