Wednesday, 18 July 2012

  • AvatarYou posted a comment in America's toughest sheriff faces his reckoning · a day ago
    Well, as conspiracies go, it is just so easy. First you fake a birth certificate, then just sit back and wait until the baby is elected president of the United States. What could be simpler?
  • AvatarYou posted a comment in Bob did tell me to fix the rate, says Diamond's right-hand man · a day ago
    Hey, what is all this hoorah anyway? 
    1) the Libor is just an average of guesses: "At what rate could you borrow funds, were you to do so by asking for and then accepting inter-bank offers in a reasonable market size just prior to 11 am?”
    It does NOT ask "at what rate DID you borrow funds" but at what rate COULD you borrow funds
    2) The banks reporting their guesses to Thompson-Reuters have no legal requirement of accuracy and no duty of care to them or to the British Banker's Association
    3) The banks, arguably, do have a duty of care to their own shareholders. If reporting a high rate might damage the company or its profitability, reporting a,guess at the low end of your possible range might be defensible.
    The fact that a whole bunch of people rely on these guesses is their own fault. Caveat emptor.
  • AvatarYou posted a comment in James Moore: Danish distraction is why G4S is still in a right old mess · a day ago
    Of course, it might also have something to do with the government initially asking for 2,000 security staff - then increasing that to over 10,000 with little notice. Or that they government has drafted in troops because it decided it now needs 17,000.
    But reporting that would go against the narrative that the government and the Olympic Comittee is blameless: it's all GS4's fault.
  • AvatarYou posted a comment in BBC to be quizzed on employees who minimise tax· 2 days ago
    Good on them! We want everyone to pay more tax. 
    Except, of course, us.
  • AvatarYou posted a comment in John Kampfner: The price of our safety shouldn't be our freedom · 2 days ago
    You are so right, John: the government should make us 100% safe while not interfering with anything we'd like to do in whatever way we want to do it. And th

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