Rudyard Kipling’s famous poem If comes to mind during difficult times. A message to his son, it is worth remembering now, as so much of the world seems to be losing its center. As verse goes, it may not quite be Shakespeare, but the message is one that underlies the most basic aspect of structured lending …
Early maps of the Atlantic Ocean indicated that far to the west, out of sight of land, not only was there a terra incognita but a place where dragons resided. In private lending, the most fearsome terra incognita is usually the covenant section of a credit agreement. Most borrowers focus on key terms, such as …
For anyone who has somehow managed to miss one of the big stories of the summer, this is the 50th anniversary of the film, “Jaws.” Many credit Jaws with being the first true blockbuster, although “Ben Hur” and “Lawrence of Arabia” might deserve the classification as well, not to mention “Dr. Zhivago” or our favorite, …
If we were inclined to give a flip answer, we would simply say, “because no-one else does”, but there is more to it than that. Without going into the arcane history of bank regulation in the 21st century, suffice it to say that international banking regulation has made it increasingly difficult for large, private banks …
For some people, personal recourse is almost a dirty word. It conjures up images of a greedy banker from the 1930’s repossessing a poor widow’s only asset, her home, while her beleaguered children look on in terror. In fact, the reality is much less minatory. Although we do not think about it much, anyone who …
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