Stuff you should know: Difference between revisions

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}}In a desperate attempt to stop [[salespeople]] going, “hey [[legal eagles]], can you read this email for me”, and to counterpoint lackadaisical [[credit officer]]s saying, “the question of whether we have credit risk to that bank account is a legal question on which I can’t opine”<ref>Real-life quote, by the way, from a [[managing director]] in a global investment bank, to which the retort ''should'' have been, but I regret to say was not, “pal, if you are really saying you don’t know that, you need to [[get your coat]]”.</ref> we are running a snagging list of legal concepts about which no bank employee should plead ignorance. ''It is your job to know this stuff''.
}}In a desperate attempt to stop [[salespeople]] going, “hey [[legal eagles]], can you read this email for me”, and to counterpoint lackadaisical [[credit officer]]s saying, “the question of whether we have [[credit risk]] to our own [[bank account]] is a legal question on which I can’t opine”<ref>Real-life quote, by the way, from a [[managing director]] in a global investment bank, to which the retort ''should'' have been, but I regret to say was not, “pal, if you are really saying you don’t know that, you need to [[get your coat]]”.</ref> we are running a snagging list of legal concepts about which no bank employee should plead ignorance. ''It is your job to know this stuff''.


[[Stuff you should know]], banker’s edition, then:
[[Stuff you should know]], banker’s edition, then:


*How [[agency]] works and ''why you can’t be [[agent]] for yourself'';
*The ''nature'', if not necessarily the ''art'' of the deal: '''[[offer]]''', '''[[acceptance]]''' and '''[[consideration]]''';
*The nature of [[cash]] and [[indebtedness]];
*What an '''[[agent]]''' is, how [[agency]] works and ''why you can’t be [[agent]] for yourself'';
*The difference between shares and bonds, and the corporate [[capital structure]];
*The nature of '''[[cash]]''', why '''[[money]]''' is different from '''[[property]]''';
*What is a [[trust]];
*The difference between '''[[shares]]''' and '''[[bonds]]''', where they fit in the [[capital structure]] and, indeed, what a [[capital structure]] ''is'';
*How [[bank account]]s work, and why banks don’t keep your money in a little jar with your name on it (in part because, per the nature of cash, they ''can’t'');
*What '''[[trust]]s''' are and why we use them;
*The nature of the deal: [[offer]], [[acceptance]] and [[consideration]];
*How '''[[bank account]]s''' work, what '''[[indebtedness]]''' is and what '''[[bank]]'''s do with your '''[[deposit]]'''s (and no, it isn’t “put them in a safe in a jar with your name on it”);
*[[Amendment]] and [[waiver]];
*The difference between '''[[amendment]]''' and '''[[waiver]]''';
*How [[set-off]] works, and more particularly, when it doesn’t;
*The difference between '''[[title transfer]]''' and '''[[pledge]]''';
*How [[security]] works and why it is different from [[trust]];
*What a [[discretionary trust]] is.
*The difference between [[title transfer]] and [[pledge]];
 
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[[Derivatives]] as explained to [[my neighbour Phil]]
[[Derivatives]] as explained to [[my neighbour Phil]]
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Latest revision as of 05:36, 1 July 2024

In which the curmudgeonly old sod puts the world to rights.
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In a desperate attempt to stop salespeople going, “hey legal eagles, can you read this email for me”, and to counterpoint lackadaisical credit officers saying, “the question of whether we have credit risk to our own bank account is a legal question on which I can’t opine”[1] we are running a snagging list of legal concepts about which no bank employee should plead ignorance. It is your job to know this stuff.

Stuff you should know, banker’s edition, then:

See also

Derivatives as explained to my neighbour Phil

References

  1. Real-life quote, by the way, from a managing director in a global investment bank, to which the retort should have been, but I regret to say was not, “pal, if you are really saying you don’t know that, you need to get your coat”.