In the current pantomime of financial regulatory turmoil, the villain of the piece is easily cast - securitization. Even the relative obscurity of the word has added to its perceived villainy. A difficult word to pronounce for the uninitiated, it has been booed and hissed at by politicians of all sides. The Turner Review, published on March 18, firmly places securitization - at least in its more complex forms - at the heart of the current banking crisis. But does it deserve its reputation?

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