When the European Securitisation Forum staged its annual jamboree last year in Barcelona, the event was awash with champagne. Back in June 2007 securitisation bankers were enjoying record profits and bonuses.

Thus, the ESF felt no qualms about organizing multiple “champagne salutes”, sponsored by entities such as FGIC, the monoline group. And as the bankers sipped their bubbly they were entertained by an amateur, banker-led rock band, that called itself D’Leverage (and, no, I am not making this up.)