Outgoing board members reflect on their service

first_img“Ultimately our legitimacy rests on the consent of the governed, the lawyers of the state of Florida,” Hume said. “Do what is best for the state of Florida and you will do what is best for The Florida Bar.”Referring to McMahon’s fiscal calculations, Morales said, “I consider myself a very wealthy man, but not wealthy in money or possessions, but wealthy in blessings, blessings in health, family, and friends. I am a much, much wealthier man for serving on this board. This board has given me much more than I have given it.”As a Cuban native and the son, grandson, nephew, and brother of lawyers, Morales said he has an appreciation for the contributions of the profession. Outgoing board members reflect on their service It’s taken 79 days of work in the past four years to attend Board of Governors meetings and to deal with related Bar work, according to the calculations of outgoing board member Mike McMahon.At his normal billing rates, that’s around $160,000 to $240,000 of forgone revenues, plus another $31,000 of expenses paid by his firm for him to attend to Bar duties, including board meetings. Outgoing board members reflect on their service June 1, 2001 Regular News “I would urge you in the future to consider attacks on any of us as attacks on all of us,” Buell advised.Ratzan noted it had been a challenging year for the Bar in the legislature, and he praised Russomanno’s efforts. Buell expressed concerns about challenges facing lawyers. “There are two thoughts that come to mind,” he said. “One is on the multidisciplinary practice issue. The accountants will be back. In my view, MDPs are not in the best interests of our clients or the Bar.”Secondly, he said the Bar needs to be more involved when one segment of the profession comes under attack. He noted there have been separate issues affecting workers’ compensation, trial, or real estate attorneys and the Bar as a whole has tended not to respond. Joining McMahon were YLD President Stuart Ratzan and board members Mark Buell, John Hume, and Manny Morales. Although five is a smaller number than normal of departing board members, Bar President Herman Russomanno, who also made brief remarks, noted the quintet had a combined 26 years of board service. Of the rewards for board service, McMahon said, “It’s the people in this room, the level of intellect, the level of debate sometimes petty but usually with a high regard for the future of the profession.“My hope in the future is we can be more proactive, and that’s hard to do with a group this large,” he advised. “Those who are out there [in the Florida Legislature] to get us chipped away a little on the judicial selection process. . . and there are many more who will come back again.“We need to focus in the future not in just defending what we have but in expanding,” McMahon continued. “We need to develop an agenda that is proactive and will make the profession and the country a better place.”One good example, he said, is President-elect Terry Russell’s goal of getting state funds for legal aid services next year. John Hume Mark Buell “I think of an island where I was born about 90 miles down,” he said. “I think of how different that world is to our world and the reason it is different is because this board and boards like it around the country are the bedrock of what democracy is in this country. It is the foundation of the skyscraper of democracy. “The first thing that those totalitarian governments do is get rid of the lawyers and get rid of the court system, or make it a sham, because that’s how you get rid of democracy,” Morales said. “Your work improving the legal profession and making sure lawyers are independent and competent is important and the way to protect the public.” Hume, a watchdog of the budget and a frequent advocate that the Bar should avoid social or partisan political issues, urged the board to always be open to unpopular positions. “Encourage colleagues to speak out, even if you disagree with them, perhaps especially if you disagree with them,” he said. “Examine the budget process critically, this is where most of the deals are done. Do not allow our funds to be expended unless each expenditure advances the purposes of our Florida Bar.” He asked the board to protect the core values of the profession, including against incursions by MDPs, and also to keep in mind the interests of the “unsung yeoman of the profession,” the sole practitioner. Manuel Morales Russomanno echoed Morales sentiments, and thanked board members for their support in a challenging year. “I’ve always been proud to be a lawyer, but I’m prouder today than when“As was stated earlier, lawyers are the guardians of the constitution and the people in this room are the flames,” he added. “The beacon of the flames is the hard work that you do.” “You said last night it felt like asking a jury for $1 million and they gave you $900,000,” he told the president. “But it was like asking a jury of tort reformers for $1 million and they gave you $900,000. You went into the lions’ den and you barely stubbed a toe.” Ratzan also told the board, “It really has been a privilege to stand up here and report on behalf of the YLD.” Mike McMahon “I don’t know who has been most rewarded, but I don’t think members of the Bar got that much value of my time,” McMahon said with a smile at the board’s May 11 meeting in Key West, the final gathering of the 2000-01 Bar year. The occasion was the closing of the meeting, traditionally a time for retiring board members to offer “comments for the good of the order.” Board members talked about not only the camaraderie of the board but also about their recommendations for the Bar and the board. Stuart Ratzan last_img read more

