For the next round, I'm proposing a new instrument to be known as the "Squibble", which will have an unknown and unknowable face value based on a secret random numbers table, a payout schedule to be determined by spinning a big wheel installed in the company's headquarter lobby for that purpose, and a structure to be arbitrated under the financial laws of a country picked at random every quarter.
This will prevent anyone from definitely stating that the banks are undercapitalized. It will also provide financial journalists with some much-needed entertainment.
Monday, February 23, 2009
Can we get Pat Sajak as Commerce Secretary?
Megan McArdle has some new ideas to deal with the banking crisis:
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