A few weeks ago the Times reported about a quiz on financial topics for trainee lawyers starting with the law firm Freshfields (noted on Siemslegal here). Somehow related, today's Times has a very amusing article (available here) on asking ordinary people what they understood by the terms "hedge fund", "derivative", "sub-prime market", "short selling", "fiscal stimulus", "arbitrage" and "quantitative easing". You can pick your own favourites but some answers include:
- Arbitrage: "It sounds French to me - a new type of blancmange perhaps?"
- Fiscal stimulus: "Physical stimulus? I was going to say something rude. But it must be something that gets you thinking, something that gets your brain into gear."
- Sub-prime market: "Sub-prime? Like Subway? The sandwich shop?"
- Hedge fund: "Well, it's obviously a fund that the Government is obviously putting in place to help businesses out of difficulty."