myp

I am sure all of you have heard of the LIBOR scandal in which Barclay's was involved (most likely with several other major banks) in which they essentially colluded to report lower borrowing rates (by small amounts ~1bp) in order to get LIBOR lower on given days. Given the tremendous number of assets and contracts that rely on LIBOR (in the trillions of dollars), some are calling this the biggest financial scandal ever.

So what are everyone's thoughts here and what should be done to prevent something like this again?