Libor Is Not the Only Manipulated Economic Number
by George Washington
The Telegraph noted Monday:
[Bank of England executive] Paul Tucker told MPs that Barclays’ abuse of the Libor system may be only one part of the banks’ dishonesty over crucial financial information, suggesting that other markets should now be investigated.
An official inquiry into Libor – which helps determine interest rates for householders and businesses – should be broadened to include several over markets where banks are trusted to report their own data, he said.
The Libor scandal could be repeated in a number of other “self-certifying” markets where prices are determined, he said.