an interesting read. http://www.federalreserve.gov/newsevents/speech/duke20090914a.htm The recent G20 agreement calls for a retention of risk, or "skin-in-the-game" approach for asset securitizations. It also calls for higher capital standards and a leverage ratio for all banks. If the risk retention requirements, combined with accounting standards governing the treatment of off-balance-sheet entities, make it impossible for firms to reduce the balance sheet through securitization and if, at the same time, leverage ratios limit balance sheet growth, we could be faced with substantially less credit availability. I'm not arguing with the accounting standards or the regulatory direction. I am just saying they must be coordinated to avoid potentially limiting the free flow of credit.