Barclays flagged Libor problems to Fed in 2007

Barclays flagged Libor problems to Fed in 2007
 

The Federal Reserve Bank of New York was pushed to release the documents amid a furore that was touched off when Barclays late last month agreed to pay $453 million (290.7 million pounds) in fines for attempting to manipulate Libor.
Libor, or the London interbank offered rate, is calculated daily in London when panels of banks submit estimates of how much it costs them to borrow. It is a major index that helps judge the health of banks and influences rates from mortgages to student loans to credit cards.
Since Barclays' settlement, U.S. and UK lawmakers have demanded to know whether... read more

 
13 July 2012 in Business, Views: 2
Source: Reuters
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