| | Most of this went by me. I finally looked it up.
"The London Interbank Offered Rate is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. It is usually abbreviated to Libor or LIBOR, or more officially to BBA Libor (for British Bankers' Association Libor) or the trademark bbalibor. It is the primary benchmark, along with the Eurbor, for short term interest rates around the world. ... Among the abuses being investigated were the possibility that traders were in direct communication with bankers before the rates were set, thus allowing them an advantage in predicting that day's fixing." --
http://en.wikipedia.org/wiki/Libor
This seems like more of the same government intervention in something they cannot understand and with which they have no moral right to be involved. Sort of like defining the pitch of self-tapping sheet metal screws.
I know that there is an attempt here on RoR to view "insider trading" (so-called) as a violation of someone's contract rights. I did not even bother to read it. " Complaints of "insider trading" are an example of the "ignorance is bliss" school of economics in which no one knows nothing not known to everyone equally. In fact, a long time ago, browsing the doctoral dissertations in the Michigan State University library, I came upon one from a Divinity candidate on the nature of angels. Do they all know immediately what any one of them learns? Miraculous, indeed...
Well, I have to go take some slacks to the tailor's this morning. I have no idea what they will charge... maybe I should call and ask. But that would be scandalous, would it not?
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