The investigations into LIBOR have highlighted that it is subject to manipulation. We examinea new method for constructing LIBOR that produces an unbiased estimator of the true rate.LIBOR itself is based solely on transactions. We allow for fines when a bank's transaction isdifferent than a...

The U.S. Department of Justice's pursuit of the participants in the LIBOR conspiracy almost exclusively through fraud claims stands in dramatic contrast with the European Commission's use of antitrust law to impose fines on the same parties for the same conduct. This short note describes the...