“We found this market was really truly broken,” Gensler said of rates determined by Libor. “It’s so readily and pervasively rigged. That means that big banks easily lied about the most important interest rate at the core of the markets and it needs to be replaced because there’s no real underlying market.”
CFTC’s Gensler Says Regulators Reached ‘Right Balance’ On Rules
December 30, 2013
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