Proposed regulatory and accounting changes hung like a tropical storm cloud over Paradise Island, Bahamas, where the ninth annual Information Management Network ABS East conference unfolded last week.

Despite this, speakers spun a positive pitch early on, as evidenced by the tongue-in-cheek "The Good, the Bad and the Ugly" theme of the general opening session - updated to Enron, Tyco and Worldcom - which featured the infamous movie with dubbed voiceovers from session facilitator and Moody's Investors Service Senior Managing Director Brian Clarkson.

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