'Be a hero today': FSA reveals details of UBS Libor rigging For example, on 18 September 2008, a trader explained to a broker: "if you keep 6s [i.e. the six month Japanese Libor rate] unchanged today ... I will f***ing do one humongous deal with you ... Like a 50,000 buck deal, whatever ... I need you to keep it as low as possible ... if you do that .... I'll pay you, you know, 50,000 dollars, 100,000 dollars... whatever you want ... I'm a man of my word. UBS made "corrupt payments" of £15,000 per quarter to brokers to reward them for their assistance for a period of at least 18 months. The nature of the relationship and "total disregard for proper standards" by these traders and brokers is illustrated in documented communications in which particular individuals referred to each other in "congratulatory and exhortatory terms" such as "the three muscateers [sic]," "SUPERMAN," "BE A HERO TODAY" and "captain caos [sic]." A number of UBS managers "knew about and in some cases were actively involved in UBS's attempts to manipulate" Libor and Euribor submissions. Improper requests directly involved approximately 40 individuals at UBS, 11 of whom were managers. At least two further managers and five senior managers were also aware of the practice of the manipulation of submissions to benefit trading positions. The practice of attempts to manipulate Libor and Euribor submissions to benefit trading positions was often conducted between certain individuals in open chat forums and in group emails, which included at least a further 70 individuals at UBS. Between at least 17 June 2008 and December 2008, UBS adopted Libor submissions directives whose primary purpose was to "protect its reputation by avoiding negative media attention about its submissions and speculation about its creditworthiness." UBS failed to take "reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems" in relation to its Libor and Euribor submissions process. The duration and extent of UBS's misconduct was "exacerbated by these inadequate systems and controls."