Cruwwelpeter

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An obscure German children’s author, Otto Büchstein wrote Cruwwelpeter, a book of cautionary tales about what happens to children who misbehave with charges (Geschäftsanteilsverpfändung), and it has thrown a long, nervous shadow over the practice of banking law ever since. The book catalogues a grim series of mishaps.

• Little Harriet played with duration mismatches and burned herself to death.
• Little Johnny Head-in-Air forgot to file a Slavenberg and was struck off the wharf and floated away fro the legal industry, never to be seen again.
• Fidgety Philip amended his security package and rendered it void for want of consideration.
• And, most gruesomely of all, there was the story of Samuel, little “Nick-a-Fund”, who — well, read it for yourself:

The Story of Little Nick-a-Fund

One day Mother said, “Samuel dear,
I must go out and leave you here.
But, ‘mind your clients’ is what I say:
Don’t use their cash while I’m away.
The great tall regulator comes
To boys who nick their clients’ funds;
And ’ere they dream what he’s about,
He takes his great big baton out,
And bops and carts them off, toute suite —
That’s what happens to boys who cheat.”

Mother had scarcely turned her back,
Sam took the lot: Alack! Alack!
The door flew open, in he ran,
That great, red-legged enforcer-man!
Oh! Children, see! The bopper’s come
And caught our dopey Nick-a-Fund.
Bonk! Bonk! Bonk! The truncheon goes;
And Samuel cries out “Oh! Oh! Oh!”
Bonk! Bonk! Bonk! It goes so fast,
Both Sam’s wrists in cuffs at last!

Ma posts bail, and there Sam stands,
He looks quite sad. He shows his hands;
“Ah!” said Mother, “I knew they’d come
For naughty little Nick-a-Fund.”
Now obedient children, wish to soon —
To hold for dear life to the moon,
And you may lose what little sum
You took from bank of Dad and Mum:
They pay no interest nor respects
To those who punt on FTX.

See also

• Security interest
• Struwwelpeter