"Every institution has the right to lose all their money if they want to, " said Vikram Pandit, the chief executive of Citigroup, at a presentation to the British Bankers Association Tuesday in a clear reference to Bear Stearns.

FORBES: Can Banking Shake The Crisis?

In response the British Bankers' Association (BBA) started publishing LIBOR rates in 1986 and they quickly became a vital reference point for the pricing of financial instruments.

ECONOMIST: A financial benchmark that badly needs an overhaul