UBS turns the heat up on rivals in LIBOR investigation

02/21/2012 | Bloomberg

UBS' decision to turn itself in to regulators amid a widening investigation into possible manipulation of the London Interbank Offered Rate adds pressure on the bank's rivals. "It's a sound tactic and well-trodden path," said Steven Francis, a regulatory lawyer at Reynolds Porter Chamberlain. "With competition law, there is a very well-recognized system of giving first-mover advantage to any cartel member who blows the whistle on the others."

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