Appeared on November 27, 2007
As Joseph R. Mason, finance professor at Drexel University, and Joshua Rosner, managing director of the institutional research firm of Graham Fisher & Co., noted in a paper earlier this year: "We believe that efforts to provide transparency to these new product areas can foster stability while maintaining liquidity to the underlying collateral sectors." It's either that, or it's the end of pretending that banks have no role in the process besides turning loans into securities.