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HomeBarclays Libor Scandal: Holding Regulators to Account
Posted by Larry Doyle on July 14th, 2012 11:15 AM |
Oh what a tangled web they weave.
With the Libor scandal rocking Barclays Bank and ricocheting throughout the British banking system, we now begin to see the defenses go up on this side of the pond.
Recently released reports indicate that then New York Fed President and current U.S. Treasury Secretary Timothy Geithner made recommendations to British authorities for reforming the process used to set Libor. Is that right?
My ‘sense on cents’ would categorize those reports and that recommendation under the heading of ‘the best defense is a good offense.’
How is it that a Barclays employee could have reported in early 2008 to the New York Fed that Libor was being manipulated, yet the rigging continued into 2009? (more…)
