Complaints about lies might lead to Libor revamp

05/13/2008 | Bloomberg11

A U.K. banking trade group might change the way it sets the London Interbank Offered Rate, or Libor, after indications that some banks have been gaming the system. Libor is set by the British Bankers' Association, which polls 16 member banks daily on the rates they pay for loans in dollars, British pounds, euros and eight other currencies. Investors have complained that banks are lying about the rates they are paying.

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