Op-Ed: Insecurity grows in Post-9/11 Security State

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Big Brother is watching. (Photo courtesy of New Zealand Times)Recently the PEN American Center, the writers’ organization, asked its members how they felt about the extent of our government’s surveillance of email and phone records. An overwhelming majority were deeply concerned. Here’s what Sandy McIntosh, a Long Island poet and publisher of the Marsh Hawk Press, had to say in response to PEN’s survey:By Sandy McIntoshIn an old detective novel, a Nero Wolfe, someone is stopped in the street by a cop who demands to see his identification. The man laughs, says that he knows his rights, and walks off without giving the cop anything. The cop is frustrated, but doesn’t insist because they both know that this right is one of the guarantees of American citizenship.Reading this for the first time, my reaction was amazement. Throughout my life, without a doubt, if a cop demanded my ID I’d immediately hand it over. Of course, I grew up some decades after the date of that Nero Wolfe story. But to me and my contemporaries—the idea of claiming one’s rights was reserved for the time when one was actually arrested and in the interrogation room, and when the threat of the rubber hose or something psychologically worse, was palpable. That, years before, you could walk around in the street and feel secure in your privacy was not something that I’d even known or suspected.It seems now that after 9/11 everything changed and we have been quickly sucked up by the Security State—which means, for most of us, by a state of insecurity.Even so, I think this insecurity has been festering for a long time. 9/11 was only an explosion that brought what was invisible into the visible, the palpable.I would never—never—make a joke about a bomb while standing in an airport security line. Would I tell one to a friend online? Would I write a poem about one? I’d hesitate.A friend told me that she didn’t care if her emails, telephone calls, and so on were monitored. “I’ve got nothing to hide,” she insisted.But, for myself, I’m not that confident. Just as conspiracy theorists suppose that there is a colossal, organized brainiac collective in some New World Order plotting to take over, my friend assumes that people managing the Security State have discernment and real intelligence, and will understand that a regular Jane Doe in the suburbs like her couldn’t possibly mean any harm.I don’t share her belief. There’s nobody that intelligent—certainly no one claiming membership in a Security State or a New World Order. And that’s why I should be keeping my mouth shut.Maybe I’ve said too much already.last_img read more

Lessons from a satisfied credit union

first_imgThe reasons vary for why credit unions choose to do employee engagement and satisfaction surveys. Some use the results as a “checkup” of sorts, to make sure their credit union is still thriving and healthy. Other credit unions, perhaps sensing real issues, use the findings to pinpoint potential problems so corrections can be made.At People Perspectives, we have been tracking our credit union clients’ employee satisfaction and engagement averages for several years. This year, inspired by our outstanding clients, we decided to recognize those credit unions that have done exceedingly well. $650 million/69,000-member Consumers Credit Union, with 240 employees in Kalamazoo, Mich., was named our first Distinguished Credit Union of the Year and for good reason. In its employee engagement and satisfaction survey, Consumers CU had especially high averages on three survey dimensions: organizational satisfaction, salary and benefits satisfaction, and department satisfaction.Here are nine best practice suggestions from the credit union:1. Trust and empower your employees.  Consumers CU allows all employees to make decisions in their roles without fear. For example, a teller or call center rep has full authority to reverse fees and credit transactions if they think it is the right thing to do. When poor decisions are made, the credit union uses coaching to help them understand why vs. punishing or chastising them. continue reading » 12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

