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Insight: Fed knew of Libor issue in 2007-08, proposed reforms

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Tim Johnson, who chairs the Senate Banking Committee, said on Tuesday he was concerned by the allegations of the potential 'widespread manipulation' of Libor and had directed his staff to schedule briefings on the issue. Johnson also said the committee planned to ask Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke about the allegations at hearings later this month. Barclays last month agreed to pay $453 million to British and U.S. authorities to settle allegations that it manipulated Libor, a series of rates set daily by a group of international banks in London across various currencies.
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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.

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