If “fixed” is defined as “rigged” or “illegally prearranged,” then yes, it certainly can. Whether the now infamous London Inter-bank Offered Rate (Libor) can be repaired is another question entirely.
British and American banking regulators are presently attempting to answer that question. Despite the gross malfeasance exhibited in the rigging of the Libor, the rate continues to be used as a benchmark for global financial dealings, including adjustable rate mortgages (ARMs) in the U.S.
In fact, Gary Gensler, the Chairman of the U.S. CommodityA marketable good or service. Futures Trading Commission (CFTC) and the main bulldog in charge of investigating the Libor on behalf of the U.S., recently testified before a British Parliament committee that Libor is still being held artificially (and fraudulently) low.
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