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Thursday, September 27, 2012

Britain's Libor needs 'complete overhaul': watchdog - MSN Malaysia News | Top Stories, Breaking Headlines, Photos and Videos

Britain's Libor needs 'complete overhaul': watchdog - MSN Malaysia News | Top Stories, Breaking Headlines, Photos and Videos

1 comment:

  1. "The reason we are here is that we have been misled. The system is broken and needs a complete overhaul," FSA managing director Martin Wheatley was to say, according to an advance copy of his speech.

    "The disturbing events we have uncovered in the manipulation of Libor have severely damaged our confidence and our trust -- it has torn the very fabric that our financial system is built on."

    He will argue that industry body the British Bankers' Association must be stripped of its role in setting Libor, with the oversight process handed to a new group.

    "The British Bankers' Association clearly failed to properly oversee the Libor setting process and should take no further role in the administration and governance of Libor.

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