WOW!
LPS5, you've outdone yourself. You can write brilliantly, if not convincingly, when you chose to. Or when inspired is probably more like it.
As regards moi as a tin-pot dictator - ROTFLMAO, I loved that send-up. Me and the Kingfish alright... Hehe. For those who are clueless, the Kingfish was Sen. Huey Long (D.-La.) a corrupt populist of the 1930's who was a nemesis of the Right and of FDR within his own party.
Now, about this customer vs. seller relationship, I'll remind you once again of our discussion from last winter. You'll recall that I was in Frank Partnoy's camp regarding SSFs.
nytimes.com
This is prima facie evidence of the underwriters writing their own laws for their own benefit. You, of course, disagree.
Being intrigued by Partnoy's views, I read his book, F.I.A.S.C.O.
amazon.com
Contained in the book was an absolute jewel regarding a derivatives trader for the Morgan Stanley Derivatives Products Group. Partnoy was in the group as a "creator" of derivatives products. He overheard a conversation between the trader and the trader's customer, a treasurer at a small Mid-western insurance company, as the trader explained how the customer had just lost $7MM on a derivatives instrument the customer had bought on faith. The trader pointed out the fine print at the bottom of page 17 of the document that tied the treasurer's hedge on the Japanese yen to the relative level of the Thai baht. The treasurer was simply not aware the baht was part of the calculation. He was however aware that he was about to lose his job and his career.
When the trader got off the phone with the distraught treasurer, Partnoy casually asked the trader what the call was all about. The trader replied: "I just ripped his face off."
LPS5, don't spoon feed me the vanilla version of what goes on on Wall Street. I ain't buyin' it. <g>
Cordially, Ray |
