The Big Swap (December 29, 2008)
. . .
“Have you ever read the Master Agreement of 2002?”
“Not exactly.”
“The International Swaps and Derivatives Association Master Agreement of 2002. It is a masterpiece of dishonesty and deception.”
“He said over and over that we could not lose.”
“The proposed Agreement is an integrated contract. That does not mean that Blacks and Whites can swim in the same pool. The Agreement states that any and all verbal agreements are superseded by the written terms of the Agreement.”
“He said there is no risk.”
“You are playing in the big league. Who are these guys? They don’t have any understanding of the market for left-handed rutabagas.”
“He says that they don’t need to know anything about the industry.”
“This is an airtight agreement, you aren’t allowed to breath. The forum selection clause clearly states that any action must be brought in the courts of New York. The choice of law section states that New York law applies without regard to its choice of law provisions. You are the away team. The Agreement might as well say that the home boys in New York win. ”
“That’s what they require us to sign.”
“Even if you can find a local boy with enough experience and connections, you won’t encounter merely ‘home cooking,’ you will encounter ‘home boiling.’”
“If it works, we make a small fortune. I make more in this one deal than I have made in five years.”
“It’s a bad idea.”
“We can’t lose.”
“This is way too risky for me. I must back away. This thing will collapse on someone.”
. . .
Bumper sticker of the week:
Greed = God
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