Commentary: Solution for Libor is "madness"

The cure for the London Interbank Offered Rate is to kill it, writes Richard Grossman, an economics professor at Wesleyan University. "One year after the news broke that banks were manipulating this vitally important interest rate, an independent committee appointed by the government has decided to hand over responsibility for Libor to NYSE Euronext," Grossman writes. "This is madness." Instead, the market should determine the benchmark, he says.

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