By The Associated Press
NO CLUE: The governor of the Bank of England said U.S. authorities did not show him any evidence of manipulation of a key market rate when they raised concerns in 2008. Conern about the London interbank offered rate, or LIBOR, was focused on what it showed about the state of banks, Mervyn King told a House of Commons committee.
NO IMPLICATIONS: King said proposed procedures from the New York Fed in 2008 that aimed to prevent misreporting of rates were intended as a safeguard, and did not imply evidence of misreporting.
IN THE NEWS: King said the first he knew of any alleged wrongdoing during 2008 "was when the reports came out two weeks ago" about UK lender Barclays manipulating LIBOR between 2005 and 2009.
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