hours-longtestimonyby top executives at Goldman Sachs.

To be sure, Congress, particularly the Democrats, had beenseeking toestablish some controls and transparency over theselittle-understoodinstruments before the US Securities and ExchangeCommission chargedGoldman with fraud in its structure of certaincollateralized debtobligations. The suit, though--whatever one'sbelief in its merits--has clearly heightened tensions and put aspotlight on the issue forthe public. A public, it hardly needs tobe said, that is feelingprecious little sympathy for investmentbankers these days.

For all of these reasons, the real estate industry is becomingmore nervous about what might be handed down inWashington--especially as the CMBS markets continue to show signsof revival. The most strict proposal--put forth by Sen. BlancheLincoln--may not have the votes to pass. Essentially, Lincoln'sbill would have banks wall off their swaps-trading deskscompletely.