Hayes to Broker: UBS Management Ordered Staff to Lowball Libor
- Tom Hayes discussed UBS Libor strategy with ICAP broker
- UBS Told Libor Setters to `Err on the Low Side' in 2007
This article is for subscribers only.
The decision of UBS Group AG managers to lowball Libor submissions during the financial crisis was openly discussed by Tom Hayes and a broker accused of helping him rig the benchmark rate, according to e-mails presented in a London court.
When Darrell Read, a broker at ICAP Plc on trial in London, complained in 2007 that the rates were low, Hayes blamed the problem on managers that instructed employees to keep the benchmark down.