Most of us never heard of Libor before the latest scandal to hit the 24 hour news cycle. It is very easy to dismiss as something that doesn't effect me. Umair Haque defines Libor in a recent article in The Harverd Business Review. Take five minutes and read what Umair has to say. "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. This scandal isn't about price-fixing. … [Read more...]