MPs to grill FSA chief Turner on LIBOR fixing

The Telegraph said the Treasury Select Committee will ask why the FSA did not move on LIBOR fixing when US regulators spotted the abuses five years ago. The watchdog's prudential business unit Andrew Bailey and its acting director of enforcement and financial crime, Tracy McDermott, will also face questions. The report said the committee is likely to raise questions over the relationship between the FSA and the Bank of England. According to American documents, released on Friday, Tim Geithner, now US Treasury Secretary but then the head of the New York Fed, warned Sir Mervyn King abou...