Author Archives: Lambert Strether

US University Science: The Shopping Mall Model

US universities resemble high-end shopping malls. They use nice buildings and good reputations to attract good students and good faculty. To pay for this, external funding – once viewed as a luxury – is a necessary condition for tenure and promotion. This column argues that this model emerged at the initiative of universities not the federal government. Today’s stress is the harvest of what universities and faculty sowed in the 1950s and the 1960s.

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Bill Black: The Most Dishonest Number in the World: LIBOR

LIBOR is actually many numbers that depend on the currency and term (maturity) of the loan.  The collusion involved manipulating most of these rates.  A vast number of loans and derivatives are priced off of these “numbers.”  Estimates of the notional dollar amount of deals affected by the collusion range from $300-550 trillion in deals manipulated at any given time.  The LIBOR frauds began no later than 2005 and continued through 2011.

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