The Other Four-Letter Word

They were moving fast now. The Smoking Woman seemed determined to cram in as much as possible in the last two hours of class.

“Should you ever accept a loan from a client? NO! And for the most part you’re never allowed to do it, except in those cases where you are. Got that? Loaning to and from clients is generally prohibited except when:

• The client is a broker dealer
• The client is a financial institution that loans money as part of its business 
• The client is an affiliate

So why is ‘loan’ t...