Bingo.

From NYTimes:

“Those who were complaining, only months ago, that excessive regulation was making American markets uncompetitive, had it exactly wrong. It was a lack of regulation of the shadow financial system and its players that allowed this to happen. The regulators might not have gotten it right if they had tried to put limits on leverage, or assure that it was clear what risks were being taken, in the world of derivatives and securitizations. But deciding not to even try, and assuming that risks traded secretly would somehow end up in the hands of those most able to bear them, reflected ideology, not analysis.”

Credit Crisis IV: A New Hope: Goldman saves SIV

Goldman Sachs has agreed to purchase a restructured SIV run by London-based hedge fund Cheyne Capital, a deal which many hope will serve as a model for restructuring/unwinding similarly plagued structured finance entities and transactions.  Cheyne’s investors will have recourse to a variety of options, from cash to continued access to the assets in a new vehicle run by Goldman.  Whether or not confidence in credit markets will be boosted remains to be seen - Times of London notes that Goldman shares were marked down after the news – but it will certainly depend on the value given to Cheyne’s assets.   A trickle of hope in tough times…