The Libor scandal continues to spread, with more banks and regulators being placed under the microscope for their involvement in rate rigging. Meanwhile, Wall Street's image continues to take a pounding while UBS Americas' chairman strikes out on his own.
July 20, 2012
3. Fuzzy Math
What has emerged from this in terms of policy suggestions is that any rate which is based on estimates rather than actual financial transactions is highly dubious.
— Justin O'Brien, director of the center for law, markets and regulation at the University of New South Wales in Sydney, on why banks across the globe are pulling out of interest rate setting panels, similar to Libor
Source: MSNBC: Banks Pulling Out of Rate-Setting Panels in Wake of Libor Scandal
