Politics 19 December 2012 “They manipulated UBS’s submissions in order to benefit their own positions and to protect UBS’s reputation” Business quote of the day. Print HTML “They manipulated UBS’s submissions in order to benefit their own positions and to protect UBS’s reputation” Tracey McDermott, Financial Services Authority director of enforcement and financial crime, as the regulator hands out its largest ever fine to UBS over its manipulation of interbank lending rates. Traders at the Swiss bank showed a “total disregard for the millions of market participants around the world who were also affected by Libor” she said, as she fined UBS £160m. › SMF wins at Christmas cards UBS fines came to £160m. Photograph: Getty Images Helen Roxburgh is the online editor of Economia Subscribe More Related articles An unmatched font of knowledge Leader: On capitalism and insecurity Cabinet audit: what does the appointment of Liam Fox as International Trade Secretary mean for policy?