The devil is not in the detail. The devil is the detail: Difference between revisions

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The devil is not in the detail. The devil is the detail (view source)

Revision as of 14:32, 13 March 2022

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Of course, the [[boilerplate]] is pretty monstrous, too.
Of course, the [[boilerplate]] is pretty monstrous, too.


On this commonplace is much of the [[Magic Circle]]’s patter premised: they are ably aided in it by their clients, many of them refugees of that brotherhood whose livelihoods are similarly guaranteed by the presumption. And, to be sure, should you peruse your average [[securitisation]] — here’s the prospectus for [https://capitalmarkets.fanniemae.com/media/6516/display Multifamily Connecticut Avenue Securities Series 2019-01 Notes Due October 2049] — you will soon be scooping out your eyes with the proverbial spoon.
On this commonplace is much of the [[Magic circle law firm|magic circle]]’s patter premised: to give them credit, they are ably aided in it by their [[In-house lawyer|in-house clients]], many of them refugees of the same brotherhood, and whose livelihoods are guaranteed by the same presumption.  
 
''If you make yourself really complicated, you can exclude virtually everyone.''<ref>With apologies to {{Author|Daniel Dennett}}’s “if you make yourself really small, you can externalise virtually everything”.</ref>
 
And, to be sure, should you peruse your average [[securitisation]] — here’s the prospectus for [https://capitalmarkets.fanniemae.com/media/6516/display Multifamily Connecticut Avenue Securities Series 2019-01 Notes Due October 2049] — you will soon be scooping out your eyes with the proverbial spoon.


Some 25 years ago the European Commission hit upon the idea of requiring structured products manufacturers to produce a one-page summary of the key risks of financial products being offered to the public. The document, a [[key investor information document]] became a part of financial products regulation, over the immense and highly principled objections of the legal community, on the grounds that it is ''impossible'' to adequately explain the risks of a complicated legal product in fewer than the 80-100 pages it was presently taking.
Some 25 years ago the European Commission hit upon the idea of requiring structured products manufacturers to produce a one-page summary of the key risks of financial products being offered to the public. The document, a [[key investor information document]] became a part of financial products regulation, over the immense and highly principled objections of the legal community, on the grounds that it is ''impossible'' to adequately explain the risks of a complicated legal product in fewer than the 80-100 pages it was presently taking.
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