The Other Four-Letter Word

They were moving fast now. The teacher 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 when 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; or
• the client is an affiliate.

"So why is 'loan'...