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The ISDA Protocol (view source)

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==[[The alpha dens]]==
==[[The alpha dens]]==
Background in the synthetic alpha industry. The problem is the massive downside tail risk.
Background in the synthetic alpha industry. The problem is the massive downside tail risk.
lawyer with recession-proof business and the cosmological constant
J.T. Palmer backstory - partner at same firm. At end, he is summoned back to his alma mater only to be not ''celebrated'', but ''whacked'', Goodfellow style and replaced as GC be a young partner... Roly Punchface
Punchface history — advised on many failed deals each of which generated more work in workouts, insolvencies. Apparent defiance of gravity turns out not to be gravity defying at all, but embracing. What is rent extraction to you is revenue generation for me: just giving fast, effective, timely and final proactive does not maximise returns. I need to sow uncertainty, doubt and create reliance. My product is dependence through the appearance of safety. All the better if that safety is in fact illusory.


It becomes clear to Boone that all these brokers are lined up the same way, all are geared to make a  
It becomes clear to Boone that all these brokers are lined up the same way, all are geared to make a  
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Romanian is “the adviser”, with plausibly deniable tendrils stretching back through Enron, ltcm, Madoff back to the south sea bubble etc. He extracts rent from the venture, and limits liability, and is gone before you know you are fucked, leaving no trace.
Romanian is “the adviser”, with plausibly deniable tendrils stretching back through Enron, ltcm, Madoff back to the south sea bubble etc. He extracts rent from the venture, and limits liability, and is gone before you know you are fucked, leaving no trace.


He moves effortlessly above us, he is mimetic, and invisible and a disposition. Confusion, misplaced certainty,safety, comfort. A false sense of security. A personalisation of hubris. Romanian reduces back to law firm partner.
He moves effortlessly above us, he is mimetic, and invisible and a disposition. Confusion, misplaced certainty, safety, comfort. A false sense of security. A personalisation of hubris. Romanian reduces back to law firm partner.


BH is the Romanian. Pulls out his money before the final collapse. The fund is all limited recourse, there is no way back to him. Meantime the wounded victims call up their mercenary consulting firms to manage the unwind and shareholders fallout, and there he is again , the adviser. He is Wickliffe's nemesis though Wickliffe doesn't realise it.
BH is the Romanian. Pulls out his money before the final collapse. The fund is all limited recourse, there is no way back to him. Meantime the wounded victims call up their mercenary consulting firms to manage the unwind and shareholders fallout, and there he is again , the adviser. He is Wickliffe's nemesis though Wickliffe doesn't realise it.
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