# Prof. Roy Smith on Charles H. Keating Jr.'s legacy

1 Faculty News April 2, 2014 ![Marketplace Logo](/sites/default/files/styles/246w/public/assets/images/marketplace_logo.jpg?itok=IIav3Udj)>

Excerpt from [Marketplace](http://www.marketplace.org/topics/economy/keatings-legacy-john-mccain-camp-classic) -- "[Roy Smith](http://www.stern.nyu.edu/faculty/bio/roy-smith) teaches finance at NYU. And he spent much of the 1980s at Goldman Sachs. 'You have to remember that the S&L crisis actually spawned two of the financial industry's most lucrative product streams,' he says. 'One was the securitization of mortgages into mortgage-backed securities. Hello! Those things that blew up in 2008...' They were created for sale to savings and loans. 'The other was the derivatives business.'"

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