By Randall Palmer – Central bankers and regulators will hold talks in September on whether the troubled global Libor interest rate can be reformed or whether it is so damaged that the benchmark of borrowing costs should be scrapped.
Fed Chairman Ben Bernanke and global financial regulator Mark Carney, who is also governor of the Bank of Canada, on Wednesday floated possible alternatives to the London interbank offered rate, which some bankers manipulated in the 2007-09 financial crisis.
U.S. Treasury Secretary Timothy Geithner was forced to defend himself on Wednesday (July 18) against criticisms that regulators should have taken bigger steps to address concerns over Libor. more> http://tinyurl.com/ce4otth
- Central bankers raise prospect of scrapping Libor if no fix possible (business.financialpost.com)
- U.K. Bankers Scrap Black-Tie Dinner as Libor Probe Intensifies – Bloomberg (bloomberg.com)
- Geithner Sent BOE’s King Libor Revamp Recommendations in 2008 (bloomberg.com)
- LIBOR Rigging: What the Regulators Saw (But Didn’t Shut Down) (business.time.com)
- This Is The Email That Timothy Geithner Sent To The Bank Of England About LIBOR Manipulation In 2008 (businessinsider.com)
- Central Bankers to Discuss Libor’s Future, Canada Says – Bloomberg (bloomberg.com)
- The Perfect Storm – Libor Scandal (outsider-trading.com)
- Timothy Geithner pressed Mervyn King to reform Libor in 2008 (guardian.co.uk)
- Banks Stole Millions with LIBOR (drudge.com)
- Geithner: U.S. Acted ‘Early’ and ‘Forcefully’ on Libor Flaws (blogs.wsj.com)
- Libor Reported as Rigged in ’08 Proving 2012’s Revelation, John Detrixhe, BusinessWeek