Live From The Capital Markets Summit
The summit started a little slowly. One panel included Steve Bartlett of Financial Services Roundtable. He rattled off several proposed reforms they are putting on the table for legislative action. Then they didn’t allow questions from the audience in order to stay on schedule.
One proposed reform is to allow the audit firms to raise capital from outside sources. And where would they get money that wouldn’t be subject to independence conflicts? Staff at a firm that audits Citibank, for example, already can’t even have a checking account there, regardless of whether they are involved in the audit. Maybe they can get money from the same place as some of their loser banking clients – Sovereign Wealth Funds.
First, I ask questions in these forums to get attention to the blog.
Call me selfish.
Second, I can ask the questions no one else can ask.
My question and his response were broadcast live on CNBC.
He alludes to the endorsement of the investment bankers clearing house being part of the upcoming report that will be issued by President Bush which will make recommendations for improved regulation of the financial markets. For more info on this report, go here.
More updates later. I am flying back to Chicago Wednesday night. In the meantime I’m writing up my notes while having a glass of Russian River 2004 Pinot Noir in the Mayflower Lobby Bar. With my stilettos and other *attributes*, I’m getting more looks here than before the Spitzer publicity. Do those kinds of girls use a Mac?
Last night I had dinner, as any woman traveling alone does, at a sushi bar. I found a good one via the Economist Cities Guide. It’s called Kaz Sushi. When I got the bill, Yori, the sushi chef, and I were both surprised at how much sushi and sparkling sake one girl could enjoy in one sitting.
But the best was saved for last. The dessert was a confection called , “Tri color mochi ice cream with ice cream covered by a rice sheet flavored by adzuki bean, chocolate espresso, li hing mango.”
Sec.Paulsen spoke long on the subject of derivitives and while I think Hank knows a couple of things, clearly this a complicated issue and has no easy answer.
Derivitives were intended to hedge risk but has morphed in other directions seemingly out of bounds in some instances.
Some regulation is needed.