German and UK officials delve into Libor issues

11/28/2012 | Bloomberg · Reuters · Bloomberg Businessweek · Wall Street Journal, The

A German banking regulator told lawmakers that banks more than likely manipulated the London Interbank Offered Rate. At a hearing, parliamentarians also questioned Deutsche Bank officials about rate rigging. Meanwhile, UK officials are seeking feedback on plans to restructure Libor. Among changes proposed are legal authority applied to the way the rate is set and criminal penalties for manipulation. Separately, Barclays dismissed five employees and disciplined eight others after an internal investigation of Libor rigging.

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