U.S. Regulator Suggests LIBOR Often Completely Made Up

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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.

BBC News reports that he suggested that the rate was often 'completely made up'.

A number of banks have been fined hundreds of millions of pounds for rigging the lending rate. Gensler is in London to meet officials at the Financial Services Authority, the City watchdog.

Libor, which is set in London, is meant to reflect the average rate that banks pay to lend to each other and is used to benchmark everything from car loans and mortgages to complex financial transactions around the world.

Hit the link below to access the complete BBC News article:

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