Global regulators looking into alleged manipulation of the London Interbank Offered Rate are focused on "Chinese walls" between employees who report interest rates and traders, sources said. The investigation is said to be exposing flaws in banks' internal controls. "I don't know how they will eradicate this," said Tom Kirchmaier, a fellow at the London School of Economics and Political Science. "The regulators have to rethink the way they set LIBOR."

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