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You guessed it. Hayes actually submitted as evidence a UBS instruction manual on rigging the rate. http://www.bloomberg.com/news/articles/2015-06-18/ubs-gave-ou
by marcusgarvey 11y ago
You guessed it. Hayes actually submitted as evidence a UBS instruction manual on rigging the rate. http://www.bloomberg.com/news/articles/2015-06-18/ubs-gave-out-instruction-manual-on-fixing-libor-hayes-said http://www.bloomberg.com/news/articles/2015-06-18/ubs-gave-o...
- WillPostForFood 11y agoThat's conflating two issues - UBS was setting their own number in their own interest. Hayes was bribing people at other banks to manipulate the rate. Both are bad, but Hayes was in another class of bad.
- marcusgarvey 11y agoI disagree. Was Hayes acting solely on his own behalf, or on theirs as well? Were these or other attempts to manipulate Libor sanctioned by UBS? From another article: "The document [that Hayes points to] instructs Libor submitters to clear their judgements on the rate with certain named traders. Defence lawyer Neil Hawes last week suggested the traders held derivatives positions dependent on Libor." http://www.risk.net/operational-risk-and-regulation/news/2417331/hayes-ubs-libor-guide-proves-bank-threw-him-under-the-bus http://www.risk.net/operational-risk-and-regulation/news/241...