Sep 18 2008: A UBS trader speaking to a broker with the hope of profiting from libor manipulation: “If you keep 6s [the six month JPY LIBOR rate] unchanged today . . . I will f**king do one humongous deal with you . . . Like a 50,000 buck deal, whatever. . . I need you to keep it as low as possible . . . if you do that . . . I’ll pay you, you know, 50,000 dollars, 100,000 dollars . . . whatever you want . . . I’m a man of my word.”
Trader A was in regular contact with broker E of broker firm B about manipulating the rate. On July 21 2000, broker E said to Trader A: “If you drop your 6M dramatically on the 11th mate, it will look v fishy, especially if [Panel Bank 5] and [Panel Bank 2] go with you. I’d be v careful how you play it, there might be cause for a drop as you cross into a new month but a couple of weeks in might get people questioning you.”
Trader A replied: “Don’t worry will stagger the drops . . . ”