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Internal New York Fed reports also show regulators were concerned about the accuracy of the LIBOR rate. And in a June 5, 2008 report to a group of U.S. federal regulators, analysts at the New York Fed cited possible misreporting of the rate. While Geithner expressed concerns to the British central bank, it wasn't until last month that U.S. and British regulators won a settlement with Barclays and imposed fines. It isn't clear why Geithner didn't make his concerns public after he sent the email in 2008. Treasury spokeswoman Natalie Wyeth declined to comment on the subject Friday. The New York Fed released the documents at the request of Rep. Randy Neugebauer, R-Texas, who heads the House Financial Services investigative panel. "As much as $800 trillion in financial products are pegged to LIBOR, so any manipulation of this rate is of serious concern," Neugebauer said in a statement Friday. "We'll continue looking into this matter to determine who was involved in this practice and whether it could have been prevented by regulators." Sen. Tim Johnson, chairman of the Senate Banking Committee, said Geithner and Federal Reserve Chairman Ben Bernanke should be prepared to answer questions on the subject when they appear before his committee later this month. The chairman of Barclays, Bob Diamond, resigned last week and had to forfeit up to $31 million in bonuses and incentives.
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