The ISDA Protocol: Difference between revisions
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==[[The alpha dens]]== | ==[[The alpha dens]]== | ||
Background in the synthetic alpha industry. The problem is the massive downside tail risk. | Background in the synthetic alpha industry. The problem is the massive downside tail risk. | ||
It becomes clear to Boone that all these brokers are lined up the same way, all are geared to make a | It becomes clear to Boone that all these brokers are lined up the same way, all are geared to make a | ||
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Romanian is “the adviser”, with plausibly deniable tendrils stretching back through Enron, ltcm, Madoff back to the south sea bubble etc. He extracts rent from the venture, and limits liability, and is gone before you know you are fucked, leaving no trace. | Romanian is “the adviser”, with plausibly deniable tendrils stretching back through Enron, ltcm, Madoff back to the south sea bubble etc. He extracts rent from the venture, and limits liability, and is gone before you know you are fucked, leaving no trace. | ||
He moves effortlessly above us, he is mimetic, and invisible and a disposition. Confusion, misplaced certainty,safety, comfort. A false sense of security. A personalisation of hubris. Romanian reduces back to law firm partner. | He moves effortlessly above us, he is mimetic, and invisible and a disposition. Confusion, misplaced certainty, safety, comfort. A false sense of security. A personalisation of hubris. Romanian reduces back to law firm partner. | ||
BH is the Romanian. Pulls out his money before the final collapse. The fund is all limited recourse, there is no way back to him. Meantime the wounded victims call up their mercenary consulting firms to manage the unwind and shareholders fallout, and there he is again , the adviser. He is Wickliffe's nemesis though Wickliffe doesn't realise it. | BH is the Romanian. Pulls out his money before the final collapse. The fund is all limited recourse, there is no way back to him. Meantime the wounded victims call up their mercenary consulting firms to manage the unwind and shareholders fallout, and there he is again , the adviser. He is Wickliffe's nemesis though Wickliffe doesn't realise it. |