Bloomberg noted in a story today (8/10/12) that Mark Calabria at the Cato Institute said it was ultimately up to the British to deal with the manipulation of LIBOR, as only three of the 18 banks that set the London interbank offered rate are based in the U.S.

Commenting on Timothy F. Geithner’s role in unearthing the scandal, Calabria noted that, “Geithner is not the primary person in the world responsible for LIBOR”, Bloomberg quoted Calabria as saying. “There were items on that memo that were absolutely first and last the responsibility of the British Bankers’ Association and by extension the Bank of England.” Calabria was referring to the memo that Geithner sent to the BBA in June 2008 when the Treasury chief was president of the New York Fed.

To read the full Bloomberg story click here.