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On the LIBOR, Geithner said that there would be more enforcement actions to follow but he refused to discuss whether any of the U.S. banks that participate in setting the rate were the target of investigations. He said that tough enforcement would be "critical to restoring trust and confidence in our financial system." Asked why it has taken four years to get the first enforcement case, Geithner said these types of investigations take time. Geithner said that the British authorities have not fixed all the problems with how LIBOR is set and that they need to go further in implementing reforms.
[Associated
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