the million dollar question. i think 4 out of every 5 conversations i've heard in the past two months revolve around study techniques and rumors of only needing x hours a day after july x. while tempting, i just have to keep in mind that i need to do what i need to do...which apparently has meant about 4 or 5 hours outside of class each day. on a pseudo-related note, i went to sigara after turning in my finals with erin and kari...the tarot reader didn't mention anything about my bar results.

Yes, I ran into Kari there too.

See...if the exam were graded on the curve, I'd say people are only spreading the rumors to lower our grades and thereby increase theirs....but it's not curved, so you gotta wonder if they're true...a little, at least...

Don't residents get paid a decent amount of money? Not like six figures, but more than the average mechanic.

I didn't know that. Could be.

In other news, the CAPTCHA I need to answer to reply to this post is:

"1 + 0 ="

(If this reply comes through, you can assume I got it right.)

I'm telling ya, Rick. If I have to look at those feet for just one more day ....
Post something, boy! :D

I'm not sure, but I think a commercial paper is a money-market security issued by large banks and corporations. It is generally not used to finance long-term investments but rather to purchase inventory or to manage working capital. It is commonly bought by money funds (the issuing amounts are often too high for individual investors), and is generally regarded as a very safe investment. As a relatively low-risk investment, commercial paper returns are not large. There are four basic kinds of commercial paper: promissory notes, drafts, checks, and certificates of deposit.

Because commercial paper maturities do not exceed 270 days and proceeds typically are used only for current transactions, the notes are exempt from registration as securities with the United States Securities and Exchange Commission.

Commercial paper is defined in Canada as having a maturity of not more than one year and is exempt from dealer registration and prospectus requirements.[1]

Commercial paper essentially can be compared as an alternative to lines of credit with a bank. Once a business becomes large enough, and maintains a high enough credit rating, then using commercial paper is always cheaper than using a bank line of credit. Nevertheless, many companies still maintain bank lines of credit to act as a "backup" to the commercial paper. In this situation, banks often charge fees for the amount of the line of the credit that does not have a balance. While these fees may seem like pure profit for banks, if the company ever actually needs to use the line of credit it would likely be in serious trouble and have difficulty repaying its liabilities.

Currently, more than 1,700 companies in the United States issue commercial paper. Financial companies comprise the largest group of commercial paper issuers, accounting for nearly 75 percent of the commercial paper outstanding at mid-year 1990. Financial-company paper is issued by firms in commercial, savings and mortgage banking; sales, personal and mortgage financing; factoring; finance leasing and other business lending; insurance underwriting; and other investment activities. The remaining commercial paper outstanding at mid-year 1990 -- over 25 percent -- was issued by nonfinancial firms such as manufacturers, public utilities, industrial concerns and service industries.

Commercial paper was invented by Percy "Max" Hall, Vice President of Manufacturers Hanover Trust Bank, in the 1920's.

 Counselor Ryan, did you finally get google???

Holy crap they stole my definition and put it on Wikipedia!

Where can I find additional history on Percy "Max" Hall and his Commercial Paper invention?

Google search so far has produced nil.

"Max" had a great idea when he came up with this nifty debt instrument. Great creativity for a Banker!

Way to go Max!

Thanks,

Dan

Hey - as much as i enjoy someone linking to my blog... i'll note that my reference was even MORE obtuse than you suggest.

I took Secured.

I was talking about TRIBAL secured transactions.

The difference here is that Tribal land is owned in trust by the federal government - because of this it CANT be be used in a secured transaction (because it is "owned" by the federal gov. and NOT the tribe and therefore can't be used as collateral - and therefore there are no 'normal' secured transactions availiable on tribal land) ... that isn't to say that they don't exist. BUT... that is a comment for some obscure footnote in some obscure law review on some obscure indian law note.

So obviously they didn't test on that :)

If you took it in july and are still waiting -- no worries. Everyone i took it with who ran blogs - they all passed on the first time. I think there is a connection .. and therefore you will pass. Just relax these last few weeks...

Shmoo

Secured transaction may include many things other than bank transfer, According to me a transaction where the third party cannot enter may be defined as a secured transaction.

Nice explanation of commercial paper - it is a good way for businesses to borrow money for short-term needs.

Not enough information...although I'm sure if you asked a bunch of monkeys, one of them would answer you correctly

Pretty sure I gave enough info...what else do you need?

