Patrick Zoro is speaking with Pierre Lepinoy from Nice (France) about the 2008 Sub prime crisis from the perspective of a banker involved in securitization. Pierre Lépinoy holds a degree in economics from Ecole Polytechnique in Paris and an MBA from ENSAE (Ecole Nationale de la Statistique et de l'Administration Economique). After working as an economist for the World Bank, and as a negotiator of gas purchase contracts for the French state gas utility, Pierre joined Paribas in 1986 managing the bank’s equity investments and M&A business in the oil and gas business. As a member of Paribas New York executive committee (1999-2002), he chaired the North America credit committee and supervised Portfolio Management, Structured Finance and Asset Workout. After heading Loan Portfolio Management in the US and globally (2004-2006) he was entrusted with the management of the bank’s global securitization portfolio following the subprime crisis of 2007. He was finally appointed head of ALM Treasury BNP Paribas Securities Services (2012-2013).