Martin Wheatley, the head of the U.K. Financial Services Authority, has announced that one of the suggested solutions to the London Interbank Offered Rate (Libor) scandal will be to eliminate the program and replace it with an interbank borrowing rate based upon actual trades. Wheatley further recommends that the new borrowing rate be supervised by an independent body, rather than the British Bankers’ Association, as well as possible criminal sanctions for any future rate manipulations. (“FSA suggests Libor should be scrapped,” The Financial Times, August 9, 2012).