UBS Pleads Guilty To Rigging Interest Rates

UBS was fined a total of $1.5 billion by US and UK authorities for rigging the Libor interest rate.  The Japanese subsidiary, which was most active in the practice, was hit with a criminal charge of fraud.  UBS is only one of several major international banks that have been charged with illegal setting of the Libor rate.  UBS most recently suffered a $2.3 billion loss by rogue trader.