Admissions Of Widespread Libor Manipulation Seemed Like NBD To Group Setting Libor

So, that's awkward.

Libor manipulation, pre-instant messaging.

This may help explain why the British Bankers’ Association isn’t setting Libor anymore, and also why Tom Hayes thought jiggering with the rate was just business as usual.

Numerous banks told the BBA officials that they or their rivals were submitting skewed data, according to internal BBA notes shown at the trial of former bank trader Tom Hayes.

Despite those warnings, the BBA official in charge of Libor, John Ewan, testified Monday that he didn’t act on the concerns because he didn’t recognize them as a serious problem at the time.

Libor Trial Hears Global Banks Submitted Skewed Data [WSJ]