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Questions Lie Behind CPDO Hype Financial Times - November 14, 2006 by Paul J. Davis "Once again, the rating agencies have proved that when it comes to some structured credit products, a rating is meaningless," says Janet Tavakoli, an independent consultant. "CPDOs have an extreme amount of mark-to-market and liquidity risk. The ratings volatility is likely to be very high . . . All AAA's are not created equal, and this is a prime example." END OF EXCERPT Janet Tavakoli is the president of Tavakoli Structured Finance, a Chicago-based firm that provides consulting to financial institutions and institutional investors. Ms. Tavakoli has more than 20 years of experience in senior investment banking positions, trading, structuring and marketing structured financial products. She is a former adjunct professor of derivatives at the University of Chicago's Graduate School of Business. She is the author of: Credit Derivatives & Synthetic Structures (John Wiley & Sons, 1998, 2001), Structured Finance & Collateralized Debt Obligations (John Wiley & Sons, 2008). Janet Tavakoli's book on the global financial
meltdown is Dear Mr. Buffett: What An Investor Learns 1,269
Miles From Wall Street (Wiley 2009). TSF makes some information available to the general public. Please
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Janet Tavakoli, President:
jt@tavakolistructuredfinance.com
TEL: (312) 540-0243 |