In securitization land, the rain keeps falling. Last week Bank One's accounting practices with regards to its credit card securitizations was the subject of Wednesday's Heard on the Street column of the Wall Street Journal.

In perhaps a twist of irony, just a few weeks back, researchers at Banc One Capital Markets put out a comment titled In Defense of Securitization (see ASR 2/25/02). In it, analyst John McElravey and Alessandro Pagani wrote "Go ahead and shine a bright light on securitization. The market should welcome this scrutiny."

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