Fed knew about Libor rigging in 2008 (And MLI readers knew in 2012)

The US Federal Reserve knew about Libor rigging three years before the financial scandal exploded but did not take any firm action, documents have revealed. According to newly published transcripts of the central bank's meetings in the run-up to and immediate aftermath of the collapse of Lehman Brothers, a senior Fed official first flagged the issue at a policy meeting in April 2008.

Give yourself a pat on the back if you have been reading ML-Implode since at least mid-2012, because you already knew this:

• Libor Scandal Timeline: What Did the Fed Know and When Did it Know It?
• Tim Geithner "Aided and Abetted" LIBOR Crimes: Jim Rickards
• Insight: Fed knew of Libor issue in 2007-08, proposed reforms
• New York Fed's Libor Documents Reveal Cozy Relationship Between Regulators, Banks