``...I guess it's no surprise that lots of dumb Libor lawsuits have been and will be filed, or that when faced with the prospect of a zillion dollars of potential damages lawyers are being creative about expanding their target lists. The environment is just too tempting: if Libor is a benchmark for everything, then everything that happens can be manipulated by manipulating Libor. Sometimes -- swaps! -- that's true, or mostly true. Sometimes -- fixed-rate bonds of non-financial issuers! -- it's surely false. But with the pot of "everything" so large, there's a lot of potential upside in trying to confuse the two.''

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