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Her book with Joe Nocera, “All the Devils Are Here,” is in my opinion the very best widely accessible window into the 2008 financial crisis. And you know, they say that envy is a terrible thing, but I will admit to being quite envious of her ability to take complicated subjects and distill them into simple words. I really admire her ability to boil down issues to their essentials. She’s smart, she’s insightful, she’s relevant and, most importantly, committed to the facts and to the truth. And then on the other hand, you’ve got your hero-worshippers, your epic spinners, folks with a real disregard for the facts and the truth.Īnd you know, what a breath of fresh air Bethany is. You know, you’ve got – on the one hand, you’ve got the sensationalizers and the scandal-mongers, folks with, you know, sort of a disregard for the facts and truth.
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And you know, I have to admit, given my line of work where facts and truth are really, really important, I sometimes have some skepticism and can be a harsh critic of financial writers. So I met Bethany through my friend Joe Nocera, who is her co-author on the book that Jim mentioned. (Applause.)ĪNDREW FELDSTEIN: Thank you, Jim. So with that, grateful to our friend and Third Way adviser, Andrew Feldstein. As an adviser to CMI, Andrew has read through every one of our papers that we’ve put out, and he’s provided really, really good advice and made our papers better and more accurate and provided real clarity and, I’d say, intellectual integrity behind our work, and for that work, we’re very, very thankful. He’s made integrity, you know, a watchword in his career but also at Blue Mountain, demanding that returns aren’t enough but investor confidence in what they’re doing and integrity and the information that they’re putting out.
#Enron the smartest guys in the room transcript professional#
In his professional field, he’s just really looked up to on Wall Street. He’s a leading philanthropist, very much involved in the charter movement and also co-founder of the Darfur Project. That’s a multibillion fund with over a hundred employees. He’s co-founder, CEO and chief investment officer at Blue Mountain Capital Management. And really, we couldn’t have found a better adviser for starting the CMI program than Andrew because first of all, professionally, he’s just really at the top of the heap here. And he was actually on the ground floor when we started the Capital Markets Initiative.
#Enron the smartest guys in the room transcript free#
Feel free to pass along.Īnd moving along – also introducing Bethany McLean today is Andrew Feldstein. It’s our banking primer, and it shows how the banking system – it really gets underneath it, how it really works. Second, on Monday we’re going to be releasing this, which you’ve received. Your questions are important it’s – it makes these events really worthwhile. And with that, we feel the rest is left to you to decide what’s best.Ī few quick reminders: Bethany is going to speak for about 30 minutes, and then there is going to be time for questions, and your questions – think of them. And we believe that healthy capital markets help create a healthy economy, we believe that a better-informed staff creates better laws, and we believe there is a bipartisan hunger – and I can see this is a bipartisan group here today – looking for fresh perspectives and an unbiased source of information that helps kind of remove the veil of opacity that surrounds capital markets. Third Way’s Capital Market(s) program is designed to accomplish really one thing, and it’s to increase the understanding on Capitol Hill about how capital markets work. was one the heroes and bedrocks during the financial crisis, but this is obviously getting a lot of attention. I’m thinking, in my own life, if I lost one-tenth of 1 percent of, you know, my entire assets, you know, that’s dinner at a nice restaurant – (chuckles) – for me. It’s one-tenth of 1 percent of what they hold.
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Now, the interesting thing is, this – 2 billion (dollars) – 2 billion (dollars) is a lot of money. This trade doesn’t violate the Volcker rule, but it violates the Dimon principle. Morgan’s $2 billion blunder.” And here is the quote from Jamie Dimon on the offending bad trade: It was flawed, complex, poorly reviewed, poorly executed and poorly monitored, an egregious, self-inflicted wound. Front page of The Wall Street Journal today: “J.P. This one is featuring Bethany McLean, who’s a brilliant writer, and I know you’re going to love listening to her and asking questions. Welcome to – I guess this is our fifth CMI, Capital Markets Initiative lecture series, here in the capital. Continue grabbing food now and throughout. I’m Jim Kessler, the vice president for policy at Third Way. G-11 Dirksen Senate Office Building, Washington, D.C. Senior Vice President for Policy and a Co-Founder,
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