US warned Bank of England over LIBOR in 2008

The US Treasury Secretary Tim Geithner warned Mervyn King and colleagues at the Bank of England about problems with the LIBOR rate in 2008, years before the scandal was revealed.

In an email sent from Geithner (pictured) when he was president of the Federal Reserve Bank of New York, he warned Bank of England Governor King about the 'integrity and transparency' of the London Inter-Bank Offered Rate (LIBOR). Sent in May 2008, the correspondence - which was also sent to the Bank of England's deputy governor Paul Tucker - set out six ways for the Bank to 'enhance the credibility of LIBOR'. The US authorities suggested strengthening the governance of LIBOR, and called on the British Bankers' Association (BBA) to work with LIBOR panel banks to "establish and publish...