# Prof. Thomas Cooley on the LIBOR scandal

1 Faculty News July 19, 2012 ![Council on Foreign Relations blog logo](/sites/default/files/styles/246w/public/assets/images/con_030870.jpg?itok=byjB3w4b)>

Excerpt from [Council of Foreign Relations](http://www.cfr.org/uk/understanding-libor-scandal/p28729) -- "It distorts trust in the marketplace if you can't trust the rates at which banks are lending to one another,' says [Thomas Cooley](http://www.stern.nyu.edu/faculty/bio/thomas-cooley) of New York University's Stern School of Business. "

[Read more](http://www.cfr.org/uk/understanding-libor-scandal/p28729)