So there was a massive incentive to try and manipulate that rate.

BBC: Barclays 'attempted to manipulate interest rates'

This involved a decision by Barclays to manipulate the rate during the credit crunch of 2007-08, with the purpose of avoiding the impression that Barclays was in trouble.

BBC: The strange silence and an absence of information

In one instance a trader would regularly shout out to colleagues that he was trying to manipulate the rate to a particular level, to check whether they had any conflicting requests.

ECONOMIST: The LIBOR scandal: The rotten heart of finance | The

But Ms Brainard also said the G20 must not let countries manipulate their exchange rate.

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Last year, UBS was among several banks fined by regulators for attempting to manipulate the Libor rate.

BBC: UBS logo

'We don't intend to drift back to anything which seeks to manipulate our exchange rate, ' he said.

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The DoJ says he bribed fellow employees to help him manipulate the Libor rate, according to details released by the Department of Justice.

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The government-controlled agency alleges in its lawsuit that banks colluded to the manipulate the Libor rate causing it to lose money on products such as mortgage bonds and swaps tied to the rate.

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They firmly blamed the bosses of Barclays bank for the way their staff tried to manipulate the Libor rate-setting process at various times between 2005 and 2009, in what the committee's chairman called a period of "extremely weak internal compliance and board governance at Barclays" and a "failure of regulatory supervision".

BBC: Libor scandal: MPs demand changes over rate-rigging

In short, regulators believe banks lied about their own rates or perhaps even colluded to manipulate the daily benchmark rate.

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In finding Barclays guilty of attempting to manipulate the important Libor borrowing rate, the benchmark rate for bank-to-bank lending, the Financial Services Authority (FSA) made an elliptical reference to this conversation.

BBC: What did Bank of England say to Barclays about Libor?

There was one other thing that Mr Tucker was adamant about, which was that he received no request from any civil servant or minister in the last Labour government to put pressure on Barclays to manipulate its submissions to the Libor rate-setting committee.

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The FSA found evidence that Barclays, sometimes working with staff at other banks, had tried to manipulate Libor (the London Inter-Bank Offered Rate) and its European equivalent Euribor between 2005 and 2009.

BBC: Bank inquiry launched after Libor rate-rigging scandal