Business

US treasury wanted Libor reforms

NEW documents show United States treasury secretary Timothy Geithner pressed the Bank of England four years ago to make changes to the key interest rate Libor.

More than a dozen banks are under investigation over suspected rigging of the rate.

The London interbank rate, also known as Libor, influences interest rates globally, from mortgages to credit cards.

In 2008, Mr Geithner, as head of the New York Federal Reserve, sent a private email to the Bank of England governor Mervyn King and recommended six ways to enhance the credibility of the rate.

The email, which included a two-page memo, has been obtained by the Washington Post.

Read more at ABC news online.

Topics:  banking, big banks


Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Oceans of fun for hundreds at Byron Bay swim

TOP GUNS: Brother and sister Bayley and Maddison Armstrong, from Miami on the Gold Coast, won the Men's and Women's race in the Superfish category by a long way at last weekend's Byron Bay Property Sales Ocean Swim Classic. Photo Christian Morrow / Byron Shire News

A total of 937 swimmers took to the water

WATCH: Bong throwing at Nimbin MardiGrass

GO LARGE: Mark visiting from Brisbane scored a huge 30-plus metre throw at the MardiGrass bong throwing competition.

No shortage of brave (or foolish) competitors in the "Hemp Olympix".

Latest deals and offers

Motivated job seekers to be given extra $100 a week

MOTIVATED young job seekers will be $100-a-week richer if they take up training and internships under new incentives to get into the workforce.

Oceans of fun for hundreds at Byron Bay swim

TOP GUNS: Brother and sister Bayley and Maddison Armstrong, from Miami on the Gold Coast, won the Men's and Women's race in the Superfish category by a long way at last weekend's Byron Bay Property Sales Ocean Swim Classic. Photo Christian Morrow / Byron Shire News

A total of 937 swimmers took to the water

WATCH: Bong throwing at Nimbin MardiGrass

GO LARGE: Mark visiting from Brisbane scored a huge 30-plus metre throw at the MardiGrass bong throwing competition.

No shortage of brave (or foolish) competitors in the "Hemp Olympix".

Moonshine Ochre a shade of Blues

ON STAGE: Gold Coast band Mescalito Blues.

GOLD Coast band Mescalito Blues are a regular fixture

Never weary of Bingham’s music and his crazy heart

George Ryan Bingham is an Americana singer-songwriter currently based in Los Angeles, California.

RYAN Bingham became a global sensation in 2010

Shakespeare at Byron just As You Like It

Rosalie Craig in As You Like It, produced by the UK's National Theatre Live.

SHAKESPEARE’S glorious comedy of love and change comes to Byron

ACF take Minister to Court

ACF chief executive Kelly O'Shanassy

The Australian Conservation Foundation go to court to stop Carmichael mine.

Dash Cam: Roo takes on car

Kangaroo leaps car.

Kangaroo could have kept going, jumps car instead.

British family bashed in Thailand

Family beaten and kicked unconscious by gang in Thailand.

Family beaten and kicked unconscious by gang in Thailand.

How a sacked real estate agent made $725k in four months

Agent is now under investigation by the industry watchdog

VIDEO: Art Deco fan pays $835,000 for Imperial Hotel

No Caption

Iconic "Impy" sold at a bargan price to bidder who loves Art Deco.

RBA warns of future apartment oversupply

Toowoomba: Crest Apartments and Burke & Wills, Ruthven Street ( view from Neil Street) Photo Bev Lacey / The Chronicle

RBA says oversupply of apartments poses risk to household finances