Reforming the UN is hard–but so is fixing the global financial system. If you knew a major measure was broken, wouldn’t you assume that it would get fixed?
This is the story of Libor at present:
Unfortunately, nothing fundamental is being changed. Libor lives on. Regulators who wanted to change that, most notably Mr. Gensler, have been outmaneuvered by those who did not want to risk damaging one of the biggest and most lucrative markets around.