The lack of a Glass-Steagall Act in Europe has led European banks to wobble under the weight of their underwriting of European government debt and otherinvestment banking challenges.
Despite limitations on debt that looked low at first glance compared to otherinvestment vehicles, the extreme volatility in the underlying assets owned by the BDCs led to a death spiral involving forced liquidations, asset retrenchment, and dividend cuts.
Since March 2009, access to public equity and public debt markets have given listed REITs a crucial advantage over other real estate investment managers.