Henry Kaufman has never been a fan of floating-rate financing, and to illustrate why, he related an anecdote about Alan Greenspan.

The former Federal Reserve chairman famously suggested in 2004 that some families might save money by opting for adjustable-rate mortgages. In an interview at his Midtown Manhattan office last week, Kaufman, the renowned economist and a longtime critic of the Fed and its response to the credit crisis, recalled asking Greenspan about his tacit advocacy of floating-rate financing.

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