By Randall Palmer – Central bankers and regulators will hold talks in September on whether the troubled global Libor interest rate can be reformed or whether it is so damaged that the benchmark of borrowing costs should be scrapped.
Fed Chairman Ben Bernanke and global financial regulator Mark Carney, who is also governor of the Bank of Canada, on Wednesday floated possible alternatives to the London interbank offered rate, which some bankers manipulated in the 2007-09 financial crisis.
U.S. Treasury Secretary Timothy Geithner was forced to defend himself on Wednesday (July 18) against criticisms that regulators should have taken bigger steps to address concerns over Libor. more> http://tinyurl.com/ce4otth
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