1. Why do the authors characterize securitization as a “deconstruction” of the corporate operating platform? What are the potential benefits or gains for companies, of separating the operating and financing functions:

(a) in the statement of cash flows (SFAS 95, 1987); and

(b) operationally via securitization? What are the potential risks or losses that arise from the separation of activities:

(a) informationally; and

(b) operationally?