The criminal information said UBS Japan and Mr. Hayes employed three strategies to execute the scheme: conspiring with Mr. Darin and others to cause the bank to make false and misleading Yen LIBOR submissions to the BBA; causing cash brokerage firms to disseminate false and misleading information about short-term interest rates for Yen, which those banks could and did rely upon in formulating their own LIBOR submissions to the BBA; and communicating with interest rate derivatives traders employed at three other Yen LIBOR panel banks to cause them to make false and misleading Yen LIBOR submissions to the BBA.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
Jerry Seper is the investigative editor for The Washington Times.
'Your papers, please' must never be heard in America
Independent voices from the TWT Communities
What does the middle-class conservative think about everything? Find out here.
The “Silver Tsunami” created by aging Baby Boomers is hitting America. Let’s explore how we adjust to it, enjoy it and defy negative expectations about age.
A carefully guided tour through the confusing world of modern bookselling and publishing.
Benghazi: The anatomy of a scandal
Vietnam Memorial adds four names
Cinco de Mayo on the Mall