McDonald’s ‘McPlant’ news spooked Beyond Meat investors, analyst says

first_imgEthan Brown, founder, president and CEO of Beyond Meat.Adam Jeffery | CNBC – Advertisement – Shares of Beyond Meat cratered as much as 28% Monday in after-hours trading following the release of disappointing third-quarter results, capping off a frenzied day of trading for the volatile stock.McDonald’s announcement of a plant-based line called “McPlant” sparked confusion among investors about whether Beyond would be a supplier for the largest U.S. restaurant chain by sales. The company made the meatless burger patty for a McDonald’s test in Ontario.The fast-food giant declined to provide CNBC with any details on its suppliers for the forthcoming products.- Advertisement – – Advertisement –center_img “We have a relationship with Beyond Meat, where they supported us in our Canadian test market,” McDonald’s CEO Chris Kempczinski told CNBC’s Carl Quintanilla. “We haven’t made a decision yet about how we’re going to be and which suppliers are supporting our global rollout, so I don’t want to comment on that.”But a spokesperson for Beyond said in a statement to CNBC that the company co-created a meat-free patty with McDonald’s that will be available as part of McPlant.On Beyond’s earnings conference call Monday evening, J.P. Morgan analyst Ken Goldman told Beyond CEO Ethan Brown that he thought Brown was “spooking people a little bit” because he wasn’t giving investors any substantial details on what could be a major source of growth for Beyond.- Advertisement – In a response to Goldman, Brown said that in his own observation, McDonald’s might have wanted to keep the spotlight on their investor day and announcing Beyond as a supplier could’ve disrupted that focus. He also said that he would wait to work with McDonald’s before making further comments on Beyond’s role within McPlant.“I will say this: Everything we said is true,” Brown said. Beyond has developed a “very long-term” relationship with McDonald’s, including creating the burger that will be a part of McPlant, he said, adding that it is up to the chain to decide the extent of the collaboration.last_img read more

PROMISING PRACTICES FOR PANDEMIC PLANNING Collaborations ensure local needs met in city’s pandemic planning process

first_img Communicating with the publicAlexandria’s communications plan is an attempt both to maximize staffing and provide tailored outreach to at-risk populations. During an influenza pandemic, the medical examiners would determine cause of death only for the first influenza-related cases, Clizbe said. Planners needed to reach out to city groups to define the emergency roles and responsibilities normally filled by the medical examiners. The health department’s outreach led to broad collaborations among mortuary providers, cemeteries, public works officials, professional communicators, law enforcement personnel, multicultural organizations, and senior citizens groups, Clizbe said. Like many cities, Alexandria incorporated federal, state, and county structures into its pandemic plan. Innovative use of community resources and partnerships ensured that the top-down process still incorporated local needs and assets. Planners opted to incorporate communications strategies from Toronto, Ontario, rather than create a plan from scratch. Alexandria lacks a Public Information Officer (PIO) to communicate pandemic risk, quell rumors, and provide up-to-date information to the general public. The Toronto plan allowed the city room to assign these communications tasks based on employees’ skills, Clizbe said. Employees with public speaking skills, a marketing background, or multicultural knowledge will be enlisted to educate the public or create materials. “They were the most complex, and the issues about which we knew the least,” Clizbe said. To complete its plans, Alexandria embarked on an intense collaboration with local agencies and got a little help from Canada along the way. Editor’s Note: This article is one of an occasional series exploring the development of public health practices included in the CIDRAP Promising Practices: Pandemic Influenza Preparedness Tools online database. We hope that describing the process and context that drove development of these practices serves as a valuable tool for pandemic planning. The Alexandria Health Department is making the job easier for its ad hoc communicators. Part of the communications planning process involves defining roles for city agencies. Alexandria’s base population of 135,000 expands daily to include a large number of tourists and commuters to nearby Washington, D.C. Communicators can craft a unified message to their highly mobile audience if they are aware of agency locations, services, and times of operation before an emergency. For instance, the health department can relay messages about opening mass dispensing sites for medication if sites throughout the city provide the same services at the same times. View tools and reviewers’ comments for “Fatality Management in Alexandria” practicehttp://publichealthpractices.org/practice/fatality-management-alexandria-va View tools and reviewers’ comments for “Risk Communications in Alexandria” practicehttp://publichealthpractices.org/practice/risk-communications-alexandria-va See also: Overcoming confusion about fatality managementCommunity-wide relationships were not restricted to communications planning. City planners recalled the confusion about identifying jurisdiction and responsibilities during Alexandria’s response to the Pentagon attack in 2001, Clizbe said. The city’s mass fatalities plan had to resolve the problems encountered on Sep 11. It also had to consider that deaths due to pandemic influenza would require a vastly different jurisdictional response, Clizbe added. In 2005, Mayor William D. Euille called together more than 60 people representing the health department, city officials, the city’s sole hospital, and community organizations. These groups formed pandemic planning subcommittees to address specific challenges facing the city, said John Clizbe, PhD. Clizbe is the emergency planner for the Alexandria Health Department, and he helped identify communications and fatality management as particular challenges facing the city. Nov 19, 2007 (CIDRAP News) – Two strategies—communicating effectively with the living and managing the bodies of the dead—emerged as focal points as Alexandria, Va., developed its highly collaborative pandemic plan. Lori Hardin, statewide emergency planner for the Virginia Office of the Chief Medical Examiner, lauded the groups for tackling the tough issue of fatalities. “It’s wonderful that Alexandria is talking about it and acknowledging that it’s going to be a problem.” Planners also asked city schools to play a significant part in pandemic communications. Pandemic planning “wasn’t on the schools’ radar” before 2005, said Robin Wallin, nurse coordinator for Alexandria City Public Schools. The community-wide planning set in motion by the city led to grassroots ties between the health department and schools, she added. Her participation on the mayor’s working group led to close working relationships between epidemiologists and public schools. These relationships may have tremendous benefit for effective influenza surveillance in schools, she said. Alexandria recognized that pandemic preparedness requires the involvement of many different agencies. In the city’s case, “public health was not doing it all by themselves,” Clizbe said. This recognition has been instrumental in building relationships that may benefit the public’s health before, during, and after an emergency. Continuing outreachAlexandria’s pandemic plan is still a work in progress. Collaboration between its health department and city organizations has made the ongoing planning process an “all-engaging quality effort,” Clizbe said. Further implementation of the plan will involve outreach to community organizations and nonprofits, especially those serving vulnerable populations.last_img read more

