From Volume 85, Number 5 (July 2012)
As serious observers of, and participants in, securitization know, Professor Schwarcz is one of the leading authorities on the subject. His works–for both professional and academic audiences–are must-reads. Thus, if, as I say in Re: Defining, my goal was to be not the last word on this question but the first, the fact that he has written such a thoughtful response tells me I have succeeded.
Nevertheless, several of his criticisms warrant scrutiny. Unaddressed, they may leave readers misunderstanding the purpose of the definitional exercise I undertake in Re: Defining. Thus, I offer this brief “sur-reply” to Professor Schwarcz, which has four primary parts.