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Libor what is it good for?

LiborBanker

Today city trader Tom Hayes was banged up for 14 years for conspiracy to defraud. He got done for fixing the global Libor interest rates. Allegedly the rigging is widespread.

So I read that the apparent Libor money benchmark, gets swizzed around in exchange for a mars bar. Why are they still using it? Hasn't Libor become a rotten bench. How much could you fix for a battered mars bar?

Here's a BBC report about the court verdict - http://www.bbc.co.uk/news/business-33763628

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