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All our other counterparties have agreed this: Difference between revisions
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All our other counterparties have agreed this (view source)
Revision as of 11:12, 26 November 2016
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What to do? | What to do? | ||
Amongst the lies habitually told in polite society today, few are more barefaced than “[[all our other counterparties have agreed this]]”. It ranks beside old chestnuts like | Amongst the lies habitually told in polite society today, few are more barefaced than “[[all our other counterparties have agreed this]]”. It ranks beside old chestnuts like “''your call is important to us''”, “''no, your bum doesn’t look big in that''”, “''we shall take back control''” and “''I can make America great again''”. | ||
It will be tossed out by an insolent [[hedge fund manager]] without a second thought and, by and large, he will get away with it. This has much to do with the craven gullibility of investment banking [[salespeople]], who are prone to believe anything their clients say that will get them between the sheets. | It will be tossed out by an insolent [[hedge fund manager]] without a second thought and, by and large, he will get away with it. This has much to do with the craven gullibility of investment banking [[salespeople]], who are prone to believe anything their clients say that will get them between the sheets. | ||
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You could rely on the [[mediocre lawyer|in-house lawyer]]’s stock answer - “last I heard, we hadn’t outsourced our internal control function to our competitors” - and that should be the end of it. But if you’re in a playful mood, there is more fun to be had on a different tack. | You could rely on the [[mediocre lawyer|in-house lawyer]]’s stock answer - “last I heard, we hadn’t outsourced our internal control function to our competitors” - and that should be the end of it. But if you’re in a playful mood, there is more fun to be had on a different tack. | ||
Instead, call his bluff. Ask who among your | Instead, call his bluff. Ask ''who'' among your peers has agreed such suicidal terms. Ask for a copy of the contract in which they did so. | ||
This will outrage your counterpart but he has only himself to blame: he brought it up. If he doesn’t want to be cross examined on his commercial relations around town, he should not mention them. | |||
To be sure, it may not be a bluff. Another broker may have agreed it. All the more reason to see the contract: | This will outrage your counterpart but he has only himself to blame: he brought it up. If he doesn’t want to be cross-examined on his commercial relations around town, he should not mention them. | ||
To be sure, it may not be a bluff. Another broker ''may'' have agreed it. All the more reason to see the contract: | |||
*The other broker really may have been as supine or foolish as your client is asking you to be. It is always nice to know your competitors’ weaknesses. | *The other broker really may have been as supine or foolish as your client is asking you to be. It is always nice to know your competitors’ weaknesses. | ||
*It may have conceded subject to important conditions, or in return for an enormous concession on another point. Your counterparty will almost certainly neglect to mention this. | *It may have conceded subject to important conditions, or in return for an enormous concession on another point. Your counterparty will almost certainly neglect to mention this. | ||