Regulators Declined Oversight

    LONDON, ENGLAND - JUNE 28:  The Canary Wharf headquarters of Barclays Bank, who have been fined 290 million GBP for manipulating the Libor inter-bank lending rate, on June 28, 2012 in London, England. British Prime Minister David Cameron has said the bank's management has "serious questions" to answer regarding their practices. Shares in Barclays have fallen 15% this morning.  (Photo by Oli Scarff/Getty Images)

    Oli Scarff / Getty Images

    In 2008, as concerns emerged among regulators that LIBOR—an international interest rate used to set prices on trillions in assets—was being rigged, many were unconcerned. According to a Friday document dump, the Bank of England repeatedly turned down calls for stronger oversight on bankers' role in fixing the rate. On Friday the British Bankers Association issued a blunt statement, heaping blame on the Bank of England and asserting that the nation's chief financial authority had turned down its requests for help monitoring the financial wrongdoing. The scandal exploded into the capital markets earlier this month, when the British bank Barclays admitted to the scam and agreed to pay $450 million in penalties.

    Read it at Wall Street Journal