``Snider and Youle were not the first to analyze possible Libor manipulation, which affects an estimated $360 trillion in financial contracts worldwide.

In 2008, a report by The Wall Street Journal suggested Libor-setting banks might have misreported their estimated borrowing rate in order to give the impression of reliability to the market during the credit crunch.

Subsequent academic studies also found evidence of distortions and anomalies in the Libor rates submitted by the banks.''

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