New York Fed Releases Documents About Libor Reponse

Tuesday, October 16, 2012 07:00
New York Fed Releases Documents About Libor Reponse

Tags: Dodd-Frank | Federal Reserve | regulation

The Federal Reserve Bank of New York has responded to Congressional investigators’ queries about its response to interest rate manipulation at some of the world’s largest banking institutions.

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The bank released hoards of documents—nearly 6000 pages—to a House committee including communications as well as correspondence with other global banking regulators.
The Libor manipulation scandal raised concerns by the House Financial Services Committee about the possibility that the New York Fed turned a blind eye to the practice.
A spokesman for the New York Fed said the documents are consistent with earlier releases of Libor-related documents centering only on Barclays, the firm that was the initial subject of the rate manipulation case.
The Fed says it instead helped identify the rate manipulation problem, bringing attention to underreporting of Libor.



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