UBS fined $1.5-billion after traders bribed brokers to fix Libor rate

Reblogged from Financial Post | Business:

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I need you to keep it as low as possible. If you do that ... I’ll pay you, you know, US$50,000, US$100,000... whatever you want ... I’m a man of my word — Trader A

UBS AG’s US$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.

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