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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