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Explaining LIBOR
Written by Pat's Papers | Friday, 28 September 2012 7:50 AM
New York Times writer Floyd Norris has an excellent explanation of why regulators in London are eager for changes to be made to the benchmark LIBOR interest rate. He writes: “There were two implicit assumptions in LIBOR. One was that banks were virtually risk-free…the other was that there was a way to actually calculate what the rate was. Both assumptions turned out to be wrong.”
SOURCE: New York Times
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