Special purpose vehicle: Difference between revisions
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A unique species of [[joint stock company]]<ref>Also known as an “[[espievie]]” and, in accounting circles for some reason, as an “[[espiecie]]” — rest assured it is the same beast.</ref> first discovered in the lush forests of [[George Town]], [[Grand Cayman]] by dour Scottish naturalist [[A. J. N. Calder]] in 1926. | A unique species of [[joint stock company]]<ref>Also known as an “[[espievie]]” and, in accounting circles for some reason, as an “[[espiecie]]” — rest assured it is the same beast.</ref> first discovered in the lush forests of [[George Town]], [[Grand Cayman]] by dour Scottish naturalist [[A. J. N. Calder]] in 1926. | ||
For many years Calder believed the creature he had found — genus ''consortium restrictum culpam caymanium'', the “Common” or “Cayman Exempted” [[Espievie]] — was unique in the world. | For many years Calder believed the creature he had found — genus ''consortium restrictum culpam caymanium'', the “Common” or “Cayman Exempted” [[Espievie]] — was unique in the world. | ||
===Discovery=== | |||
Calder’s, and our, world was repeatedly rocked over the next thirty years as naturalists found variants elsewhere: first, not far from the Caribbean, [[L. B. G. T. Appleby]] discovered the [[Bermudan reinsurance espievie]] in 1939. Fourteen years later retired botanist [[Herbert Fonesca]] came across unusual piles of tax losses when on a forest walk with his grand-children which the children traced all the way to concealed family of previously unidentified [[Panamanian film espievie]]s,<ref>Fonseca should have realised trouble was in store: the very thing about film partnerships is that they are ''not meant to be traceable''</ref> Then, in 1964, Jersey paleontologist [[Ichabod Mourant]] discovered a colony of “[[Oeic]]s” (the word is derived from the Jèrriais for “imaginary legal entity” and is pronounced “[[Oik]]”) nesting in the archive stacks of Guernsey’s ''Library for the Illiterate''. | |||
===Domestication=== | |||
The [[espievie]] was first bred in captivity in a famous scientific collaboration between [[Calder]] and the [[Maple brothers|Godfrey and Maginot Maple]] brothers, then working in the [[George Ugland]]’s zoological menagerie in [[George Town]]. The site is occupied today by the [[Ugland House]] orphanage, which is headquarters of an industrial breeding programme for [[espievie]]s of all kinds, meaning that the continued survival of this freak of financial biology is, for the foreseeable future, assured. | The [[espievie]] was first bred in captivity in a famous scientific collaboration between [[Calder]] and the [[Maple brothers|Godfrey and Maginot Maple]] brothers, then working in the [[George Ugland]]’s zoological menagerie in [[George Town]]. The site is occupied today by the [[Ugland House]] orphanage, which is headquarters of an industrial breeding programme for [[espievie]]s of all kinds, meaning that the continued survival of this freak of financial biology is, for the foreseeable future, assured. | ||
===Modern use=== | |||
Most [[espievie]]s are harmless and even friendly and can be useful around the garden, mulching up tax liabilities and so on. But occasionally they turn nasty. Poor [[Andrew Fastow]] was hounded to prison by three of his own [[raptors]], and the less said about [[synthetic CDO]]s the better. | Most [[espievie]]s are harmless and even friendly and can be useful around the garden, mulching up tax liabilities and so on. But occasionally they turn nasty. Poor [[Andrew Fastow]] was hounded to prison by three of his own [[raptors]], and the less said about [[synthetic CDO]]s the better. | ||
Revision as of 17:48, 15 December 2020
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Special purpose vehicle /ˈspɛʃ(ə)l ˈpəːpəs ˈviːɪk(ə)/ (n.)
A unique species of joint stock company[1] first discovered in the lush forests of George Town, Grand Cayman by dour Scottish naturalist A. J. N. Calder in 1926.
For many years Calder believed the creature he had found — genus consortium restrictum culpam caymanium, the “Common” or “Cayman Exempted” Espievie — was unique in the world.
Discovery
Calder’s, and our, world was repeatedly rocked over the next thirty years as naturalists found variants elsewhere: first, not far from the Caribbean, L. B. G. T. Appleby discovered the Bermudan reinsurance espievie in 1939. Fourteen years later retired botanist Herbert Fonesca came across unusual piles of tax losses when on a forest walk with his grand-children which the children traced all the way to concealed family of previously unidentified Panamanian film espievies,[2] Then, in 1964, Jersey paleontologist Ichabod Mourant discovered a colony of “Oeics” (the word is derived from the Jèrriais for “imaginary legal entity” and is pronounced “Oik”) nesting in the archive stacks of Guernsey’s Library for the Illiterate.
Domestication
The espievie was first bred in captivity in a famous scientific collaboration between Calder and the Godfrey and Maginot Maple brothers, then working in the George Ugland’s zoological menagerie in George Town. The site is occupied today by the Ugland House orphanage, which is headquarters of an industrial breeding programme for espievies of all kinds, meaning that the continued survival of this freak of financial biology is, for the foreseeable future, assured.
Modern use
Most espievies are harmless and even friendly and can be useful around the garden, mulching up tax liabilities and so on. But occasionally they turn nasty. Poor Andrew Fastow was hounded to prison by three of his own raptors, and the less said about synthetic CDOs the better.
Important disclaimer: The author has never been to the Cayman Islands, and he’s hardly going to get an invitation now. There is, therefore, much fantastical speculation in this article and you should assume it is, at the very least, mostly false.
See also
- Cayman Islands
- Ugland House
- SPVs in Ireland
- Enron and its benighted raptors