Substituting the discount rate for the ever increasing chance of death and a dollar for joy, joy today is worth more than joy tomorrow.
So why didn't ABCP investors -- at least the large institutional investors -- have a better grasp of the uncertain nature of market disruption triggers as defined under Canadian-style liquidity? Probably because the contracts were not available for review to investors wishing to purchase ABCP -- yet another example of the lack of transparency surrounding the distribution and sale of this product.
Back from the Brink: Lessons from the Canadian Asset-Backed Commercial Paper Crisis
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So why didn't ABCP investors -- at least the large institutional investors -- have a better grasp of the uncertain nature of market disruption triggers as defined under Canadian-style liquidity? Probably because the contracts were not available for review to investors wishing to purchase ABCP -- yet another example of the lack of transparency surrounding the distribution and sale of this product.
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The things she said seemed to have very little relation to the last thing she had said a minute before. She was the sort of person, Tommy thought, who might know a great deal more than she chose to reveal.
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