Libor must be scrapped–not fixed

Lauren RubensteinOctober 2, 20121min
To prevent cheating, Libor should be replaced with a market-based rate, says Grossman

In an interview with Law360, Professor of Economics Richard Grossman said recently proposed reforms to the London Interbank Offered Rate (Libor) following a rigging scandal are insufficient to prevent  future tampering with the rate. Instead, he says, Libor should be scrapped and replaced with a new, market-based rate to prevent cheating.

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