In the late 1900s and early 2000s, a company could form a 'special purpose entity' (SPE)--under GAAP rules--to remove liabilities and assets off the company's financials--known as Off Balance Sheet Financing (OBSF).

1. There are several possible perspectives that can be taken in this topic--in many situations, there is not a right or wrong answer. Critically analyze the pros and cons of Off Balance Sheet Financing and take a position as to being for or against OBSF.