The London Inter Bank Offered Rate is a central benchmark for global financial markets. Known as Libor, the rate is an average of the interests banks charge to loan amongst themselves. It is a key to a wide range of contracts worth over 350 trillion US dollars. But it seems banks have been manipulating the rate for years. He Ping, Associate Professor of Finance from the School of Economics and Management at Tsinghua University; Bill Black, Professor of Economics and Law at the University of Missouri-Kansas City and Former Executive Director of the Institute for Fraud Prevention; and Justin O'Brien, Director of the Center for Law, Markets and Regulation in the faculty of Law At the University of New South Wales discuss the implications.