Well, I've only been in the banking business for creeping on 40 years, so I guess I'm just ill-informed.
It is a consensus based on who has how many chips in the game. It may be the consensus of 2, or it may be the consensus of 40. Depends on who is playing and in what amount on any given day.
Day-to-day market transactions is the way it works.
If you don't like that, amass hundreds of billions of dollars that you control and change it.
“Well, I’ve only been in the banking business for creeping on 40 years, so I guess I’m just ill-informed.”
I’m sorry. I didn’t take into account your omniscience.
I’m willing to sit back and listen to you explain the Libor mess. My apologies.