Goldman Sachs' View

I found this to be an interesting and informative read and look forward to the future publications.

I find the piece on the accounting treatment of SIV's interesting, but that's just showing my bias in accounting (and maybe some Enron flashbacks). Sooner or later the whole concept of off-balance sheet entities will be eliminated, since it's hard to argue that there's any long-term benefit to having them. They allow for short-term gains and at best neutral long-term results while at worst they tend to bring companies to their knees.