You have to be suspect when financial decision makers start talking about reinventing the game of finance like Treasury Secretary Tim Geithner did today. The first time in recent history was in 1994 when Salomon Brothers bond genius John Meriwether founded hedge fund Long Term Capital Management with a group of ‘financial engineers’ who were
CFTC
Since Mary Shapiro was named head of the SEC and Gary Gensler was named head of the CFTC, speculation has been that the two groups would be combined. The SEC has taken hits for everything from Lehman to Bear to Madoff. Meanwhile, the CFTC was “modernized” under the leadership of then Senator Phil Gramm, if
Years ago when I was working for UBS, I read this book on Goldman Sachs, because I wanted to see how their culture had evolved up to the IPO stage—the book came out the same year as their IPO. Our company had been a private partnership (Brinson Partners) that sold to UBS a few years
Obama has picked Mary Shapiro to succeed Chris Cox as head of the troubled SEC. The securities industry regulator has taken hits over lax oversight of Lehman Brothers and Bear Stearns and also is currently getting slammed for missing (or perhaps ignoring) the $50 billion in fraud committed by Bernard Madoff. Shapiro is now the
In the midst of a crisis, there’s rarely time to question what caused the crisis. But it’s useful to know who helped get markets to where they are so we can avoid mistakes as we get through the triage and begin formulating policy solutions. Below are two stories that discuss a key player in the