NY Fed May Have Known About Libor Fixing in 2007

The Federal Reserve Bank of New York may have known as early as August 2007 that the setting of global benchmark interest rates was flawed.

Igancio Ayestaran | Flickr | Getty Images

Following an inquiry with British banking groupBarclays in the spring of 2008, it shared proposals for reform of the system with British authorities.

The role of the Fed is likely to raise questions about whether it and other authorities took enough action to address concerns they had about the way London Interbank Offered Rates, or Libor,  were set, or whether their struggle to keep the banking system afloat through the financial crisis meant the issue took a backseat.”

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