Thoughts on policy, business, disclosure, and communications
Asset Backed Securities Experience Holds Structured Information Lessons On Dec. 22, 2004, eight months before I arrived at the U.S. Securities and Exchange Commission, the Commission unanimously adopted a rule formalizing staff guidance on asset backed securities, including the residential mortgage backed securities at the heart of today’s credit crunch. As published in the Federal [...]
Daniel Roth’s new story is up on Wired. It’s the story of how the data standard the SEC adopted on Dec. 17, 2008, can restore Peggy Noonan’s “magic.” As she wrote, “no amount of pessimism will stop it once it starts.” Mr. Roth’s story, Road Map for Financial Recovery: Radical Transparency Now! is well worth [...]
These eight sentences from Peggy Noonan in her Wall Street Journal column this morning are the best I’ve read in a long time: Dynamism has been leached from our system for now, but not from the human brain or heart.