[Scoundreller]

Libor was always a joke.

If you’re looking for a loan, why would you care what the average rate is between a number of providers? You’re going to take the lowest rate, right?

And then why would you throw out the lowest and highest values? One of those is the most competitive rates!

It also didn’t say anything about depth of market. A bank may have loaned you $1 at a low rate, but maybe not any more than that.

And then it was all self-reported, not based on market.