@ liarpalmowski: Completely agree with you. the BBA was the association managing the LIBOR, and failed to that adequately. When confronted, Angela Knight chose to blame "third parties" for not picking up the manipulations, the BBA didn't even take up suggestions by the US fed to anonymise data (thereby reducing the incentive to manipulate). To let a trade association run by banks manage a benchmark that is based on hypothetical positions makes no sense. It all smells rather too much of the foul odour of conflict of interest.
Let us be clear: Ms Knight either knew about the policies of Barclays and RBS in regard to interest rates, in which case her silence is criminal, or she did not, in which case her ignorance inspires no confidence.
@ liarpalmowski: Completely agree with you. the BBA was the association managing the LIBOR, and failed to that adequately. When confronted, Angela Knight chose to blame "third parties" for not picking up the manipulations, the BBA didn't even take up suggestions by the US fed to anonymise data (thereby reducing the incentive to manipulate). To let a trade association run by banks manage a benchmark that is based on hypothetical positions makes no sense.
It all smells rather too much of the foul odour of conflict of interest.
Let us be clear: Ms Knight either knew about the policies of Barclays and RBS in regard to interest rates, in which case her silence is criminal, or she did not, in which case her ignorance inspires no confidence.