|  | | 2012 News and Press Releases | | |
HEADLINE NEWS:
Britain Begins Review Of Libor
Mark Scott
The New York Times DealBook. July 30, 2012
_________________________________________________________________________
EXCERPT: The British government on Monday officially announced a review into the rate-setting process at the center of the recent financial scandal. The review comes as British and American regulators face mounting scrutiny for their passive approach in policing benchmark rates, including the London interbank offered rate, or Libor. Since Barclays struck a $450 million settlement last month over rate manipulation, lawmakers have blasted authorities for failing to stop the illegal activities at the British bank, despite evidence of problems. The two-month, government-mandated inquiry will focus on whether British officials should regulate Libor and how governance of the rate can be improved. Currently, the British Bankers' Association, a London-based trade association, oversees the Libor process, but American and British government officials have raised concerns that there is not enough oversight into how the rate is set. |
|
|
