Diving into the Profits: Seven Banks that Turned the Tables with Libor Rate Manipulation

The Case of UBS

Swiss bank UBS was another major player in the Libor scandal. In 2012, UBS agreed to pay $1.5 billion in fines to regulators in the US, UK, and Switzerland for its role in manipulating the Libor rate. The bank's traders were found to have colluded with brokers to manipulate the rate, with the profits from this manipulation going straight into the pockets of the traders.