[clappski]

Then whoever taught that class didn't teach properly.

LIBOR is (s/is/was/g) the risk free rate of lending. After recent financial crisis, OIS treated as a more reliable index rate to use.

[artmageddon]

The spread between the two that is worth paying attention to, as well. Pre-crisis, the two were pretty much in lock-step with one another and no one cared about it. As the crisis emerged, and beyond, the two diverged significantly.