To the long, dismal list of fatally broken institutions — GDP, governments, schools, corporations — we can add the mysterious Libor, and its conveniently comfortable calculation. It’s difficult to overstate what a pillar of the global economy Libor is — it’s used in setting interest rates that affect the daily lives of pretty much every citizen of every advanced economy across the globe. And it’s difficult to overstate how troubling it is that this, too, is an institution rigged by the few, for the few; that this institution too, is, corrupted.
The Libor Scandal and the Price of Prosperity
To the long, dismal list of fatally broken institutions — GDP, governments, schools, corporations — we can add the mysterious Libor, and its conveniently comfortable calculation. It’s difficult to overstate what a pillar of the global economy Libor is — it’s used in setting interest rates that affect the daily lives of pretty much every […]
June 29, 2012
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New!
HBR Learning
Ethics at Work Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Ethics at Work. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Avoid integrity traps in the workplace.