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The Investment Banking segment includes financial instruments trading, structured financing, corporate leasing, and merger and acquisitions advice.
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The division was primarily focused on deals known as structured finance.
"Enron, however, used structured finance to report results it had not achieved".
Enron's own trip through bankruptcy is another source of uncertainty for structured finance.
Nothing sent the agencies into high gear as much as the development of structured finance.
"To this day, I still have never fully understood what structured finance is," Mr. Tanzi said.
All of that has evaporated with the implosion of credit markets and structured finance.
They bought much of the short-term debt that propped up structured finance.
In areas like real estate, structured finance and equities, the markets are ahead of the fundamentals.
Still, the revival is welcome news for Wall Street banks and structured finance specialists.
Third, he says, more innovation is needed, particularly in areas such as derivatives and structured finance.
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