Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
The Disappearance of Qs: A Knockout Punch to Securitizations?
Securitization markets are reeling from a devastating series of blows. It began last year with the subprime crisis. This year ' so far ' has brought a credit crisis, the collapse of the stock market, and the disappearance of major financial institutions. Meanwhile, politicians and regulators, looking for explanations and scapegoats, are considering new regulatory schemes to “rein in” a securitization system that former Federal Reserve Chairman Alan Greenspan recently told Congress was at the heart of the breakdown of credit markets. (See, remarks of Alan Greenspan before the House Committee on Oversight and Government Reform on Oct. 23, 2008. In his testimony, Dr. Greenspan felt constrained to make his own proposal for securitization reform. “As much as I would prefer it otherwise, in this financial environment I see no choice but to require that all securitizers retain a meaningful part of the securities they issue. This will offset in part market deficiencies stemming from the failures of counterparty surveillance.”)
So, it is no surprise that the securitization markets resemble a battered boxer who is struggling to stay on his feet while hoping to avoid the next, possibly final, punch. The accounting industry may be poised to deliver that punch. Proposed changes to accounting rules for securitization vehicles will further challenge this already fragile market, threatening its role as a significant source of liquidity.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.