Reminiscent of a January release from the Senate Permanent Subcommittee on Investigations, the Joint Committee on Taxation's recently published inspection of Enron Corp.'s tax maneuvering includes several direct jabs at securitization accounting, and in places assumes a strong stance against the current Financial Asset Securitization Investment Trust (FASIT) structure.

Cited from the report, "the staff believes that the abuse potential inherent in the FASIT vehicle far outweighs any beneficial purpose that the FASIT rules may serve, and thus recommends that these rules be repealed."

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