" It has been revealed that Australia was targeted in a
strategy by Swiss bank UBS to manipulate benchmark interest rates around
the world.
The Australian angle is briefly mentioned in an
internal investigation by UBS into the Libor rate fixing scandal which
erupted in Britain last year. "" Anyone wondering if such bad banking behaviour was the tip of the iceberg had their cynicism confirmed by an internal investigation by UBS which reveals other markets around the world including Australia were targeted by UBS bankers. "
UBS cheats target key Australian interest rate
Rate fixing has been a big issue in the UK, several banks fined heavily. It goes on worldwide because of the massive amounts of money to be made - lots of bankers bonuses, Which is another big issue over here. At one bank (Lloyds) they had a £570 million annual pre-tax loss but still paid out £365m in bonuses!
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