Dear all,
1. This is the third lecture by Joe to re-characterise and translate Hohfeld's analytical jurisprudence into an n-Categorical algebra.
2. There are many symmetries embedded in Hohfeld's octonic discrete projective mapping which are really dual quatronic. In a previous lecture we showed how Hohfeld himself perhaps unconsciously missed perfecting his beautiful gem, indicating that he was not fully aware of the deep symmetries of his model.
3. Is it not obvious that Hohfeld's 8 legal relations constitute a set? But sets tell us nothing of dynamic structures; they order but do not inform.
4. In the lecture, we explain how the 8 legal relations as jural opposites and jural correlatives relate to category theory. We dig even deeper and ask why this must be so.
5. We show how the 8 legal relations are idempotent endomaps in the framework of jural opposites of a single human being, ie, in the monadic.
6. To map jural correlatives, however, we must use functors which are defined as morphisms which preserve in a one-for-one correspondence the objects and morphisms of two categories. Or, simply, a functor is a morphism between categories.
7. One big result is that jural correlatives are not idempotent endomaps but rather isomorphic free and forgetful functors between categories of individuals (monads).
8. Not lazily resting on this discovery, we hypothesize (1) that systemic risk and the great cycles of default are left and right adjoints of pre- and post-default subsystems and together form a Dun Scotus-like fourfold cyclic symmetry; and (2) that short cuts through the great cycles of default via tinkering financial regulation only accelerates the centrifugal forces against the good.
See you soon,
Rezi & Joe
In respect of the complex financial products and mechanisms that were created during boom times e.g. securitisation etc and the complex deals that took place, it was the responsibility of lawyers to advise their clients that these could end up in a financial crisis scenario. The lawyers should have been alert to the fact that, although operating in a soft law type environment, these deals were harmful to principles such as market confidence, protection of the consumer, as well as protecting the system as a whole. It was the lawyers' duty to deter the clients from conducting these deals and they should have reported their concerns to the Government, FSA and international bodies and refused to act for the client. A client may well think these deals are smart, but it is for the lawyer to consider the legalities – that does not just mean loyally making it happen for the client so they can bill and buy an Aston Martin, but also looking at the bigger picture.
So City lawyers are reaping what they have sown here. And if lawyers wish to argue that they could not anticipate the financial crisis then that is more reason to say they are responsible and should be brought to book because it would be negligent for any lawyer advising on finance deals to not have a firm grasp and understanding of economics related to the deal and how the deal fits into the economic system as a whole within that economic climate (e.g. a boom period).
And £20m is sick – why on earth don’t the government deal with this in-house, probably at 1/10 of the cost? And why are these firms on any kind of a panel in which they initially advised on the deals and the institutions that went belly up? This is another example of the David Cameron 'jobs for the boys' mentality that the current Government promote (i.e. work for the Eton and Westminster School alumni, stuff the rest). It is a total disgrace.