February 2021

First, the ARRC, playing Charlton Heston, playing Moses, brings down from on high the ten commandments of SOFR and lo, we were sore afraid and with veneration, professed we had no God but SOFR.  A solution of sorts to a somewhat self-inflicted problem.  As we have observed before, we continue to think the solution to the problem of bankers diddling LIBOR is to punish bankers and shore up the system to make it more robust and not to blow up trillions of dollars of transactions and 40 years of precedent.  But that train has left the station.
Continue Reading LIBOR: First They Blinked and Now Some Hope, But a New Problem and It’s Big

Last week, over 4,200 of our closest friends met virtually for the annual January conference by the Commercial Real Estate Finance Council, which is usually held in Miami. While we have all learned to go without in the last year, going without seeing the “smart resort wear” of our colleagues was almost too much to bear. Thankfully, CREFC put together an informative and interactive conference – complete with a virtual lobby that played in between sessions featuring a guy on his cell phone walking in circles. Talk about realistic! Best of all, CREFC honored the real reason we attend conferences and provided a “virtual swag bag.” All in all, CREFC did the best they could under the circumstances and we agree that’s all we ask of anyone or thing at this point.
Continue Reading CREFC Annual Conference: The Virtual Edition