2008 Update: An arbitrageur in risk who helps to ensure that the market for confidence clears efficiently, by allowing two or more frauds to succeed in the same transaction.
Thursday, May 08, 2008
BONDSMAN, n. A fool who, having property of his own, undertakes to become responsible for that entrusted to another to a third. Philippe of Orleans wishing to appoint one of his favorites, a dissolute nobleman, to a high office, asked him what security he would be able to give. "I need no bondsmen," he replied, "for I can give you my word of honor." "And pray what may be the value of that?" inquired the amused Regent. "Monsieur, it is worth its weight in gold."