1. S. Schwarcz, ‘The Future of Securitization’, Duke Public Law and Legal Theory Research Paper Series No. 223 (November 2008), at p. 1.
2. S. Schwarcz, ‘Too Big to Fail?: Recasting the Financial Safety Net’, Duke Public Law and Legal Theory Research Paper Series No. 235 (March 2009), at p. 2.
3. See, generally, F.J. Fabozzi and V. Kothari, ‘Securitization: The Tool of Financial Transformation’ (2007), Yale ICF Working Paper No. 07-07.
4. For the complex nature of the technique, see, e.g., J.C. Hull, Fundamentals of Futures and Options Markets, 7th edn. (Boston, Pearson 2010), at pp. 189–202; H. Davies, The Financial Crisis: Who Is to Blame? (Cambridge, Polity Press 2010), at p. 138 et seq. Long before the financial crisis, Professor Roy Goode raised the particular issue of the complexity of securitisation and other derivatives transactions and the danger of sliding into illegal areas in financial transactions, noting succinctly that ‘[t]he increasingly abstract nature of markets, in which a variety of complex derivatives can be traded separately from the underlying physical transactions, raises in acute form the question how to distinguish trading and hedging from gambling and speculation’, R. Goode, Commercial Law in the Next Millennium (Sweet and Maxwell 1997), at p. 7
5. S. Schwarcz, ‘The Public Responsibility of Structured Finance Lawyers’, 1 Capital Markets Law Journal (2006) p. 6.