From Businessweek: UBS ’s $1.5 billion fine for rigging
global interest rates expands the scandal to include bribery and highlights the
influence of a trader in Tokyo who colluded with other banks to align their
submissions.
The employee led efforts to influence Japanese Yen Libor
submissions by paying brokers as much as 15,000 pounds ($24,400) a quarter and
offering a payment to another for helping him keep that day’s rate low. The
banker, only identified by regulators as Trader A, worked at UBS in Tokyo from
2006 to 2009 and directly contacted employees at other banks to influence their
submissions at least 80 times.
“I need you to keep it as low as possible,” Trader A wrote
to the broker on Sept. 18, 2008, referring to six-month yen Libor. “If you do
that ... I’ll pay you, you know, $50,000, $100,000... whatever you want ... I’m
a man of my word,” according to transcripts released by the U.K. Financial
Services Authority today.
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