American authorities did not warn British officials about the rate-rigging scandal at the height of the financial crisis in 2008, according to documents released by the Bank of England on Friday.
The e-mails from the British central bank shed new light on conversations between Mervyn A. King, the Bank of England governor, and Timothy F. Geithner , who was head of the Federal Reserve Bank of New York at time of the discussions.
The documents will increase pressure on American and British officials, who have come under mounting scrutiny from politicians about why they did not respond more quickly to potential illegal activity at some of the world's largest banks.
Paul Tucker, the deputy governor of the Bank of England, talked to Barclays and a number of other global banks during 2008 about potential problems with how the London interbank offered rate, or Libor , was set, according to documents released on Friday. Despite the conversations, some traders and senior executives at Barclays continue to alter the rate until 2009.
The e-mails outline the Bank of England's discussions with both the New York Fed and the British Bankers' Association, the London-based trade body that oversees Libor. The conversations center on concerns about how the rate was set.Page 1 of 5 | Next Page