问题如下：
which of the following statements about the failure of LIBOR is incorrect?
选项：
A.LIBOR was constructed from a survey of a small set of banks reporting non-binding quotes rather than actual transactions.
B.The banks can manipulate LIBOR submissions
C.Before the GFC, there were a lot of actual transactions underpinned the submissions for the longer LIBOR tenors.
D.due to regulatory and market efforts to reduce counterparty credit risk in interbank exposures, banks have also tilted their funding mix towards less risky sources of wholesale funding (in particular, repos).
解释：
C is correct
选项C的描述错误。正确的描述为：before the GFC, very few actual transactions underpinned the submissions for the longer LIBOR tenors.
GFC是啥
