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In the traditional banking world — the one where lenders are prudent community pillars, obtain only the indemnities they need and that can be justified before a jury of their peers, and borrowers understand their place in the world — this is all straightforward: A banker ''ought'' to know how much {{sex|she}} is owed, and how much interest, and how it compounds, and ought not to be subjected to a tedious back-and-forth with a mendacious borrower trying prolong process of paying. That sort of carry-on only benefits one person, as we all know, O dear [[Mediocre lawyer|attorney]]. | In the traditional banking world — the one where lenders are prudent community pillars, obtain only the indemnities they need and that can be justified before a jury of their peers, and borrowers understand their place in the world — this is all straightforward: A banker ''ought'' to know how much {{sex|she}} is owed, and how much interest, and how it compounds, and ought not to be subjected to a tedious back-and-forth with a mendacious borrower trying prolong process of paying. That sort of carry-on only benefits one person, as we all know, O dear [[Mediocre lawyer|attorney]]. | ||
But, alas, we do not live in such sensible times. The banking world is populated by idiots. These days [[indemnities]] are thrown around willy-nilly in the capital markets business, to cover all kinds of stupidly indeterminate, | But, alas, we do not live in such sensible times. The banking world is populated by idiots. These days [[indemnities]] are thrown around willy-nilly in the capital markets business, to cover all kinds of stupidly indeterminate, inappropriate things. It will not shock an [[Mediocre lawyer|experienced counsel]] to see an {{tag|indemnity}} claimed for “any and all losses, costs, damages, liabilities, disbursements, expenses claims of whatever kind we may experience at any time merely as a function of drawing a breath”. | ||
This is outrageous, if only in its silliness, but well paid members of the legal profession | This is outrageous, if only in its silliness, but well paid [[Mediocre lawyer|members of the legal profession]] will defend it to the hilt, which they will try to bury in someone's back. | ||
Eventually, even one with a love of principle over common sense such as I will feel cowed and will give in. Life is too short. | |||
But, good luck enforcing that kind of {{tag|indemnity}}. And, really, good luck trying to stick in a clause saying “In the absence of [[manifest error]], a certificate from the Lender as to any such “Loss” will be conclusive evidence of the amount owing” and getting a court to pay it any attention. | |||