Indeed it is, and indeed getting it all wrong because on is chasing 5 basis points on a quote from LIBOR, and creating synthetic upon synthetic based on this qu

Indeed it is, and indeed getting it all wrong because on is chasing 5 basis points on a quote from LIBOR, and creating synthetic upon synthetic based on this quote. The quote being a single analyst calling up a trading desk for a market rate, sometimes getting a reply, sometimes not, if getting a rate often from not the stated markets contact, and if not getting any response just inputting the rate from the day before. Organisation setting LIBOR was doing no wrong, those playing it were, but those depending on it diverting any accountability to a black box of interest rates which was clearly not a black box. Absconding selves of responsibility. Markets are indeed allocations of capital. But only when markets dont' get wound up in local optimals. As LIBOR. And bring havoc to everyone.