they involve the securitisation of banks' existing assets, rather than of new lending. Second, bankers argue that the new products do not disguise the transfer of risk.

That might depend on what the existing assets are, and how possible it is to accurately assess risk on them?

FT.com / Companies / Banks - Securitisation reinvented to cut costs

Under Goldman's idea, it would sell an insurance product to a bank with a toxic portfolio, effectively shifting the risk of the underlying assets off the balance sheet. The insurance would require far less capital to be carried against it than the original assets.

Transparent and adequately-funded risk?