Apparently, out of the UK, the LIBOR rating was subject to cooking the books, undermining trust in the system.
http://cnnradio.cnn.com/2012/07/09/libor-not-a-science-fiction-monster/?hpt=hp_t2
http://www.businessweek.com/news/2012-07-09/libor-criminal-probe-cftc-bank-exemptions-canada-compliance
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