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At KGP, Dr. Kormendi directed and co-directed many innovative financial engagements for public and private clients.
The O.E.D. later defined the term to mean "a disabled person or thing: specifically (Stock Exchange slang): one who cannot meet his financial engagements; a defaulter."
(Stock Exchange slang): one who cannot meet his financial engagements; a defaulter" - traces its origins to the London stock market in the 18th century, where broke investors were said to waddle out the doors onto Exchange Alley.
