I actually kind of love competing with sports betting and similar negative sum behaviors for banks, but I have to believe a lot of the serious people involved would not love that.
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I wonder whether the bank hedged their exotic exposure here with an insurance company? “Hey can you make odds on an underdog winning a sports season.” “Heavens no, sir, do you take us for bookies?” “Oh it’s not that we’d actually suffer a loss if they won.” “Oh in that case.”
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At the risk of sounding naive, what’s a CD? Presuming not the plastic shiny thing with music inside?
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Certificate of deposit. They’re not that popular these days, but they are basically a savings account where the saver surrenders the right to withdraw on demand for a defined term and the bank compensates them with better interest.
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Anyone else interested in how they are modeling risk on what is effectively a retail derivative?
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This is the Wendy’s twitter equivalent for the financial sector, and I kind of hope it takes off. Banks are so lifeless and bland-corporate to interact with, at least this means someone at the bank is thinking about customer experience
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