Too LIBOR, Too Late: Time to Move to a Market Rate

Michael Barr, Nov 28, 2012

But what about reform? Didn’t the British authorities just fix the problem?

No.

The “Wheatley Report” issued last month is definitely better than the status quo. It echoes a series of reform proposals first put out by the New York Federal Reserve Bank in 2008-making LIBOR less subject to manipulation, and requiring the auditing of submissions. This is all for the good. If we have to keep LIBOR, making it subject to greater scrutiny is definitely prefe