Regulators in the U.S. and the U.K. are examining whether senior executives at major banks were aware of or involved in manipulation of the London Interbank Offered Rate and other benchmark rates. Tom Hayes, a trader who has worked at UBS and Citigroup, is at the center of the investigation. In September 2010, he sent a letter to a Citigroup human resources executive after being fired. "My actions were entirely consistent with those of others at senior levels" at Citigroup Japan, Hayes wrote, and "the senior management at [Citigroup Japan] were aware of my actions."

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