Joel Ross

Libor is going away and there is no final decision on what index will be used to replace it. Due to the manipulation of Libor by a few bankers in London, Libor will cease to be the index as it turned out it was never a real number. It was simple what a small group of London bankers decided it would be, and they made it so they could trade on it and generate illegal profits to their own book. It is proposed to now change it to a actual rate based on real transactions as measured by independent sources.