[ by Melanie Gretchen ] British political and regulatory officials are demanding a major overhaul in the financial industry following incensed over charges that American and European banks, including Barclays and JPMorgan Chase, may have manipulated Libor, the London interbank offered rate.  The latest victim to fall is Angela Knight, who heads the British Bankers’ Association, which oversees Libor.  Ms. Knight will step down this summer after 5 years at the helm. Libor, a measure of how much banks charged each other for loans, is an important barometer of market interest rates and the health of the financial system.  Libor is used as a benchmark for more than $300 trillion in financial contracts.  In addition to the overhaul that many are demanding, there's increasing regulatory pressure on the on the British Bankers' Association to better understand how Libor is set.  Regulators around the world are also conducting their own investigation into the manipulation charges. For further details, go to [Dealbook, 4/2/12].