Libor serves as a benchmark for at least $360 trillion in securities.
lol wut? Feeding Frenzy If Wall Street Sues Itself
$360 trillion is not even a fathomable amount. Here’s what that looks like: $360,000,000,000,000.00. o_O! The entire world GDP is roughly $60 trillion. That is SIX TIMES more! Libor is the deciding rate for theoretical money of six times more value than the entire world economy (full disclosure: I do not understand economics).
Tens of billions of dollars are nothing more than a rounding error! Entire municipalities and states and COUNTRIES even could be in completely different situations based on a few decimal points!
The house always wins, you guys. Never forget.
