Will UK alter LIBOR or remake it ?

This report is coming from British authorities after the recent LIBOR scam in which multiple banks have been accused of trying to manipulate Libor rate for their own benefit or for clients.
According to British authorities the LIBOR system should be changed but not tossed out.

 

Check out what this LIBOR scandal means to you.Up w/ Chris broke down the LIBOR scandal

 

What is LIBOR

Libor - the London Inter-bank Offered Rate - is calculated from banks' estimates of how much it costs them to borrow from other banks, and is then used as a reference rate to determine the interest charged on loans to companies and individuals.Those who are guilty will face court : criminal prosecutions will be carried on for those who have manipulated it.