Banking StandardsLetter on behalf of Jerker Johansson from the Dontzin Law Firm LLP
Letter Relating to Question 2058
We represent Jerker Johansson. Mr. Johansson has reviewed the transcript of his testimony before the Parliamentary Commission on Banking Standards on January 10, 2013. During his testimony, Mr. Johansson gave evidence that he was unaware of the manipulation of interest rates at UBS and an internal review of those practices and agreed that this was a “failure of leadership.” (Transcript at 7). He was then asked whether he agreed that this failure constituted negligence. Id. Mr. Johansson stated that he did not understand the precise difference between a failure and negligence, and when asked by the Chair whether he would “agree that it is negligence, as you can’t tell the difference,” Mr. Johansson answered: “Okay.” Id.
Mr. Johansson would like to clarify that he did not mean to suggest that he was negligent in not knowing of the LIBOR manipulation at UBS or the internal review of LIBOR submission practices. For the avoidance of doubt, Mr. Johansson maintains that he was at no time negligent.
We respectfully request that this clarification be appended to the published transcript or included therein as a footnote to the exchange highlighted above. Thank you.
17 January 2013