Thomas-forbidden particle capture

At high energies, in particle-capture processes between ions and atoms, classical kinematic requirements show that generally double collision Thomas processes dominate. However, for certain mass-ratios these processes are kinematically forbidden. This paper explores the possibility of capture for such processes by triple or higher order collision processes.Comment: 34 pages and three figure

Plastic deformations in mechanically strained single-walled carbon nanotubes

Antiferromagnetic manipulation was used to controllably stretch individual metallic single-walled carbon nanotubes (SWNT's). We have found that SWNT's can sustain elongations as great as 30% without breaking. Scanned gate microscopy and transport measurements were used to probe the effects of the mechanical strain on the SWNT electronic properties, which revealed a strain-induced increase in intra-tube electronic scattering above a threshold strain of ~5–10 %. These findings are consistent with theoretical calculations predicting the onset of plastic deformation and defect formation in carbon nanotubes

Lessons Learned: Stephen King

Stephen King started his career in finance at Bankers Trust in 1997 as a computer scientist with a business degree. He worked on structured credit transactions when credit derivatives were just being invented. In 2005, King joined Barclays’ structured credit group, where he managed a CDO (collateralized debt obligation) correlation desk that was different from standard dealer CDO units. In 2009, he launched C12 Capital Management to relieve Barclays of distressed subprime positions. Presently, King finances and builds luxury hotels as founder and CEO of Sardis Developments. This Lessons Learned summary is based on an interview with King

Wall Street’s Subprime Debacle: Firsthand Accounts from Inside the CDO Machine

The observations, perceptions, and actions of participants in the subprime markets remain poorly documented and incompletely understood. Seeking to deepen our understanding, this study has produced seven interview summaries and one article telling the story of a hypothetical CDO deal. This article is organized in four parts. First, it presents our research questions and methods in relation to the existing knowledge on the topic. Second, it describes what we think are the study’s main contributions. Third, it previews the Lessons Learned summaries and interviews from each of the participants. And last, it identifies what we believe are some of the unique values from the project

Lessons Learned: Chris Ricciardi

Chris Ricciardi was a CDO pioneer who built the structured products units at CS First Boston and Merrill Lynch before moving to the asset management side. Ricciardi began his career structuring novel fixed-income securities at Prudential. At CS First Boston and Merrill, he catapulted each investment bank’s lagging unit into the top of the league tables for CDO (collateralized debt obligation) issuance. He was CEO of Cohen & Co. from 2006 to 2011, when he left to co-found investment management firm Mead Park Management. A graduate of the University of Richmond with an MBA from the Wharton School of the University of Pennsylvania, Ricciardi presently serves as CEO and co-founder of Edly ISA marketplace, an income-sharing initiative for financing college tuition. This Lessons Learned summary is based on an interview with Ricciardi

Lessons Learned: Eric Kolchinsky

Eric Kolchinsky served as managing director of ratings for ABS CDOs (asset-backed security collateralized debt obligations) at Moody’s Investor Services from 2005 to 2007. Kolchinsky started his career in structured finance with stints at Goldman Sachs and Merrill Lynch. He joined Moody’s in 2000 as vice president for credit. In 2007, after Kolchinsky raised questions concerning the ratings of new deals in light of subprime downgrades, Moody’s removed him from his client-facing position. Kolchinsky supervised methodology for structured finance valuations at Moody’s Analytics for two years, before Moody’s suspended him altogether in 2009. Separated from Moody’s, Kolchinsky testified before Congress about fraudulent rating agency practices and conflicts of interests. Since 2009, Kolchinsky has served at the National Association of Insurance Commissioners (NAIC), where he is presently director of structured securities and capital markets. This Lessons Learned summary is based on an interview with Kolchinsky

Lessons Learned: Sohail Khan

Sohail Khan was managing director of fixed-income sales at Citigroup from 2005–09. Khan started his finance career in 1996, after completing his MBA at Lahore University of Management Sciences (LUMS). Khan gained broad experience in product structuring and sales of credit derivatives at Citigroup. As managing director during the subprime securitization boom and bust, he was involved with institutional sales of asset-backed securities (ABS) including collateralized debt obligations (CDOs); his clients were hedge funds, structured vehicles, and institutional buyers. In 2009, Khan left Citigroup to co-found StormHarbour Securities, a boutique investment bank he has headed since as managing principal. This Lessons Learned summary is based on an interview with Khan

Lessons Learned: Brian Stoker

Brian Stoker served in Merrill Lynch’s structured credit division for seven years, producing and trading asset-backed securities (ABS). In 2005, Stoker moved to Citigroup as a director of ABS CDO (collateralized debt obligation) and CLO (collateralized loan obligation) structuring. After the financial crisis, Stoker was an analyst at Carlson Capital for three years. In 2011, he joined StormHarbour Securities, serving as a managing director until 2018. From 2019 to 2021, he was director of securitization at Korth Direct Mortgage. Presently, Stoker is a licensed real estate agent in Miami. This Lessons Learned summary is based on an interview with Stoker

Lessons Learned: James Finkel

A Wall Street veteran specializing in structured credit transactions, Jim Finkel was co-founder and director of the structured credit asset management firm Dynamic Credit Partners (DCP) from 2003 to 2009. Finkel started his career as a securities lawyer for the international law firm Cadwalader, Wickersham & Taft LLP, before moving over to the banking side in 1992. He specialized in mortgage-backed securities and collateralized loan obligations (CLOs) for several firms, including Bear Stearns and Deutsche Bank, where he headed the London-based CLO group. In 2003, Finkel returned to New York to launch and run DCP. In 2010, he joined financial consulting firm Duff and Phelps, where he advises clients on dispute practices, expert testimony, regulatory issues, and liquidations. This Lessons Learned summary is based on an interview with Finkel