Published on Sep 28, 2012 by Euronews
http://www.euronews.com/ Britain's top financial watchdog says it will fix the Libor rate setting system rather than scrap it.
Libor was hit by scandal when it was discovered some banks had giving distorted the information to manipulate the rate - which is used to determine the interest charged on loans to companies and individuals.
Martin Wheatley, head of the Financial Services Authority said: "The system is broken and needs a complete overhaul."
...Libor was hit by scandal when it was discovered some banks had giving distorted the information to manipulate the rate - which is used to determine the interest charged on loans to companies and individuals.
Martin Wheatley, head of the Financial Services Authority said: "The system is broken and needs a complete overhaul."
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