Granite’s Lawyers Boast of “Socialist Model”

Angela Clist is the mega-bucks partner at City lawyers Allen & Overy who advised Barclays and Merrill Lynch on the establishment of Northern Rock’s £20 billion mortgage-backed note programme, “Granite Master Issuer plc”.

In a tombstone note to clients she boasts that

The Granite Master Issuer plc securitisation restructured the existing Granite RMBS master trust, with cashflows being changed from a “capitalist” to a “socialist” model to simplify the addition of new tranches of debt from a single issuing vehicle.

How prophetic of her…

Hat-tip : BOF2BS gets sent a well deserved T-shirt for this tip.


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