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"Some news reports indicate that although Barclays raised concerns multiple times with American and British authorities about discrepancies over how LIBOR was set, the bank was not told to stop the practice of suppressing rates," Neugebauer said in his letter to William Dudley, president of the New York Fed. Officials at the New York Fed confirmed that they had received the letter from the House subcommittee and said they would comply with the request for information by the Friday deadline. In a statement, the New York Fed said, "In the context of our market monitoring following the onset of the financial crisis in late 2007, involving thousands of calls and e-mails with market participants over a period of many months, we received occasional anecdotal reports from Barclays of problems with LIBOR." The statement said that in the spring of 2008 following the failure of Bear Stearns, officials at the New York Fed "made further inquiry of Barclays as to how LIBOR submissions were being conducted. We subsequently shared analysis and suggestions for reform of LIBOR with the relevant authorities in the UK."
[Associated
Press;
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