LIBOR and the integrity of the City of London
Isn't the main issue from the LIBOR furore that senior people at Barclays (whom one would expect to know what they are talking about) believed that over a lengthy period other banks - perhaps the majority of other banks - were submitting LIBOR figures which were misleading and did not represent genuine transaction rates of those banks.
In effect Barclays are saying they believed the generally quoted LIBOR rates were fiction.
What does that say for the integrity of the City of London?
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