Wolf Administration Approves Fulton County Facility to Begin Medical Marijuana Production

first_img December 06, 2017 Wolf Administration Approves Fulton County Facility to Begin Medical Marijuana Production Human Services,  Medical Marijuana,  Press Release,  Public Health  Harrisburg, PA – The Wolf Administration’s Pennsylvania Department of Health today approved Ilera Healthcare LLC., in Taylor Township, Fulton County to grow and process medical marijuana, becoming the fourth facility to be operational.“Pennsylvania now has four grower/processors that are fully operational, bringing us one step closer to providing medical marijuana to patients,” Governor Wolf said. “More than 8,000 patients have registered to participate in the program, with 435 who have visited an approved practitioner and received their certification.  We are working to make sure those patients have access to medical marijuana when the first dispensaries open sometime next year.”In order to become operational, Ilera Healthcare underwent several inspections from the Department of Health. The facilities also are fully integrated with the seed-to-sale tracking system. The grower/processors will now be able to begin accepting seeds and clones to grow medical marijuana.“Patients, caregivers and physicians are actively getting ready to participate in the program,” Acting Health Secretary and Physician General Dr. Rachel Levine said. “More than 150 physicians have been approved as practitioners, with nearly 350 more going through the process.”The Medical Marijuana Program was signed into law by Governor Tom Wolf on April 17, 2016. Since that time, the department has:Completed the Safe Harbor temporary guidelines and Safe Harbor Letter application process, as well as approved more than 300 applications;Completed temporary regulations for growers/processors, dispensaries physicians and laboratories, all which have been published in the Pennsylvania Bulletin;Issued permits to grower/processors and dispensaries;Developed the Medical Marijuana Physician Workgroup;Approved four training providers for physician continuing education;Approved two laboratories to test medication before it is delivered to patients;Launched the Patient and Caregiver Registry; andContinue to work with permittees to ensure they will be operational within six months.The Medical Marijuana Program became effective on May 17, 2016, and is expected to be fully implemented by 2018. The program will offer medical marijuana to patients who are residents of Pennsylvania and under a practitioner’s care for the treatment of a serious medical condition as defined by the Medical Marijuana Law.Questions about the Medical Marijuana Program can be emailed to RA-DHMedMarijuana@pa.gov. Information is also available on the Department of Health website at www.health.pa.gov.For more information, follow us on Facebook and Twitter.center_img SHARE Email Facebook Twitterlast_img read more

