The Information Management Network couldn't have picked a more opportune time to host its inaugural Global ABCP and SIV's Summit, which was held last week. Against the backdrop of beautiful Paris, a roomful of industry players had some ugly matters to discuss.

During the one-and-a-half-day seminar, banks both accused and excused rating agencies for the flight of investors from ABS and related products. Rating agencies blamed the press for the "confusion," as a vice president of Moody's Investors Service put it. The press blamed spiteful investors who were going on strike as payback for maltreatment from investment banks. Short-term investors who started entering the long-term markets were blamed. SIV investors were called ignorant and overdependent on rating agencies. SIV managers and their lack of transparency were also called out. Conspiracy theorists blamed Basel II.

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