# Prof. Roy Smith on the LIBOR scandal at Barclays

1 Faculty News July 2, 2012 ![MSNBC logo](/sites/default/files/styles/246w/public/assets/images/con_030725.jpg?itok=1TPLKUHG)>

Excerpt from [MSNBC](http://marketday.msnbc.msn.com/_news/2012/07/02/12527226-barclays-rate-fixing-scandal-could-wash-up-on-american-shores?lite) -- "'A bank’s board can only defend you to the death for a short time,' [Smith](http://www.stern.nyu.edu/faculty/bio/roy-smith) said. 'After that, the board will say it’s you or us, and so they’ll undercut you. Boards tends to get very skittish when their reputation is at risk.'"

[Read more](http://marketday.msnbc.msn.com/_news/2012/07/02/12527226-barclays-rate-fixing-scandal-could-wash-up-on-american-shores?lite)