THE WORLD'S MOST IMPORTANT NUMBER: How a web of skewed incentives, broken hierarchies and compliance cultures conspired to undermine LIBOR

• Published in: JASSA no. 2; p. 50
• Main Authors: Talley, Eric, Strimling, Samantha
• Format: Journal Article
• Language: English
• Published: Sydney Finsia - Financial Services Institute of Australasia 01.07.2013
• Subjects: Borrowing; Compliance; Corporate culture; Fines & penalties; Hypotheses; International finance; LIBOR; Regulatory reform; Scandals; Securities markets; Studies

To many observers, the recent scandal involving the widespread and recurrent manipulation of the London Interbank Offered Rate (LIBOR) may go down as one of the most significant and far-reaching events associated with the global financial crisis. And for good reason: by most estimates, an estimated...