Euan Ferguson has a quite wonderful rant up in the Observer today. Seriously, go read it, it’s fun, intelligent, witty….
There is one slight problem. What he’s celebrating is that a judge found that a certain contract to borrow money was unfair, and therefore need not be upheld. This isn’t actually anything new, it’s long been a part of Common Law, that things that are grossly unfair can be set aside. He then goes on to use this as a stick with which to beat the banks. What’s the problem with this? Well, the person who wrote the usurious contract, the person who lost the case, was not, in fact, a bank. It was, in fact, a loan shark.
So, using the example of a not-a-bank losing a case over interest rates we are shown a picture of how awful the are-a-bank crowd are.
Yes, I think I see the logic there, the facts do not support the conclusion, the details are incorrect but, of course, it’s all true in principle. By the way, did CBS ever stop using this over the Word documents?