My personal diary of things that interest me, for those who know me, or would like to.
Thursday, 19 July 2012
Did the cheats get it right then?
I heard a pundit on the radio saying that the stability
of the LIBOR rate over a long period should have raised suspicions, as it was
out of kilter with the rates actually being traded in the market.There’s a profound contradiction here.If the markets were ignoring LIBOR, then what’s
it for?And if they weren’t, isn’t
stability exactly what we’d all like to see?