Bank of England: No proof LIBOR was rigged

Bank of England governor Mervyn King
Press Association via AP Images

(AP) LONDON - The governor of the Bank of England says U.S. authorities had not shown him any evidence of manipulation of a key market index when they raised concerns in 2008.

Mervyn King told a House of Commons committee Tuesday that during the 2008 financial crisis, there were lots of concerns being raised about what the London interbank offered rate, or LIBOR, was indicating about the state of banks. However, there were no fears being voiced about misreporting.

Bank of England: Geithner offered LIBOR advice
LIBOR 101: Why you should care
American cities hurt by LIBOR mess

Committee member Michael Fallon pressed King on why Geithner, then president of the New York Federal Reserve, in 2008 proposed "procedures designed to prevent accidental or deliberate misreporting."

King said, "That isn't the same as saying you've got evidence that there is misreporting, nor did the Fed or anyone else send us any evidence of misreporting."