Libor scandal: Geithner says design was flawed

US Treasury Secretary Timothy Geithner has said Libor’s design gave banks both the incentive and the opportunity to distort the key interest rate.

He also said the Bank of England could have fixed the problem sooner by adopting his suggestions.

He went on to question whether the British Bankers’ Association (BBA), which oversaw the setting of Libor, was the right body for the job.

View More 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s