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LegalHub: theory: Difference between revisions
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But, but, but! The risk! The organisation must be protected! | But, but, but! The risk! The organisation must be protected! | ||
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===The [[cross default]] challenge=== | ===The [[cross default]] challenge=== | ||
Here is a challenge: one day, out of the blue, ask a risk officer to explain, exactly, what [[cross default]] is and how it works. On the spot. No phone-a-friend. No ask-the-audience. Expect blank looks and notebooks.<ref>https://en.wikipedia.org/wiki/Sons_of_the_Silent_Age.</ref> | Here is a challenge: one day, out of the blue, ask a risk officer to explain, exactly, what [[cross default]] is and how it works. On the spot. No phone-a-friend. No ask-the-audience. Expect blank looks and notebooks.<ref>https://en.wikipedia.org/wiki/Sons_of_the_Silent_Age.</ref> | ||
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Does it change your answer to discover that a [[cross default]] right ''has never been exercised in the history of the derivatives market''?<ref>I confess this is a bold assertion and I may be over my skis on it, but I have done some research. I am yet to find any example of a crust fault being exercised in an isda. If you know of one, please do get in touch. Confidentiality and discretion is assured: I just would like to know.</ref> | Does it change your answer to discover that a [[cross default]] right ''has never been exercised in the history of the derivatives market''?<ref>I confess this is a bold assertion and I may be over my skis on it, but I have done some research. I am yet to find any example of a crust fault being exercised in an isda. If you know of one, please do get in touch. Confidentiality and discretion is assured: I just would like to know.</ref> | ||
As long as [[cross default]] seems like a competitive advantage; as long as we think our boilerplate is some kind of proprietary technology, we consign ourselves to a permanent arms race ''with our own shadows''. | As long as [[cross default]] seems like a competitive advantage; as long as we think our boilerplate is some kind of proprietary technology, we consign ourselves to a permanent arms race ''with our own shadows''.}} | ||
===Okay. ''And''?=== | ===Okay. ''And''?=== | ||
So where does this leave us? | So where does this leave us? | ||
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This is a profoundly ''awful'' disposition. There is ''nothing'' — utterly nil — that is special, clever or even ''desirable'' about legal [[boilerplate]]. | This is a profoundly ''awful'' disposition. There is ''nothing'' — utterly nil — that is special, clever or even ''desirable'' about legal [[boilerplate]]. | ||
To behold [[boilerplate]] is to witness [[marginal utility]] at the point it touches zero. [[Legal]] [[negotiation]] is the dreary formality one must go through ''to get to the heart of the deal''. The same goes for that ISDA schedule — yes, friends, the whole god-forsaken thing, even the customised {{isdaprov|ATE}}s. No-one ''cares''. No-one ''likes'' it. No-one ''wants'' it. It is a regrettable externality; a grim fact of life. It is not the sausages; it is [[Ask nicely|the mask you need to go into the supermarket]] | To behold [[boilerplate]] is to witness [[marginal utility]] at the point it touches zero. [[Legal]] [[negotiation]] is the dreary formality one must go through ''to get to the heart of the deal''. The same goes for that ISDA schedule — yes, friends, the whole god-forsaken thing, even the customised {{isdaprov|ATE}}s. No-one ''cares''. No-one ''likes'' it. No-one ''wants'' it. It is a regrettable externality; a grim fact of life. It is not the sausages; it is [[Ask nicely|the mask you need to put on so you can go into the supermarket]] and ''get'' the sausages. | ||
===[[Extended phenotype]]s and the mercurial arrow of [[causation]]=== | ===[[Extended phenotype]]s and the mercurial arrow of [[causation]]=== | ||