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==[[Strange Negotiation]]==
''With profound apologies to Wilfred Owen.''<br>
''With profound apologies to Wilfred Owen. Honestly, I am really sorry to do this to you.''<br>


It seemed that from that [[conference call]] I [[Escalate|escalated]] <br>
When from that [[conference call]] I [[Escalate|escalated]] <br>
Some profound dull [[representation]], long since [[Waiver|waived]] <br>
Some dull [[representation]], long since [[Waiver|waived]] <br>
Through [[credit]] whose dyspeptic permission granted <br>
To [[Credit]]: their dyspeptic permission granted <br>
Though [[caveat|caveated]] teeth, a route to our sweet resolve. <br>  
Though [[caveat|caveated]] teeth, a route to sweet [[Consensus ad idem|resolve]]. <br>  


Yet also there [[Encumbrance|encumbered]] assets groaned, <br>
They the value of [[Encumbrance|encumbered]] [[asset]]s mused, <br>
Too [[Fixed charge|fix’d in charge]] or [[pledge]] to be bestirred. <br>
Too [[Fixed charge|fix’d in charge]], or [[pledge]], or [[surety]] to [[reuse]]. <br>
Then, as I probed the [[lien]]s, one sprang up, and cried<br>
Then, as I probed the [[lien]]s, one [[springing lien|sprang]] up, and cried<br>
With piteous [[recharacterisation]] in his eyes, <br>
With piteous [[recharacterisation]] in its eyes, <br>
Lifting distressèd claims, as if to clarify. <br>
“It is distressèd debt!” as if to justify — <br>
And by his [[carve-out]], I knew that [[margin call]],— <br>
How that speculation tanked. I knew the truth and made a [[margin call]],— <br>
[[Without limitation|Absent limit]], [[For the avoidance of doubt|all doubt avoided]]: we stood in Hell. <br>
[[Without limitation|Absent limit]], [[For the avoidance of doubt|all doubt avoided]]: we stood in Hell. <br>


With a thousand fears that [[Negotiator|doc-jockey]]’s face was grained; <br>
With a thousand fears that [[Negotiator|doc-jockey]]’s face was grained; <br>
Yet, no {{isdaprov|Representations}} (to which Part {{isdaprov|3(c)}} applied) <br>
Yet, no {{isdaprov|representations}} (to which Part {{isdaprov|3(c)}} applied) <br>
Reached there from where our career aspirations died, <br>
Reached there from where our aspirations died. <br>
And no [[covenant]]s thumped, in extent or scope inordinate. <br>
“Strange friend,” I said, “I see no incoming [[Credit Support - ISDA Provision|credit support]], <br>
“Strange friend,” I said, “I see no incoming [[Credit Support - ISDA Provision|credit support]].” <br>
To allay my credit’s darkening fear. I thought <br>
A [[covenant]] might not be inordinate. <br>
But came there no such [[warranty]], not [[Senior unsecured|senior]] nor [[Subordinated|subordinate]].” <br>
“None,” said that other, “save this [[Perfect|unperfectèd]] [[charge]], <br>
“None,” said that other, “save this [[Perfect|unperfectèd]] [[charge]], <br>
The hopelessness. Whatever [[Beneficial ownership|beneficial interest]] I hold, <br>
The hopelessness! Whatever [[Beneficial ownership|beneficial interest]] I hold, <br>
Was [[title transfer|title]] to this wretched asset [[flawed]]?<br>
Was [[title transfer|title]] to this wretched asset [[flawed]]?<br>
Were’st thou by my [[tax attorney]]’s explanation bored? <br>
Were’st thou by my [[tax attorney]]’s explanation bored? <br>
Her expertise lies not in thought, nor [[deed]], nor [[tedious]] phrase,<br>  
Her expertise lies not in thought, nor [[deed]], nor [[tedious]] phrase,<br>  
But mocks the steady drifting of one’s gaze, <br>
But mocks the steady drifting of one’s gaze, <br>
Toward the floor — the wall — the sky — <br>
Toward the floor — the sky — the wall  — <br>
The whole [[Entropy|entropic]] ''all''. <br>
The whole [[Entropy|entropic]] ''all''. <br>