PFA ups exposure to local enterprise

first_imgDanish pension fund PFA said it is increasing its exposure to small and medium-sized enterprises (SMEs) in Denmark by raising its stake in Kirk & Thoresen Invest.PFA — the country’s largest commercial pensions provider — said it decided to boost its ownership stake in the private equity firm to 30% from 16%. A PFA spokesman declined to say how much the investment would cost.Henrik Heideby, managing director of the £417bn pensions company, said: “For a long time we have wanted to support small and medium-sized businesses more and therefore the thousands of Danish jobs that are a part of Danish economic life.” Heideby already sits on the board of Kirk & Thoresen Invest, which has holdings in library supplier Biblioeksmedier, air purifier, Lesni, and supplier of native and exotic meats, Dencon, amongst others.Apart from increasing its stake in the firm, PFA said it was also making a loan facility available to Kirk & Thoresen. “We don’t have the set up internally in PFA to screen the market to see which of these smaller companies have the necessary potential,” Heideby said.“Apart from that, these types of investment often require you as the investor to give concrete leadership and economic advice to the businesses concerned,” he said.PFA did not have the set up to act as a business doctor, he said.Heideby said the pension company’s desire to support SMEs was not driven by idealism.“We are not philanthropists, we will invest in companies we believe will give a good return,” he said.Heideby said PFA would like to make more investments of this type.“With this model I believe we, as a very big institutional investor, will also have the opportunity to work on projects that are so small that we would normally not get involved in them,” he said. PFA said it also had investments in Erhvervsinvest and SE Blue Equity, which invested in SMEs in Denmark.The Danish government has made moves to encourage the country’s pension funds to lend to SMEs since bank lending has become harder for the companies to come by as a knock-on effect of the financial crisis.At the end of last year, it extracted a pledge from the pensions industry to to promote pension fund lending to SMEs as well as working to bolster their access to capital resources.This was part of larger deal to ease the pressure on the level of reserves pension funds needed by extending a previously altered discount yield curve.last_img read more

​Towers Watson Germany hires Deutsche Bank veteran as head of consulting

first_imgReiner Schwinger, managing director at Towers Watson, said he was pleased by Schmidt-Narischkin’s joining the company.“He will put his many years of experience in client and provider-facing roles to good use, developing further tailored holistic products and services for Towers Watson,” he said.Deutsche said it had not yet appointed a replacement, but that Schmidt-Narischkin’s duties would be assumed by Alexander Preininger, global co-head of client solutions, in the interim. Towers Watson Germany has named Nikolaus Schmidt-Narischkin as its new director of consulting services.Schmidt-Narischkin, who in his new role will work to grow the consultancy’s presence in the German market, joined Deutsche Bank’s corporate banking business in 1990.In 2004, he was named head of DB Advisors’ pension solutions division, substantially growing the business in his time.Since 2008, he has been a board member at Deutsche Asset Management and, most recently, was head of EMEA client solutions at Deutsche Asset & Wealth Management – the new asset management business formed by the bank after the sale of several of its companies fell through. last_img read more

