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Banking Group Cancels Party This Week Following Libor Probe
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The British Bankers’ Association, the U.K. group that oversees the publication of London interbank offered interest rates, canceled a party scheduled for this week following the record fine against Barclays Plc for manipulating the benchmark.
“We regret the short notice but our industry needs to think long and hard about its collective behavior,” Angela Knight, the BBA’s chief executive officer, said in a memo obtained by Bloomberg News. “We believe that in the current circumstances it would be wrong to proceed with the reception on Wednesday evening.”