*Marcus Klug, managing director at UNIQA Alternative Investments, summed up the problem of downgrades: "Obviously if something goes from AAA to CCC, you are screwed."
*Andrew Irvine, a 10-year veteran of investment banking and recent co-founder of Nova Investment Group in London, was the only man brave enough to answer a delegate's question on why the bid and offer are so far apart on structured credit transactions. "Welcome to investment banking," he quipped.