EIOPA accepts ‘limited’ risk of pension funds passing on financial shocks

first_imgThe European Insurance and Occupational Pensions Authority’s (EIOPA) first sector-wide stress test has concluded that pension funds’ ability to transmit financial shocks to other market participants is limited.EIOPA – which stress tested 140 defined benefit (DB) funds and 64 defined contribution (DC) funds in 17 markets across the European Economic Area – identified a number of areas in need of pension fund and regulatory attention. It concluded, for example, that DB funds would need to double sponsor support and benefit cuts to offset the impact of its two main scenarios.These scenarios predict steep deficit increases arising from a “demand shock”, leading to a drop in equity markets, or a broad decline in asset prices coinciding with a commodities supply shock. “This makes them vulnerable to a situation in which prices and interest rates decrease at the same time.“Second, a further decrease in interest rates would also directly lead to an increase in the technical provisions and thereby worsen the solvency position of an IORP even further.”However, EIOPA conceded that the likelihood of either scenario materialising was “small”, and that is designed the scenarios to be severe in a historical context.DC stress testsThe scenarios for DC funds examined the risk of two asset price shocks, two low-return scenarios and an increase in longevity and their impact on a fund member’s replacement rate.EIOPA said the impact on replacement rates was “most severe” where low interest rates were combined with higher inflation, due to the impact of a member’s future purchasing power.The supervisor also questioned the ability of DC funds to hedge, noting that matching the duration of fixed income holdings to a fund’s life cycle would “not always be successful”.It said the asset price shock scenario assumed strong increases in credit spreads of government corporate bonds, which were above the decline in the risk-free rate – reducing the effectiveness of hedging.“Similar conclusions can be drawn for (the few) IORPs that hedge inflation risk through inflation-linked bonds,” it added.“Such strategies are designed to work when real yields move in line with real risk-free rates, but a sudden rise in the credit spreads on inflation-linked bonds will reduce its effectiveness.”Risk of contagionThe supervisor also concluded that the direct links between the pension sector and other financial institutions were limited, reducing the risk of IORPs transmitting financial shocks.“However,” it added, “the extent to which IORPs may act as stabilisers of markets depends on their investment behaviour.”EIOPA warned, for example, that while most of the 224 pension funds participating the stress test were buy-and-hold investors, that mentality did not apply to the sector as a whole.“Those IORPs that represent the majority of pension assets expect to rebalance allocations to assets that have suffered the steepest price falls, most notably listed equities,” it said. “Hence, as sellers of government and corporate bonds and buyers of non-fixed income assets, they might support the stabilisation of those segments that would be hit the hardest in the adverse market scenarios.”EIOPA also pointed out that there could be a secondary impact on the real economy from increasing DB deficits, as sponsors were asked to increase contributions.,WebsitesWe are not responsible for the content of external sitesLink to EIOPA stress test results It found that IORPs were better able to deal with a sudden 20% decrease in mortality, noting that while the impact was not negligible, fallout was “relatively limited” when compared with the impact of its market scenarios.Additionally, it found that low-return scenarios had more of an impact on young DC members’ replacement ratios than longevity increases.DB scenariosLooking in detail at the impact of the market scenarios on DB funds, EIOPA found that its first scenario would depress private equity and hedge fund markets, while impacting unlisted infrastructure projects.“In turn,” EIOPA added, “market-based inflation expectations over the short to medium term would continue to fall, while the expected timing of the return of inflation to central bank targets would remain unchanged.”It said its second scenario would have a greater effect on deficits, citing the “sharp” increase in inflation stemming from higher oil prices and associated import prices following a depreciation of the euro against the US dollar.“Both scenarios would impact IORPs in two ways,” it added, noting the large share of equity and property holdings across the pension investment universe.last_img read more

Former ECON chair Sharon Bowles on the EU’s financial crisis response

first_img“I think there are various technical faults that slowly get corrected or could have been done better,” she told IPE. “I think it was acknowledged that it had all got over-restrictive, which was why Lord Hill did a stocktaking and there was talk of simplification. The former chair of the European Parliament’s Economic Affairs Committee (ECON) has delivered a blunt assessment of the successes and failures of her tenure as one of the EU’s top lawmakers on regulatory affairs.In a Chatham House speech, delivered last month to mark the 10th anniversary of the collapse of the Lehman Brothers investment bank, Sharon Bowles voiced her regret over shortcomings in the EU’s political and legislative responses to the crisis and warned of mounting risks posed by the failure to tackle problems in the accounting and audit professions.She referred to “international impatience with the slow pace of some EU actions, particularly bank recapitalisation, about which there was both denial and not wishing to stump up the cash”. Bowles later expanded on her assessment of the shortcomings in the EU’s regulatory and political responses to the crisis. Sharon Bowles“Probably the worst legislation was short selling restrictions, but it ended up a lot less worse than banning short selling, which was how it all started. Actually, all it does is in fact to say that you have to know where you can get the stock from before short selling it.”She reserved her strongest words for the accountancy and audit professions, of which she has been a vocal critic for some time.Addressing her Chatham House audience, she said: “One question that has never been properly addressed – and it has come up again recently in the UK with non-financial companies – is that company reports and audits paint a rosy picture just months before a company collapses.“In my view, the issue of neutrality in IFRS conflicts with the prudence required in company law. Company law is the one that is right. Keep on ignoring it and there’s the next crisis.”SecuritisationBowles also highlighted the negative effects of securitisation rules contained in the EU’s Capital Requirements Directive (CRD).She said: “The introduction of a ‘skin in the game’ retention of a part of every securitisation, instead of selling off all of it, was introduced into CRD2, and in the absence of such a retention there was a prohibitive capital charge.“The idea was that, if it was dodgy, the bank shared in it. It put an end to a lot of the ‘originate to distribute’ model, but it also killed off better securitisation.”Bowles later told IPE that the episode had made the EU’s recent review of the rules – part of its Simple Transparent Securitisation workstream – all the more fraught.See also: IPE’s Special Report – 10 years since Lehmanlast_img read more