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A queer fish with an odd relationship with the [[Legal Eagles|legal department]], from | A queer fish with an odd relationship with the [[Legal Eagles|legal department]], from whose bosom the very idea of a “structurer” originated. [[Structurers]], and ''legal'' structurers, are some kind of odd hybrid between [[Sales]] and [[Trading]], hired onto the desk in the dog days of 2005 (when anyone actually ''did'' “[[structuring]]”) to salt away the fiddly details of a complex derivative trade that [[Trading]] can’t model and [[Sales]] has no hope of understanding, let alone giving the merest toss about. Structurers are essentially [[Mediocre lawyer|lawyers]] that have got a bit giddy about working in an [[investment bank]]. | ||
Whether | Whether she is a legal übermensch who has overcome her basic nature to become something greater, or just a runt who, having proven unable to hack the rigours of unadulterated legal practice, has succumbed to her own mortal weakness, is a matter of conjecture. Opinions are divided: [[structurers]] will tell you it’s the former; unreconstructed [[Inhouse counsel|in-house lawyers]] will swear it’s the latter — each talks her own book, in other words — though the irony is that [[private practice lawyer]]s will say exactly the same thing about those who have gone in-house. | ||
In any case structurers tend to obsess about legal details, to the exasperation of | In any case, structurers tend to obsess about legal details, to the exasperation of those in [[legal]] whose job it actually is to obsess about this. Observe the effect this has on legal product: when two factions in the same camp are trying to outdo each other’s pedantry before the other side has even had a look, there is scant hope that the document will avoid disaster: it was this kind of internal arms race, after all, that led to the CDO cubed. | ||
There are fewer structurers around these days, and they’re a chastened lot. | There are fewer structurers around these days, and they’re a chastened lot. | ||
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*[[Sales]] | *[[Sales]] | ||
*[[Trading]] | *[[Trading]] | ||
*[[Inhouse counsel]] | |||
{{dramatis personae}} | {{dramatis personae}} |