EI Vice President Stuart Gurrea and EI Principal Jonathan Neuberger co-authored an article entitled “Economic Harm and LIBOR Manipulation.”

This article was published in the Spring 2013 edition of “The Exchange,” a periodical of the American Bar Association.  According to the authors, distorted LIBOR submissions may cause several different types of economic harm, and each of these types must be measured in a different way. The economic harms from making false LIBOR submissions can be categorized into three groups: the direct harm that results when investors rely on false submissions; the indirect harm associated with the effect that the misreporting of submissions has on LIBOR rates; and the more general systemic harm associated with the manipulation of a key benchmark interest rate.