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UBS brokers to U.S. clients: Libor isn't our fault

Dec 20 2012 Reuters

UBS AG's army of U.S. brokers say they are being asked to apologize once again for the sins of their big European parent. Following the Swiss bank's admission on Wednesday morning that it would pay $1.5 billion for fraud, bribery and rigging the London Interbank Offered Rate, the firm's 7,000 U.S. brokers and branch managers received an e-mail from their boss with a message for clients and potential recruits. "Many of you have asked me what I will say to clients, prospects, recruits, family and friends who ask about the Libor settlement and its impact on me and WMA," wrote Bob Mulholland, head of wealth management and investment solutions at UBS Wealth Management Americas. "Here are the main points I will use in these conversations." He followed with six bullet points that progressed from a quick apology -- "The behavior of some of our employees is unacceptable" -- to five ways U.S. colleagues can distance themselves from a crisis that includes criminal charges lodged

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