Fraud, Libor | featured news

UBS on Wednesday became the first big global bank in more than two decades to have a subsidiary plead guilty to fraud. UBS, the Swiss bank, scrambled until the last minute to avoid that fate. A week ago, in a bid for leniency over interest-rate manipulation, the bank’s chairman traveled to Washington to plead his case to the Justice Department, according to people briefed on the matter. Knowing the long odds, the chairman, Axel Weber, asked the criminal division for a lighter punishment.

The Bank of England confirmed on Friday it had received U.S. recommendations to overhaul the Libor benchmark at the heart of a global rate-rigging scandal, saying it had passed them on to the banking group responsible for the rate... The Bank of England confirmed on Friday it had received U.S. recommendations to overhaul the Libor benchmark at the heart of a global rate-rigging scandal, saying it had passed them on to the banking group responsible for the rate.