In “That’s cute from a product development perspective but how did your regulators sign off on it” news, a Japanese bank has just introduced a CD which you purchase before the season which pays 1% APR if an underdog wins, 0.50% if they take 2nd or 3rd, and 0.02% otherwise.
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Replying to @patio11
At the risk of sounding naive, what’s a CD? Presuming not the plastic shiny thing with music inside?
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Replying to @thisischarlied
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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Replying to @patio11
A way to get around a cultural aversion to gambling?
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Replying to @thisischarlied
"A cultural aversion to gambling" is not frequently ascribed to Japan.
6:23 PM - 24 Feb 2019
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