gambling addicts. Libor-ace plays Vegas

what would say about people who insist on gambling even after their company
is bankrupt and on handouts, and even though their manipulation of
the economy has meant that the only game in town is their form of gambling?

are they addicts or what?

Or is it bigger than that? Is this mass psychosis when we, sensible blog
writers and readers, cannot muster even an internet hack-fest to show
the bankers that we're here and watching.

Rome is burning and we're just pulling our saint peters.

There's a fat market in derivatives, to the tune of 600+ trillion.

of that, 400+ trill are based on the European LIBOR (London rating) for interbank
loans. Well, one bank is suing a bunch of others for manipulating that rate.
And the reason is so that 400 trill won't have to be paid out. D-uh, winning. corruption!

checkitout: from Mish Shedlock
LIBOR Underpins $400 Trillion in Financial Derivatives
The IMF Global Financial Stability Review states "LIBOR rates are estimated to underpin some $400 trillion of financial derivatives contracts".
That is a direct quote on PDF page 16 if the IMF review. It clearly shows why banks have a huge incentive to lie.
Am I the only one who thinks $400 trillion tied to a made up number is insane? Hells bells, $400 Trillion riding on LIBOR would be insane even if the number was real. Heck, $400 Billion would still be insane.
Here is an interesting snip from PDF page 93 (report page 74) "given the huge outstanding amounts of derivative contracts and other financial instruments linked to term LIBOR and Euribor, these benchmark rates need to be maintained. Although the survey methodologies have been effective at eliminating most biases at the individual contribution level, proposals by the British Bankers’