Wall Street's High Crime Area, Libor Scandal Expands, Confidence Crisis, and More
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