I disagree. Was Hayes acting solely on his own behalf, or on theirs as well? Were these or other attempts to manipulate Libor sanctioned by UBS? From another article:

"The document [that Hayes points to] instructs Libor submitters to clear their judgements on the rate with certain named traders. Defence lawyer Neil Hawes last week suggested the traders held derivatives positions dependent on Libor."

http://www.risk.net/operational-risk-and-regulation/news/241...