Everybody knew: the LIBOR scandal

New York FED knew about possible ‘problems’ of LIBOR fixing process since 2007, as in its answer to Congressional Request for informationon Barclays-LIBOR matter. Just while Mr. B. Benenke says that Libor is ‘structurally flawed’ (LA Times) and the Fed had pushed for reform of the rate setting process in 2008 when it became concerned about manipulation of the influential benchmark . But FED “had no authority to change that” (Miami Herald).