The British Bankers Association - the entity responsible for organizing and compiling the daily Lie-bor fixes, and which as Zero Hedge incidentally reported two weeks ago continues to report one absolutely meaningless and unchanged number in "Spirit Level... Or Li(e)bor [3]?" has just opined on the topic of massive Lie-bor fixing collusion and manipulation. In short: they are absolutely "shocked [4]."
"The British Bankers’ Association is shocked by yesterday’s report about LIBOR. The banks which contribute to the LIBOR rate must meet the necessary obligations to their regulators. The BBA has proactively co-operated with the authorities at every stage and will continue to work with the regulatory investigations into LIBOR, submitting information and making staff available for interview.
"The current LIBOR review, with which our authorities are fully engaged, has been underway since March this year and is considering all aspects including the setting process. As part of this review we will now be asking the authorities to consider in what manner the LIBOR setting mechanism should be regulated in the future."
Perhaps the BBA should have considered this... oh... years ago, when the media, well Zero Hedge, first brought up allegations of impropriety over 3 years ago [5]?
One thing is certain: the BBA will be even more shocked when the lawsuits start flying.