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{{a|pb| | {{a|pb|{{image|Synthetic equity swap|png|}}}}Another one of those things, like [[LIBOR]] and [[supply chain financing]] that seems so ordinary, unfussy, sensible and harmless; that, in its way, points up the holy terror of [[non-linear]] interactions in financial markets. | ||
}}Another one of those things, like [[LIBOR]] and [[supply chain financing]] that seems so ordinary, unfussy, sensible and harmless; that, in its way, points up the holy terror of [[non-linear]] interactions in financial markets. | |||
===When wealthy families attack ... each other=== | ===When wealthy families attack ... each other=== | ||
Normal investment funds — even [[hedge fund]]s — have an element of arm’s length about them, in that there are parties involved who entrust each other with grave responsibilities, large sums of money and so on, and if any of them are unnecessarily cavalier things — and more to the point, regulators — can get ugly fast. Regulators in financial services care about the fragile interests of the poor, defenceless super-rich; they presume that grizzled old [[broker-dealer]]s who interact with them can look after themselves. This has not always proven to the be the case, but still. | Normal investment funds — even [[hedge fund]]s — have an element of arm’s length about them, in that there are parties involved who entrust each other with grave responsibilities, large sums of money and so on, and if any of them are unnecessarily cavalier things — and more to the point, regulators — can get ugly fast. Regulators in financial services care about the fragile interests of the poor, defenceless super-rich; they presume that grizzled old [[broker-dealer]]s who interact with them can look after themselves. This has not always proven to the be the case, but still. | ||