This chapter charts the loss of faith in LIBOR that began to set in during the Financial Crisis, particularly following two articles in the Wall Street Journal. Investigation by the regulators subsequently revealed that a number of early warnings had been overlooked, and that certain banks had been distorting rates since at least 2005. Drawing on FSA reports, the chapter demonstrates the day-to-day manipulation practiced by traders at Barclays, the Royal Bank of Scotland and UBS.
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