Bank of England: "We Deferred To The Bankers" on Geithner LIBOR Warning

``"Both the Bank and the Federal Reserve were assured by the BBA that it would take on board the recommendations, either through actions or through questions on which it would consult," the BoE said in a news release.''

And here's another story taking Mervyn King to task on this:

When asked about Libor last month, Sir Mervyn said there had been discussions to reform the system in 2008 but "there was very little support... among the markets, among banks and, indeed, among our overseas colleagues to make the change". Those comments look difficult to square with Geithner's email. Now US treasury secretary, Geithner will himself be accused of failing to blow the whistle loudly enough given how clear cut the problems were, but at least he put it to his lips. Sir Mervyn, together with Lord Turner and Hector Sants at the FSA, look like they couldn't even find one.