In addition, the scandals and mistrust related to the  1 Originally developed to facilitate cross-border lending between banks, LIBOR and other  benchmarks offer measures of prevailing interest rates on which standardized contracts can be based.
For example, an individual or firm may borrow money today and pay the lender interest based on market interest rates, as measured by a financial benchmark, over the course of the loan. I would like to thank Paul Chilcott, Harri Vikstedt, Scott Kinnear and Sheryl King for their help in preparing this speech.