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According to Yves Smith (Econned, p.149) a trader actually sold a financial instrument with a guaranteed return of

\[ \max(0, \mathord{\hbox{NP}} \times 7 \times ( (L^2 \times {1 \over L} ) - (L^4 \times L^{-3})) \times {\mathord{\hbox{days in the month}} \over 360 })\]
where \(\mathord{\hbox{NP}} = \$ 600 \) and \( L\) is the 6-month dollar LIBOR rate. (Somebody actually paid \( \$ 4\times {10^6} \)  a month for 3 years for this).

by gk (gk (gk quattro due due sette @gmail.com)) on Wed Jan 16th, 2013 at 07:35:37 AM EST
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