We have arrived at another anniversary of the Philosophical Foundations of Law and Finance. This 60th session will bring us to examine the new risk symmetries of the post-credit crisis world. First up will be a reading of Marco D'ercole's LLM Corporate Finance Law Dissertation on "Covered Bonds in Europe." This paper won the Watheqaa Prize for the best dissertation in 2010. It is a remarkable piece of sophisticated legal analysis of an important segment of the asset-backed markets. Bravo Marco!
We will also begin to investigate and philosophize on a rather prevalent but critical document in the legal and financial system, which for some reason "social scientists" of the grande ecole type have completely ignored--i.e. the innocent seed of "capitalism" called the business plan. Nobody theorizes about the philosophical foundations of "business plans" because, I suspect, social scientists are no good at writing them and because a serious business plan is not merely an ETHYMEME in the Aristotelian sense of a persuasive argument as a short-form syllogism but it is also a positive link to the great market cycles and the individuated whims of discretionary spend-investment of a ruthless global tribe sharing common valuation models and measurement. In other words, the creation of business plans allows one to enter the vestibule of "capitalism" which is a highly accelerated and dangerous field of material creativity. Another way to view business plans is that they are the artefacts of market nuclei--if they are successful, they create both the leisurely wealth ("otium cum dignitatis") and the pollutive systemic limits of "our world." As Van Nordstrom said, "the essential engine of global pollution is man's inherent creativity in the Noos-sphere." The catalyst in the Noos-sphere is the business plan.
An hour on covered bonds and an hour on business plan to sharpen the mind.
At about 8’o clock we will head towards the Italian restaurant called Zizzi, at Wigmore Street where we have made a preliminary reservation for a big table. Pls RSPV if you would like to join us at this restaurant so that we make the necessary arrangements to accommodate everyone.
Rezi and Joe
60th Session of Philosophical Foundations of Law and Finance--Examining Nuclear Financial Structures -- Covered Bonds and Business Plans