Question:

In their article "The Libor Scandal: A Need for Revised National and International Reforms", Girasa and Kraus (2014), describe the events surrounding the 2012 exposure of the LIBOR scandal.

1. Which financial institutions were found to be involved in the scandal and how were they penalised?
2. What alternative methods for determining LIBOR were suggested and have any of these been implemented since?

Reference:

Girasa, RJ & Kraus, RJ 2014, 'The Libor Scandal: A Need for Revised National and International Reforms and Regulations', North East Journal of Legal Studies, vol. 32, pp. 89-112.