Oh, the mysteries of Dodd-Frank. Now it turns out that CLO managers (who bundle, resell, and manage portfolios of bank loans) will be subject to its 5% retention rule related to securitizations-even though the banks that originate and sell those loans in the first place will not be. Who knows why the distinction? The problem is that many CLO originators tend to be asset managers, who don’t carry enough capital to retain 5% of anything. Thus a huge source of liquidity for bank lending could be about to dry up. Wonderful. . . .