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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.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
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.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
CLE Shouldn't Be the Only Mandatory Training for Attorneys
Each stage of an attorney's career offers opportunities for a curriculum that addresses both the individual's and the firm's need to drive success.