| A political row in Britain over fixing of interbank lending rates deepened on Saturday after the publication of confidential advice from UBS to the previous Labour government on how to reduce the key Libor rate at the height of the financial crisis in 2008.
The Conservative-led coalition, trailing in opinion polls, has tried to pin part of the blame for the rate-fixing by bank traders on the government of former Labour Prime Minister Gordon Brown, questioning whether it directly or indirectly sanctioned the manipulation. The chairman and chief executive of Britain's Barclays Plc both resigned this week after the bank agreed to pay nearly $450 million for its part in rigging the Libor rate between 2005 and 2009, which is used to settle interest rates on trillions of dollars of contracts globally. |
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