An unidentified Barclays official admitted to the New York Federal Reserve that the UK-based bank was under-reporting interest rates used to calculate Libor back in April 2008, according to new documents released Friday by the central bank. The reports made their way through top brass at the Federal Reserve Board of Governors and the Treasury Department, and Timothy Geithner, then president of the New York Fed, warned other U.S. agencies that the bank was filing false reports on Libor, the documents show. A scandal concerning the manipulation of Libor, the benchmark rate set in London used to determine global interest rates, has embroiled officials in Britain and Washington over the past two weeks.
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