Countless municipalities, pension funds and hedge funds are conducting inquiries into losses and preparing lawsuits and financial bloggers are condemning the apparent fraud committed by bank employees, but one group can't seem to summon up much outrage over the Libor scandal: the companies whose funding costs are linked to the benchmark.

The Association of Financial Professionals, a trade organization with roughly 16,000 members, largely corporate CFOs and treasurers, says its phone lines have not been flooded with calls from angry members, and the reason is simple: They may actually have benefitted when traders from Barclays and other banks accused of manipulating Libor between 2005 and 2009 set the rate at artificially low levels.

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