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British Banking Part II

The British are annoyed. It seems the brand London Interbank Offered Rate ("LIBOR") has been somewhat sullied. Just about everyone sensitive to interest rates has had the bad news broken to them that LIBOR is the source of their ills. In the equation "LIBOR plus 2%" the "2%" isn't the problem. LIBOR is.
Well, that's not all of it. You see, the Brits are responsible for Structured Investment Vehicles too. Nicholas Sossidis and Stephen Partridge-Hicks are generally "blamed" for introducing us all to that particular bit balance sheet smoke and mirrors. You guessed it. Brits.
But then, it is sort of hard not to want to resent LIBOR as a structure, given its recently revealed susceptibility to manipulation by, ahem, Brits.
As for SIVs, there is nothing more reprehensible than giving Americans more excuses to move liabilities off of balance sheets without actually removing them off of balance sheets. Damn Brits.
NYBor [FT Alphaville]