Kill Libor, Markets Need A New Benchmark

Kill Libor, Markets Need A New Benchmark
For goodness sake, a bank lobbying group was the overseer of the Libor rate–a rate tied to hundreds of trillions of dollars worth of financial products around the globe. Every morning a dozen or so banks enter the rate at which they believe they could …
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Libor Faces U.S. Critic Gensler at CFTC Rate Roundtable
The group began work after Barclays Plc (BARC) became the first of three banks, including UBS AG (UBSN) and the Royal Bank of Scotland Group Plc, to pay $ 2.5 billion in fines for rigging of Libor and other global interest rates. About 20 financial …
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UPDATE 3-UK's FSA says failed to act fast enough on Libor
After pressure from UK lawmakers in a scandal that has seen top bankers depart and banks fined billions of pounds, the FSA published a 103-page internal report into when it first knew about manipulation of the London Interbank Offered Rate (Libor).
Read more on Reuters UK

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