How smart are the monkeys?

 average monkey smart

Is it 4 to the 50th power monkeys? The problem with monkey analysis is that it's not a complete random number generator. The monkeys might influence one another, after all monkey see, monkey do. Monkeys tend to pick "B" repeatedly because monkeys think that B means banana.

 Okay, counselor Pirates, I will hit up my calculator and get back to you.  My gut tells me your guess is too high, but we will see...

I bet it's .35*(4^50) monkeys. If you're only trying for 35% accuracy. But, I don't think it's entirely right because monkeys aren't random number generators. They're not dependent variables. If monkey-see monkey-do holds true, then they could very well all hit the same button each time (see supra re bananas)

What's up Ricky. You lawyers may be smart - most probably smarter than monkeys even ... but it looks like you need the help of a Financial Engineer with this problem. ;)

You'd need ~13 monkeys taking the test such that there is a greater than 50% chance that at least one of them scores 35% or better.

A single monkey has a score that follows a binomial distribution with 50 trials and a success of each trial of 25% (ie, 50 questions, 4 choices each question). This binomial distribution can be approximated with a normal distribution with mean of [50 * .25] and standard deviation of [sqrt(50 * .25 * .75)]. To get at least 35% correct on the test, the monkey would need at least 17.5 questions correct, which is 1.63 standard deviations from the mean [(17.5 - mean) / std dev]. A z-score of 1.63 or better happens 5.12% of the time [1 - (standard normal cumulative distribution function evaluated at 1.63)] meaning that a single monkey would score 35% or better with probability 5.12%.

Now we want to know how many monkeys it takes to get a 50% probability or better that at least one of them scores at least 35%. With a batch of n monkeys, the probability that NONE of them score 35% or better is [(1 - 5.12%) ^ n]. So, the probably that AT LEAST ONE of them scores 35% or better is [1 - (1 - 5.12%) ^ n]. We want this probability to be greater than or equal to 50%, so simply set this equation equal to 50%, and solve for n (consolidate terms, take log of both sides, and divide). Viola - 13.179 monkeys!

It's up to you to determine whether 13 monkeys is a comforting number or not. At any rate, I would guess there are many fewer videos of monkeys doing card tricks on YouTube. =)

Go get 'em, tiger.

Gearing up for my holiday weekend in Chicago, keep me abreast of any impending legal issues...

All day, every day, eh? What have you done to promote Lawyer Boy today?

uh...read your blog comment?

Just do it.

Nike.

Thanks, Counselor Laurel.  A for effort, F for originality.

psh

Go for it Kid! From the excerpts I've read, you not only have the potential to become a good lawyer but also an exceptional writer. I love the stories in the excerpt about your dad and can't wait to read the rest of the book! I've done "battle" with your dad and his firm many times (and we are all still friends!)

Just in case you're still working:

http://images.despair.com/products/demotivators/gettowork.jpg

Prior to law school I always finished every exam well before "time".

Now? I've never had a test feel "completed". There's always one more point you could make, or a multiple choice to review one more time. It's nuts.

There are two scenarios for me with regard to exam time limits.

One, if I know what I'm talking about then the time pases quickly. This means I either feel like the three hours passed in seconds or I wish I had MORE time.

Two, if I don't know what I'm talking about or if I am stumped by a question the time drags by at a ridiculously slow pace. This is very frustrating.

Unrelated, we were able to take exams on our computers for the first time this past semester via "Electronic BlueBook" software. This speeds things along and allows for better reorganization. With less emphasis on space management or attempting to write legibly, time was less of an issue. Win-win for everyone.

 For sure.  For sure.

And if you think the feeling is bad on law school tests, try writing a book!

 Oh, computer tests are FOR SURE better.  The one thing is...they kinda turn law school testing into typing competitions....whoever can type more gets the best grade.....

And I have a feeling you're not stumped too often, Counselor Chris...

You are clearly well prepared.

Not true. I'm an awesome typist, and in fact I did win a typing competition back in high school. 90 wpm, sorry haters! Yet my law school grades suck.

How on earth are you about to say all this and not say the important stuff! Details?!?!

Welcome back to the world of Blogging!

And welcome back to the world of commenting, Counselor Pirates. Glad to have you back. Will have a link to your blog once I get the link section up...have a good Tuesday, sir.

I'm intrigued by Pirates' anonymity. On another note, I don't like how this new site makes you re-enter your name and e-mail address every time you comment. Get with it, Lax. This is supposed to be new and IMPROVED.