And if I grieve, I grieve for wasted words: <br>
And if I grieve, I grieve for wasted [[Verbiage|word]]s: <br>
Cast carelessly about, in clumps and hanks of twisted [[flannel]]. <br>
Cast carelessly about, in clumps and hanks of twisted [[flannel]] — <br>
For by my glee might many men have laughed,<br>  
[[Carve-in]]s, [[carve-out]]s, carve-ons; carve-unders strewn about <br>
At my [[double negative]]s. [[I'm not going to die in a ditch about it|That ditch, in which I thought I would not lie]], <br>
In [[fractal]] spumes: a [[Anal paradox|paradoxic annal]].<br>
I must now die. I mean the truth untold, <br>
For, by my glee, might many lawy’rs laugh,<br>  
The [[bid price|bid]] of war, the [[offer]]ed war [[Disclaimer|disclaimed]]. <br>
At my [[double negative]]s. [[I'm not going to die in a ditch about it|That ditch, in which I thought<br>I would not lie]], <br>
No [[key man]] shall have a [[NAV trigger]] pulled onced [[waiver|waived]].<br>  
I must now die. <br>
And should one [[Modified following business day convention|follow, modified]], and be adjusted. <br>
And so [[Expiration Date - Equity Derivatives Provision|expired]] — [[Mark-down|marked-down]] — the [[option]] cruelly tamed: <br>
[[Execution date|Execution]] will be [[SWIFT|swift]], with swiftness of the [[TARGET]]. <br>
The [[bid price]] of war, the [[offer]]ed war [[Disclaimer|disclaimed]]. <br>
None will [[breakage costs|break]] their [[cost of funding]], though nations trek from progress. <br>
No [[key man]] shall have a [[NAV trigger|trigger]] pulled once [[waiver|waived]].<br>  
Courage was mine, and I had mystery; <br>
And should one [[Modified following business day convention|follow, modified]], and be saved. <br>
Wisdom was mine, and I had mastery: <br>
[[Execution date|Execution]] will be [[SWIFT|swift]], regardless of the [[TARGET]]. <br>
To miss the march of this retreating world <br>
None will [[breakage costs|break]] their [[cost of funding]] though their [[change in law]]. <br>
Into vain citadels that are not walled. <br>
The [[mark-up]] was mine — [[Credit]] made me — it had mystery; <br>
Then, when much blood had clogged their chariot-wheels, <br>
[[Subject matter expertise]] was mine, and I was [[ISDA ninja|ninjery]]: <br>
I would go up and wash them from sweet wells, <br>
To hide my client identifier by this redacting hand<br>
Even with truths that lie too deep for taint. <br>
With vain [[proviso]]s excepting that which it hath banned. <br>
I would have poured my spirit without stint <br>
Then, with legal sludge that clogs its chariot-wheels, <br>
But not through wounds; not on the cess of war. <br>
I would anoint the contract by which the [[Broker dealer|broker deals]], <br>
Foreheads of men have bled where no wounds were. <br>
[[Without limitation|Without limit]], [[from time to time]], amended with the spanner<br>
Never [[Negligence, fraud or wilful default|fraud, gross negligence nor default]]<br>
Exercisèd always in [[commercially reasonable manner]] — <br>
These are our closing memoranda; our articles of [[good faith]]. <br>
We put them in the first draft; held out for seven, removed them in the eighth <br>
We reached accord, that is to say, through words and not the code of war. <br>
By refitting [[EMIR]], [[For the avoidance of doubt|avoiding doubt]], remediating [[LIBOR]]. <br>


“I am the enemy you killed, my friend. <br>
“I am the [[NAV trigger]] you pulled, my friend. You [[Waive|waived]] it not. <br>
I knew you in this dark: for so you frowned <br>
In fog of war your unbending risk approach you would not flout<br>
Yesterday through me as you jabbed and killed. <br>
Look, I missed a little [[margin call]], by just a bit: you [[Close out|closed me out]]. <br>
I parried; but my hands were loath and cold. <br>
I risk-reduced as best I could; when all is told <br>
My lucky streak ran out; <br>
My credit line went cold. <br>
Let us sleep now. . . .”<br>
Let us sleep now. . . .”<br>

Latest revision as of 20:52, 10 May 2021

With profound apologies to Wilfred Owen.

When from that conference call I escalated
Some dull representation, long since waived
To Credit: their dyspeptic permission granted
Though caveated teeth, a route to sweet resolve.

They the value of encumbered assets mused,
Too fix’d in charge, or pledge, or surety to reuse.
Then, as I probed the liens, one sprang up, and cried
With piteous recharacterisation in its eyes,
“It is distressèd debt!” as if to justify —
How that speculation tanked. I knew the truth and made a margin call,—
Absent limit, all doubt avoided: we stood in Hell.

With a thousand fears that doc-jockey’s face was grained;
Yet, no representations (to which Part 3(c) applied)
Reached there from where our aspirations died.
“Strange friend,” I said, “I see no incoming credit support,
To allay my credit’s darkening fear. I thought
A covenant might not be inordinate.
But came there no such warranty, not senior nor subordinate.”
“None,” said that other, “save this unperfectèd charge,
The hopelessness! Whatever beneficial interest I hold,
Was title to this wretched asset flawed?
Were’st thou by my tax attorney’s explanation bored?
Her expertise lies not in thought, nor deed, nor tedious phrase,
But mocks the steady drifting of one’s gaze,
Toward the floor — the sky — the wall —
The whole entropic all.

And if I grieve, I grieve for wasted words:
Cast carelessly about, in clumps and hanks of twisted flannel
Carve-ins, carve-outs, carve-ons; carve-unders strewn about
In fractal spumes: a paradoxic annal.
For, by my glee, might many lawy’rs laugh,
At my double negatives. That ditch, in which I thought
I would not lie
,
I must now die.
And so expiredmarked-down — the option cruelly tamed:
The bid price of war, the offered war disclaimed.
No key man shall have a trigger pulled once waived.
And should one follow, modified, and be saved.
Execution will be swift, regardless of the TARGET.
None will break their cost of funding though their change in law.
The mark-up was mine — Credit made me — it had mystery;
Subject matter expertise was mine, and I was ninjery:
To hide my client identifier by this redacting hand
With vain provisos excepting that which it hath banned.
Then, with legal sludge that clogs its chariot-wheels,
I would anoint the contract by which the broker deals,
Without limit, from time to time, amended with the spanner
Never fraud, gross negligence nor default
Exercisèd always in commercially reasonable manner
These are our closing memoranda; our articles of good faith.
We put them in the first draft; held out for seven, removed them in the eighth
We reached accord, that is to say, through words and not the code of war.
By refitting EMIR, avoiding doubt, remediating LIBOR.

“I am the NAV trigger you pulled, my friend. You waived it not.
In fog of war your unbending risk approach you would not flout
Look, I missed a little margin call, by just a bit: you closed me out.
I risk-reduced as best I could; when all is told
My lucky streak ran out;
My credit line went cold.
Let us sleep now. . . .”