It’s time to play survey results versus revealed preferences. First:
A key interest rate for more than $500 trillion of securities worldwide will be replaced by a benchmark subject to greater government control, according to a plurality of global investors.
Forty-four percent of those responding to a quarterly Bloomberg Global Poll said the London interbank offered rate, known as Libor, will be supplanted by a more regulated model within five years. Thirty-four percent predicted the rate will continue to be set by banks in the current fashion, while 22 percent said they didn’t know.
That’s from a poll of 847 randomly selected Bloomberg users, which is sort of a fascinating data set; like, Dealbreaker is a Bloomberg user (but, sadly, not surveyed). The substance is interesting too, beyond the Libor question.*
But, anyway, the Libor question: the plurality answer is “Five years from now, do you think LIBOR will … Be replaced by something more like a government-run rate.” What is a government-run rate? Meh, whatever, but have a look at revealed preferences:
That is from LCH.Clearnet’s data depository of cleared interest-rate swaps and actually tells you nothing about what we’re talking about but it looks pretty. Read more »
In spite of JPMorgan Chase’s well-publicized loss of more than $5 billion, just 14 percent of Americans polled correctly identified C.E.O. Jamie Dimon as a New York banker. Sixty-six percent say they don’t know who he is, while 9 percent believe he’s a Texas congressman, 7 percent think he’s an X Games skateboarder, and just 4 percent believe he’s a daredevil motorcyclist. [VanityFair]
The good news, if you’re the boss, is only 11 percent of employees polled would dare to make good on threats to quit without having something else lined up. [FINS]
Thursday afternoon marked a turning point in the Raj Rajaratnam trial. While jurors had already been played tapes of Raj complimenting Danielle Chiesi on how she “played” a tech exec into giving her material non-public information and one of him telling a friend he knew to buy shares of a company because “one of our guys is on the board,” been told that his brother felt the need to destroy his “private notebooks,” and heard testimony from a former McKinsey exec that Raj paid him $1 million for his tip about AMD’s acquisition of ATI, they’d yet to be shown evidence of the Galleon founder’s massive pair. Until yesterday. Read more »
In 2010, Bank of America posted a profit of negative $2.2 billion. For 2011, the goal is to stop losing money and start making it, stat. And it’s not just like a wish list, “it would be great if we could do this, if not, no biggie” type goal but a deadly serious one. So much so that it needs a special codename: Project New BAC, an initiative that was unveiled to employees yesterday by Brian Moynihan. Read more »
Joel Stein is a reporter for Time magazine writing his first book. It’s about “learning, at 39, how to finally become a man.” In addition to “the typical red state stuff” (4 days of basic training in the army; fight Randy Couture from the UFC; hunt; do a shift as a fireman; fix a house; work in the pit crew at a car race), there is a chapter about Wall Street. That’s where you come in. Read more »
And what was this about?
No matter what your level of sobriety during last night’s game in Dallas, you should all be able to recall just how much the commercials sucked. From the Chevy that lets you get Facebook updates while driving to immediately confirm you’re a dipshit* who just found your soul-mate (i.e. a person who feels compelled to tell people she hasn’t spoken to in ten years she just went out on “the best first date ever”), to secondhand embarrassment for Eminem,** to ‘get hit in the balls with a can of Pepsi Max,’ they were all really, really bad. Even when there were flickers of something that had potential, like the licking Doritos off your co-workers’ fingers: Read more »
Your help is needed. Read more »
Or the 32 percent who think their number is pretty fair? Or the 56 percent who think they should get more? Or the 9 percent who don’t want to talk about it? You’re in a safe space— open up. (Related: apparently a higher percentage of the men than women polled thought their number was unfair, if you can believe that.) [Esquire]
As we previously wrote, Nouriel Roubini’s had enough with the Dr. Doom nickname. CNBC polled its audience and came up with some names. We also asked you to help him find a new name, and we have to say, you guys came with way better ones. Roubi-boy’s got friends in you. Both results below.
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