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Thursday, September 20, 2012

Confidential Study Reveals Global Finance Is One Big Guesstimate

A few months ago, when the Libor-rigging scandal hit, casual finance-watchers were aghast at the idea that an interest rate that was used to set rates on trillions of dollars of mortgages, car loans, and other financial products was essentially calculated by polling a few banks and expecting them not to lie to everyone. The most important number in global finance run on the honor system? Couldn't be.
But it was, and Libor was in fact undone by its own trusting nature. As we now know, a coalition of overgrown frat boys conspired to rig the rate, jettisoning the gentleman's honor of Wall Street past and paving the way for Bob Diamond's ouster.
But you can trust those poll numbers that show Obama winning when you ask 45 Democrats, 30 Republicans and 25 Independents ... can't you?  Huh?  Can't you?  Especially when most people say that the country is on the wrong track and Romney is getting a majority of the Independents.  

Pull the other one. 

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