Reuters Future Face of Finance Summit
- Welcome to the live coverage of Reuters' Future Face of Finance Summit. We'll be carrying a live video interview with FDIC Chairman Sheila Bair starting at 9 a.m. ET.
- When will bailing out 5 big banks and other financial holding companies stop? When will the government break up the 10 big US bank/bank holding companies and/or nationalize them? How do you plan to remove bad loans and trillions of derivatives on bank books? Why does not government convert faniie mae and freddie mac to rental compnies so that people can rent their own houses if they cannot pay mortgages?
- Sheila Bair says some big financial firms may need to make structural changes to comply with Dodd-Frank reforms
- Bair says some big financial firms, especially with international presence, may need to create big subsidiaries
- Hopes to have "living wills" from first round of big financial firms by the end of 2011
- Bair says investors should accept lower returns on equity, in return for more stable institutions
- Bair says can encourage banks to lend through "jaw boning"
- Why hasn't the FDIC done the right thing...AND CORRECT it's wrongful act in collaborating with JPMorgan for the illicit sale of WaMu to JPM in Sep 2008??
- Bair says regulators don't have a good handle yet on banks' litigation risk related to mortgage servicing, foreclosure issues
- Bair supports the early phase-in of Basel III capital rules
- THE FDIC Chairman says U.S. banks do not have to go far to meet new Basel III capital requirements
- Bair worries about the lack of international coordination on what risk-weighted assets qualify for capital requirements
- Bair would like to see international regulators this summer move forward with capital surcharge for systemically important financial firms
- Why do govt regulators allow big banks, such as JPMorgan, remain in high risk derivatibe market to the tune of 80Trillion dollars just in their hands?? The number one and largest holder of HIGH RISK derivatives???
- According to Treasury Secretary Hank Paulson, it was a mistake to seize WAMU. Neel Kaskari also said the same thing. In hindsight would she agree with that statement?
- Bair says covered bonds may have a role to play in the US loan market.
- Is there a reason why FDIC is releasing "Black Out" documents under Freedom of Information Act (FOIA) that are 2+ years old
- Bair sees advantages in banks using convertible debt as part of bonus payouts
- Bair does not believe convertible debt should count as capital
- Bair says she's headed into academia or a non-profit.
- That concludes the Bair interview. On March 1, we'll carry a live Webcast with Reuters Editor at Large Chrystia Freeland interviewing Dominic Barton of McKinsey and Alcoa CEO Klaus Kleinfeld, beginning at 8:30 a.m. Eastern time.
- Good morning. Looking forward to the Newsmaker interview between Reuters Editor at Large Chrystia Freeland and Dominic Barton of McKinsey and Klaus Kleinfeld of Alcoa, starting at 8:30 ET.
- Coming at you from the 30th floor of the Thomson Reuters building in Times Square, with its gorgeous views of Manhattan and blue sky.
- My colleague Katharine Herrup is taking some photos of the room, hope to be able to post some soon.
Newsmaker on the 30th floor of Thomson Reuters building
by Reuters.com via iPhone 3/1/2011 1:18:52 PM- Quite a nice turnout, the chairs are beginning to fill up.
by Reuters.com via iPhone 3/1/2011 1:22:44 PM- Alcoa is a company with deep roots in America's industrial history. My colleague Allan Shifman has a nice history of the firm here: blogs.reuters.com
- One face in the crowd I recognize is the veteran financial journalist Myron Kandel: www.allamericanspeakers.com
- McKinsey & Co. Global Managing Director Dominic Barton on "Capitalism for the Long Term" hbr.org
- Also working the room: Esther Dyson, who seems to be on the East Coast a lot these days: www.biography.com
- Moving toward the stage...
- Devin Wenig warming up the crowd: thomsonreuters.com
- Approximately 100 people in the room.
Devon Wenig, Klaus Kleinfeld and Dominic Barton
by Reuters.com via iPhone 3/1/2011 1:32:34 PM- Kleinfeld is sipping cranberry juice from a wine glass.
by Reuters.com via iPhone 3/1/2011 1:33:18 PM
The crowd at the Newsmaker
by Reuters.com via iPhone 3/1/2011 1:34:35 PM- Barton says he sees the economy as "positive with a sense of fragility," which is certainly what people have been feeling in the last few days with the booming price of oil.
- Fragility around "shocks," as in North Africa. Barton agrees that McKinsey didn't anticipate the explosions in the Middle East and Libya. Chrystia's most recent column tries to come up with a formula of sorts: blogs.reuters.com
- I think most people would agree with Barton that Egypt's development is going to be significant. Still, this BusinessWeek article casts doubt on whether a fre market is imminent: www.businessweek.com
- Interesting point about Chinese revolutions beginning the provinces. This was certainly the case in 1913: en.wikipedia.org
- Price of aluminum has risen more than 20% in the last year: www.metalprices.com
- Seems unlikely that Barton is a member of Canada's Socialist Party: www.worldsocialism.org
- This is the party Chrystia was referring to www.ndp.ca
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