Whither originate and distribute?
Some argue the crisis in structured credit markets signals the demise of the originate-and-distribute model of banking, but this fails to take into account the pattern of all revolutions, argues David Rowe
In a comment I wrote in 2002, I cited Thomas Wurster, an early advocate of the profound impact the internet would have on business models and organisational structures.1 In the aftermath of the dot.com implosion, he made an important point about the pattern of revolutions: these rarely evolve in an uninterrupted trajectory. One consistent pattern is that, at some point, a manic phase ends in the
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