In this regard, some resecuritized products, which inflicted enormous pain during the recent financial crisis, are suspect because they include unsold tranches of original securitization vehicles, tranches that investment banks could not sell to willing buyers or found too unattractive for their own books. Considering that financial institutions enhance welfare through intermediation, relevance of any developments to intermediation should be a good starting point.
Mr Kelley remarks on Y2K readiness in the United States  Remarks by Mr Edward W Kelley Jr, Member of the Board of Governors of the US Federal Reserve System, before the Banking Regulators’ News Conference on Y2K Readiness at the National Press Club in Washington, D.C. on 16 September 1999.