Taking the L-I-E Out of Libor
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July 27 (Bloomberg) -- The recent revelations by BarclaysPlc probably spell doom for the London interbank offered rate,at least in its present form.
Many banks facing huge legal risks could decide to endtheir participation in the rate-setting process. And even ifmost institutions remain involved, Libor needs fundamentalreform if it is to restore its credibility as a benchmark forhundreds of trillions of dollars of financial contracts.