Michael D. Schwartz v. Barclays Capital, Incorporated

POSNER, Circuit Judge.

When Michael Schwartz was hired as an executive of Barclays Capital, Inc., the company lent him $400,000 and promised to forgive the loan in equal installments on the first through seventh anniversaries of his start date. But before the second anniversary came round, the company fired him, which under their agreement made the unforgiven principal (about $340,000) immediately due and owing. Schwartz refused to pay, and pursuant to a term in the agreement the dispute between the parties was submitted to an arbitrator. The arbitrator sided with Barclays and ordered Schwartz…