The agreements are a poor representation of anything meaningful unless you are a billion dollar institution dealing with a billion dollar institution and you all know the name the game of share lending and do it every day. This is not a retail agreement by any means and was never designed as such. He is struggling to determine how this fits with the general investor public.
You are right The Ant, everyone thought they had a margin loan, no one is saying hey, were were share lending and we have some issues with the agreement, we thought we bought a cow, we got a chicken, but the agreement indicated it was a dog. Old McDonald had a farm and the poor old judge is prob doing his head in.
