It’s the UK Supreme Court’s judgment in the the Eurosail case.

The American Securitization Forum, the leading trade association for the securitization industry, fell into turmoil last week when most of the board resigned in a dispute with the group’s executive director over governance and bonuses, according to six people familiar with the matter. …

And by “fourteen” we mean “more than fourteen” because each “question” is more like “a bunch of questions” or in some cases “stuff that Gorton and Metrick wonder about but have not actually stated in the form of a question”.

Anyways, we bolded the main bits from each below, and you can find the full paper via NBER

Now that the committee has had time to truly, madly, and deeply think it over, it’s time for… drumroll… a consultative document on which comment will be sought by March 15, 2013. Oh, it’s on now.

Consider the below a case study, as fuel for debate. It’s an example of when a local regulator managed to fudge the implementation of the edicts from the gnomes of Basel…

The natural reaction is to seek out a cure, no matter how bleak your chances. You will, for the most part, do almost anything to live. That includes changing your habits, your lifestyle, your friends, your profession or, for that matter, doing things you never previously considered doing. Whatever it takes to get just one more day of life.

Sell them of course! Especially if those exposures are expensive to hedge and costly in terms of regulatory capital charges.

Better understanding of clients, not less, is what helps to improve banking.

Older CLOs* are making up for some of the slack by extending loans, but it appears that ultimately, funding will have to be obtained elsewhere or these companies will default.