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Audio File: Speech to New York Quantitative Finance Seminar: "Zombie Banks and The Real Economy: Are the Two Compatible?"
I thought the folks at ZH who could not attend last month's talk by yours truly sponsored by the Columbia University Center for Financial Engineering & NYU Courrant Institute of Mathematical Sciences would like to listen to the audio file. The link below downloads an 8MB WAV file, so don't try to listen on your PDA/cell phone.
http://www.rcwhalen.com/audio/NYQFS%2001-28-10.wav
I want to thank Columbia, NYU and BlackRock for sponsoring this event and for their support of the New York Quantitative Finance seminar series.
-- Chris
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LET ME ECHO THIS LOUDLY AND CLEARLY!
Who put Downey on USB? I'm freakin serious.
Thanks for sharing this Chris. That was an interesting talk. I don't think that we will get any transparency from the financial players. Citi helped Enron set up the OBS vehicles; only to follow that model with their fraudulent mortgages. Same with BAC with Countrywide and Merrill, JPM with WAMU and Bear, and Wells with Wachovia (and Wells).
The bond rating agencies were bought and paid for...and now SCOTUS says they have 1st amendment rights (TO COMMIT FRAUD). We need jail terms for people of consequence, Buffett for Moodys and GenRe FRAUD.
(Gates for ruining what's left of the topsoil in sub-Saharan Africa with his Green Revolution, Monsanto nonsense-ETHNOCIDE.)
That'd be a good start.
Until some semblance of the RULE OF LAW is reestablished in the US; this ship's going down. 'Moving forward' just doesn't cut it. The O man may very well find himself quite literally between the pitchforks aimed at WS.
Buyers of political offices beware is the new CAVEAT EMPTOR.
Ciao.
Okay. Mr. Walen.
Your shout out to US Bank is precarious. They took on Downey Savings. Shot gun wedding for sure. Maybe you can shed some light on it but USB's mortgage guy in Beverly Hills was swamped with something. You tell me but helping the banksters identify key foreclosures put the upper middle class on the back burner.
I know someone with 16 years of great employment and plenty of equity that had to jump through unbelievable hoops to close the loan after 12 MONTHS. 12 MONTHS.
I pulled my family's deposits to US Bank because of who they were. And then they took on DOWNEY SAVINGS. WTF.
DOWNEY SAVINGS? Tell me. Exactly who made the call. Credibility is on the line here. If you are worried about that subprime hellhole bringing down what used to be known as a pillar then you fears are warranted. I wish people like you could have bucked up sooner.
WHY would US Bank take on Downey Savings?
Nice to hear someone qualified to echo sentiment.
rc whalen,
Thank you for your contribution.
Thank you for posting this, it is uplifting to hear someone in the industry calling for change (even if it's just job preservation).
What, when, who, why to or not to regulate will be determined by the interplay of vote-seekers with lobbyists.
But it was striking that the idea of mark to market of deposits came up!
Imagine an accounting system built on the true money stock.
Perhaps computational power is getting out of hand and we are one EMP away from living in caves; but a true valuation of every item on earth is possible.
Of course, there are some who make a living by obfuscating true value.
Godspeed Noah, you are swimming up a strong current.
40muleteam borax
A very good speech. Unfortunately, George Carlin (R.I.P.) used to say that a cynic is nothing more than a frustrated idealist. You sir, will soon become a cynic. I applaud your efforts, though.
The banks will not change in order to avert the pitchforks. They will only change when feeling steel points in the middle of their chest. At least you have done your duty and sounded the warning.
I'm in the guillotine camp. If we need an equalizer to keep the solution as close to zero as possible then can you think of anything better that would inflict the right amount of horror? Burning at the stake might take the sum negative. Who needs marters? We can also get some temp work for HazMat.
The whole point of punishment is to ensure that people understand the risk. OJ Simpson only chopped off two heads. Who knows how many suicides could be in some way attributed to the mortgage racket. If chopping heads is where they are going then why shouldn't we show them the door.