Oswald Gruebel, the former CEO of UBS, spoke with Reuters’ Katharina Bart about the LIBOR trading scandal.He addressed the issue of criminal intent with regard to traders who may have been manipulating LIBOR.
“I think that if interest-rate traders had acted with criminal intent, they would have hardly recorded it in emails. Traders are accused of many things, but they aren’t that short-sighted,” he said.
Gruebel resigned from UBS last year after rogue UBS trader Kweku Adoboli cost the bank $2.3 billion.
Read more at Reuters.com.