Financial Jargon Glossary

[Baker, John]

        Latham & Watkins, a large law firm, has posted online a
surprising comprehensive glossary of corporate and bank finance slang
and terminology, http://www.latham.com/Glossary.aspx.  Although it's far
from perfect (I suspect they just told some mid-level associates to put
it together), it's surprisingly accurate and comprehensive, at least
compared to other efforts of this type. I particularly appreciate the
candid and explanatory tone it sometimes brings to bear.  For example,
here is the entry for "all or substantially all":

<<no one knows exactly what this phrase means. This phrase is used in
various Covenants and other contractual provisions, but the precise
meaning is the subject of much debate (and litigation). It does not
necessarily mean what it sounds like in general layman's terms. See, for
example, Sharon Steel Corp. v. Chase Manhattan Bank, N.A., 691 F.2d 1039
(2d Cir. 1982) and B.S.F. Co. v. Philadelphia National Bank, 204 A.2d
746 (Del. 1964).>>

        It does have a number of mistakes, such as its definition of
"debenture."  (A once-standard reference work, Commentaries on Model
Debenture Indenture Provisions, began with a cartoon of a corporate
boardroom, with one director raising his hand to ask a fundamental
question:  "What's a debenture?")  It also omits terms, such as "hedge
fund" and "investment bank," that the compiler probably thought
(wrongly) were too well-understood to need definition.  Overall,
however, I think it would be a useful resource to anyone needing current
guidance on financial terms.


John Baker

------------------------------------------------------------
The American Dialect Society - http://www.americandialect.org