Ex-UBS Executive Under Fire Over Libor Testimony — Transcript

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1. 0:03but i don't recall
2. 0:04him i never met him i didn't recall him
3. 0:07leaving to be candid but um
4. 0:09the fallout from the libor scandal is
5. 0:11far from over as a top investment banker
6. 0:13is under fire for supposedly misleading
7. 0:16the uk parliament that was alex wilmot
8. 0:18sitwell former co-head of ubs's
9. 0:20investment bank giving testimony to a uk
10. 0:22parliamentary hearing in january this
11. 0:24year about labor manipulation asked
12. 0:26about the circumstances in which a star
13. 0:28ubs trader named tom hayes left the bank
14. 0:30back in 2009 mr wilmot sitwell stated
15. 0:33that he did not recall him it was a
16. 0:35relevant question as mr hayes has
17. 0:37subsequently been cast as a central
18. 0:38figure in the libor ring case in which
19. 0:40benchmark interest rates were
20. 0:41manipulated by traders within giant
21. 0:43banks but it now turns out that mr
22. 0:45wilmot sitwell was on a series of emails
23. 0:47back in july 2009 in which ubs
24. 0:49executives discussed their efforts to
25. 0:51convince mr hayes not to leave the swiss
26. 0:53bank the journal reviewed these emails
27. 0:55which haven't previously been publicly
28. 0:56disclosed one email from a top ubs
29. 0:59executive to four other colleagues
30. 1:01including mr wilmot sitwell read i would
31. 1:03like you to call tom hayes in tokyo
32. 1:05please and reiterate my words of comfort
33. 1:06to him mr wilmot sitwell is currently
34. 1:08the president of bank of america merrill
35. 1:10lynch for europe the middle east and
36. 1:12africa he told the journal that he
37. 1:14doesn't remember the emails and that he
38. 1:15never called mr hayes mark garnier the
39. 1:18british lawmaker whose questions
40. 1:19elicited mr wilmot-sitwell's remarks in
41. 1:21parliament told the journal in an
42. 1:23interview that the investment banker has
43. 1:25got other questions to answer for him to
44. 1:27be part of this email chain and say he
45. 1:28doesn't remember sounds pretty fanciful