Shahien Nasiripour, Financial Times

The Federal Reserve Bank of New York was warned as early as mid-2008 that banks may have been misreporting their Libor borrowing rate to aid their own trading positions, much earlier than previously known.

Tim Geithner, then president of the New York Fed and now US Treasury secretary, was told by a senior colleague in a May 2008 email of her concerns about banks’ deliberate misreporting.

The email was part of an internal push among some at the New York Fed to press the Bank of England and the British Bankers’ Association to reform the benchmark lending gauge, known as the London Interbank Offered Rate.

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