Ivo Pezzuto - Miraculous Financial Engineering or Toxic Finance? The

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Electronic copy available at: http://ssrn.com/abstract=1332784 Abstract In the fall of 2008, the U.S. subprime mortgage lo... continued to plunge, leading central banks took the drastic step of a coordinated cut in interest rates and Governments co... “There's none so blind as those who will not see” (The Prophet Jeremiah) Most economists and financial analysts identify a... failure of banks, rating agencies, and banking and financial markets’ supervisory authorities to proactively and timely as... default swaps (CDS) on the reference portfolio. The counterparties in the hedging transaction are the ones who actually se... These securitized subprime mortgage loans were then used as underlying assets or collateral of complex and high volatility... U.S. Government monetary policy, to the lack of rigorous supervisory controls in the banking industry and financial market... senior managers of these organizations from their core business (professional lending and investment management) and organ... controls, but one thing which is sure is that, at least in the short-term, the rapid portfolio growth has certainly strong... And now after the first “financial tsunami” of the subprime mortgage crisis what else should we expect? A second potential... The greater worrying concern then becomes, how do SVPs, investments funds, financial analysts, rating agencies and banking... speculators on derivatives and short selling, have seriously contributed to the subprime mortgages fallout. Certainly a mo... countries’ difficulties to comply with the Maastricht convergence criteria due to their higher budget deficits and nationa... the crisis. The limited regulatory policies and supervisory controls for SVPs, derivatives and OTC trading, as well as, th... • SDCG © = sustainable dividends and capital gains; • SRS © = sustainable reward system (salaries, bonuses, stock options,... reliability, solidity, competence and integrity. “Trust” is that single word that theoretically should symbolized and summ... Bibliography Alles L. A. (1995). Investment Risk Concepts and Measurement of Risk in Asset Returns, Managerial Finance, Vo... Benveniste, L.M., Berger, A.N. (1987). Securitization with recourse: an instrument that offers uninsured bank depositor se... Choudhry, Moorad (2006). The Credit Default Swap Basis, Publisher: Bloomberg Press; 1 edition Cole R. A., Mc Kenzie J. A. ... Denzin, N. K., & Lincoln, Y. S. (1998). Collecting and interpreting qualitative materials. Thousand Oaks, CA: Sage., pp.17... Fisher G. C. (1993). The Meaning, Measurement, and Control of Credit Concentration, The Journal of Commercial Lending, May... 2004, Available online on the website of the Federal Reserve Board. (accessed on October 2, 2008), Available from
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Ivo Pezzuto - Miraculous Financial Engineering or Toxic Finance? The

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