Getting off track

Off-balance-sheet vehicles

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One commonality linking two of the biggest financial disasters of the current decade - the collapse of Houston-based energy firm Enron in 2001 and the ongoing credit crisis - is the presence of off-balance-sheet entities. It is not altogether unsurprising, then, that politicians on both sides of the Atlantic have linked the two events and demanded urgent action.

"After Enron, with Sarbanes-Oxley, we tried legislatively to make it clear there has to be some transparency with regard to off-balance

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