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Quote by Paul Halpern

“[T]he ABCP market was built on a fatal flaw: a significant mismatch between the duration of the underlying assets (long-term) and the duration of the paper itself (short-term). While this structure is not unusual -- banks use it all the time -- the crucial difference is that banks have a strong liquidity provider in the event of a problem: the Bank of Canada. The trusts, however, were left in limbo.”

Quote by Paul Halpern

Book:Back from the Brink: Lessons from the Canadian Asset-Backed Commercial Paper Crisis
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Back from the Brink: Lessons from the Canadian Asset-Backed Commercial Paper Crisis

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Paul Halpern

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