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March 5, 2013

Too-Big-to-Fail Crowd Turns on One of Their Own

There’s a scandal brewing at the American Securitization Forum — and sure to be a lot of schadenfreude to follow.

The trade association “fell into turmoil last week when most of the board resigned in a dispute with the group’s executive director over governance and bonuses,” Bloomberg News reported today, citing six unnamed people familiar with the matter. Members that quit include Bank of America Corp., JPMorgan Chase & Co., Deutsche Bank AG and Citigroup Inc.

The article said the resignations came after the board tried, but failed, to remove the forum’s executive director, Tom Deutsch. Part of the dispute reportedly concerned bonuses he was paid. Deutsch didn’t return phone calls. The forum lobbies and holds conferences for the securitization industry, which packages loans and other financial assets into securities.”

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Read Jonathan Weil’s full Bloomberg View op ed here

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