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"Be a hero," trader tells "Superman" in UBS Libor rigging case

Dec 19 2012 Steve Slater, Reuters

Be a hero today," a UBS trader told "Superman" in July 2009. The response "I'll try mate ... as always" came from a broker taking orders from the Swiss bank. This exchange was one of 39 requests made by a UBS trader at the centre of an interest rate rigging scandal to just one broker in one month, showing a regular and cavalier approach to rigging global Libor interest rates. It is among dozens of emails and instant messages published by Britain's financial regulator on Wednesday as it and its U.S. and Swiss counterparts fined UBS $1.5 billion for its role in the scandal. Other traders involved in the widespread manipulation are referred to as "the three muscateers" (sic). A broker involved said in July 2009: "putting the captain caos (sic) outfit on as we speak". Similar emails released in June when Barclays was fined for rigging Libor prompted a furious public and political backlash against industry standards and culture. Over a six year period from

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