24 September 2013

pari passu

[pah-ree pahs-soo; English pair-ahy pas-oo, pair-ee]
Latin.
1. with equal pace or progress; side by side.
2. without partiality; equably; fairly.

Example:

The estate was distributed in pari passu to each of the testator’s three children.

Today’s aphorism

A wasted youth is better by far than a wise and productive old age!

– Meatloaf (Marvin Lee Aday), from the song ‘Everything louder than everything else‘.

On this day

24 September 1724 – birth of Sir Arthur Guiness, Irish brewer and founder of the Guinness brewery. Died 23 January 1803.

24 September 1869 – Black Friday. Wall Street panic caused by two speculators, Fisk and Gould, trying to corner the gold market on the New York Gold Exchange. During reconstruction following the American Civil War, the US government had issued large amounts of money backed by nothing but credit. Rumour had it that the government would buy back the money with gold. Fisk and Gould attempted to profit from this by buying large amounts of gold, driving the price higher. The government unloaded $4 million of its own gold on the market which caused the price to plummet. As the price plummeted, investors panicked and sold their holdings, many were ruined.

24 September 1936 – birth of Jim Henson, American muppeteer (Sesame Street, the Muppet Show). Died 16 May 1990.

24 September 1990 – The Supreme Soviet agrees to change to free market.

24 September 1991 – death of Theodore Seuss Geisel, (Dr Seuss), children’s author. Born 2 March 1904.