How the Banks Rigged Libor

By Peter Gumbel, Times-Dispatch - July 16, 2012

Thanks to the New York Federal Reserve, we now know that both the Fed and the Bank of England could see and were being told that something was awry with the London interbank offered rate (LIBOR) already in late 2007. Yet it was several months before any regulator began an official inquiry into alleged manipulation of this key money-market rate, which is used as the basis for trillions of dollars of financial transactions around the world "” and there appears to have been no serious attempt made to stamp out the practice at the time.

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