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G20
Summit 2010 and Bank Reform
BNN Headline - June
24, 2010
Janet Tavakoli, president, Tavakoli Structured Finance, Inc;
Doug Peters, former federal minister of Financial Institutions,
Financial Times columnist Martin Wolf. and William White, former
chief economist at the Bank for International Settlements discuss
the upcoming G20 meeting and financial reform on BNN’s
Headline special on Summit 2010, June 24, 2010.
VIDEO Part
One: at 4:40 minutes,
Tavakoli discusses fraud and Congress's need to man up.
VIDEO Part Two: at 6:00 minutes,
Tavakoli discusses Too Big To Fail and banks having hedge funds
that will come back on bank balance sheets. Combined with ongoing
cheap money, it spells disaster.
VIDEO Part
Three: at 2:00 minutes,
Tavakoli discusses derivatives, AIG’s bailout, and the
clawback that should occur. Money paid out should be clawed back
by having the counterparties pay full price (par) for
the value destroying securitizations purchased by the Fed. The
money should pay down public debt. In response to a question
about the G20, Tavakoli points out the G20 has no mandate. Congress
has the mandate to clean up this mess.
VIDEO Part Four: at 2:43 Tavakoli
says we are not taking this financial crisis seriously enough.
It’s the most serious financial crisis in the history of
the United States. The way the bailouts were executed knocked
out some of the underpinnings of the Republic. There is no strong
regulation. The SEC is a failed regulator. The Fed prints money
and keeps rates low. As for Basel (BIS), it has seemed clueless;
it’s capital rules for super seniors were a joke on the
financial world.
Janet
Tavakoli is the president of Tavakoli
Structured Finance, a Chicago-based firm
that provides consulting to financial institutions
and institutional investors. Ms. Tavakoli
has more than 20 years
of experience in senior investment banking
positions, trading, structuring and marketing
structured financial products. She
is a former adjunct professor of derivatives
at the University of Chicago's Graduate
School of Business. She is the author of: Credit
Derivatives & Synthetic
Structures (John
Wiley & Sons,
1998, 2001), Structured
Finance & Collateralized
Debt Obligations (John
Wiley & Sons,
2008).
Janet
Tavakoli's book on the global financial meltdown is Dear
Mr. Buffett: What An Investor
Learns 1,269 Miles From
Wall Street (Wiley 2009)
Clients
of Tavakoli Structured Finance
have the benefit of proprietary consultation, which is
not available in any other paid or public forum. Clients
also commission proprietary research and analysis.
TSF
makes some information available to the general public. Please
click here for other articles.
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