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[[File:Claudis Blankie.jpg|450px|thumb|center|[[Eye-ess-dee-aye]], yesterday.]] | [[File:Claudis Blankie.jpg|450px|thumb|center|[[Eye-ess-dee-aye]], yesterday.]] | ||
}}{{wasteprov|Downgrading}} {{wasteprov|personnel}} is the process of finding a cheaper person/unit of [[meatware]]/[[chatbot]] to do the same job. It is meant to save money and avoid the tiresome and messy [[human error]] that infect the otherwise flawless, crystalline, money-printing system. | }}{{wasteprov|Downgrading}} {{wasteprov|personnel}} is the process of finding a cheaper person/unit of [[meatware]]/[[chatbot]] to do the same job. It is meant to save money and avoid the tiresome and messy [[human error]] that infect the otherwise flawless, crystalline, money-printing system. | ||
In the guise of “juniorisation” it was cited, accurately, as a contributing cause of the [[Archegos]] debacle at Credit Suisse where, but for the grace of God, go the rest of us. | |||
{{subtableflex|45| | {{subtableflex|45| | ||
===Once upon a time=== | ===Once upon a time=== | ||
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But throughout it all the {{isdama}}, with its different editions, its insufferable [[Tax Representations - ISDA Provision|tax representations]], its {{isdaprov|schedule}}, [[Credit support annex|annexes]], [[The ISDA Protocol|protocols]], [[2002 ISDA Equity Derivatives Definitions|definitions booklets]] — every word of which rendered in committee-crafted 19th century prose — remained the same. Never once did anyone ask: do we really ''need'' all of this? Is it really feasible to expect school-leavers from Bratislava to wade through all this? Could we not make it ''simpler''? | But throughout it all the {{isdama}}, with its different editions, its insufferable [[Tax Representations - ISDA Provision|tax representations]], its {{isdaprov|schedule}}, [[Credit support annex|annexes]], [[The ISDA Protocol|protocols]], [[2002 ISDA Equity Derivatives Definitions|definitions booklets]] — every word of which rendered in committee-crafted 19th century prose — remained the same. Never once did anyone ask: do we really ''need'' all of this? Is it really feasible to expect school-leavers from Bratislava to wade through all this? Could we not make it ''simpler''? | ||
And then, in March 2021, came [[Archegos|an example to illustrate the very point]]. | |||
{{sa}} | {{sa}} | ||
*[[Archegos]] | |||
*[[Private practice]] | *[[Private practice]] | ||
*[[Close-out Netting]]: the [[Red Flag Act]] of finance. | *[[Close-out Netting]]: the [[Red Flag Act]] of finance. | ||
*The {{Wasteprov|great dogma of contract negotiation}} | *The {{Wasteprov|great dogma of contract negotiation}} | ||
{{ref}} | {{ref}} | ||