Geithner Sent BOE’s King Libor Revamp Recommendations In 2008

Timothy F. Geithner sent Bank of England Governor Mervyn King recommendations in 2008 to revamp the London interbank offered rate, now at the center of a scandal over allegations the benchmark was manipulated.

King and Paul Tucker, at the time markets director of the U.K. central bank, passed the comments to the British Bankers’ Association, according to correspondence released by the Bank of England today. Geithner wanted procedures to prevent “misreporting,” and the BBA, which was reviewing Libor at the time, said it would take the recommendations on board.

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