PATHOLOGY OF DEBT
PART 5: Off-balance-sheet debt
Increased willingness of companies and banks to take on off-balance-sheet debt helped to boost spending and support a buoyant economy. But promises that those debts would be paid by the banks when they come due, even if the vehicles that held the debt could not repay it, are coming back to haunt lenders as good times turn to bad. - Henry C K Liu
This is the conclusion of a five-part analysis.

PART 1: Banks as vulture investors

PART 2: Commercial paper
and pesky SIVs

PART 3: The credit guns
of August

PART 4: Lessons unlearned