In the ongoing reincarnation of Lie-borgate (because as Jon Weil reminds everyone [4], this is nothing new under the sun, except for a few e-mails, and a bottle of Bollinger), there is just one missing link right about now. From Bloomberg, April 16, 2008 [5]:
"It's very important to us that we preserve the integrity of the figures," said Lesley McLeod, a BBA spokeswoman in London. "It's something we have been looking at. If we find that people have been putting in figures which don't reflect accurately their financial figures, the ultimate sanction is to throw them out of the pond.''
And just so there is no confusion, from the NYT, June 6, 2008 [6]
The British Bankers Association (BBA) -- which oversees the daily benchmark setting process -- in April announced that it was bringing forward its annual review of the process. It stated that any member found to be deliberately misquoting would be banned.
So: Will the British Bankers' Association now ban Barclays as it said it would? After all, there is all that "integrity" to be preserved.