Bernanke Says Fed Has Limited Influence Over Libor

Law360, New York (July 17, 2012, 3:08 PM EDT) -- Federal Reserve Chairman Ben Bernanke on Tuesday told a Senate panel that the London interbank offer rate, the key benchmark currently at the center of the latest banking scandal, was unreliable and required major reforms.

Bernanke faced a steady stream of questions over manipulation of Libor at many of the world's largest banks, a scandal that re-emerged in late June after Barclays PLC paid more than $450 million to settle manipulation allegations.

“The actions of traders and banks that have been disclosed are not only very...
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