Berto Jongman: Libor Scandal “Still Not Clean” — Scandal and Cheating Continue

Commerce, Corruption, Government
Berto Jongman
Berto Jongman

Libor setting ‘still not clean’ despite scandal

Gary Gensler says banks need a reference rate “based on facts not fiction”

The way that the key Libor interest rate is set in the UK is still not clean and free of fraud, according to a top US regulator.

“We have a lot more work to do,” Gary Gensler, chairman of the Commodity Futures Trading Commission, told the BBC in London.

He suggested that the rate was often “completely made up”.

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