Event Detail

The World Crisis in Banking: The Failure of Past Banking Regulation and Suggestions for Future Regulatory Reform

Tuesday, April 14, 2009

 

Guest: Sir Andrew Crockett, President of JP Morgan Chase International and member of the Executive Committee of JP Morgan Chase & Co.

 

 

Date
April 14, 2009 

Time
4:15 PM - 5:15 PM

Lecture
There will be a break after the presentation around 5:15 before the Q&A session begins

Location
Rose Hills Theatre 

(Note:  Select SMITH CAMPUS lefthttp://www.pomona.edu/tours/campusmap/
170 East 6th Street, Claremont, CA 91711)

Our guest speaker has spent his whole life involved in bank regulation and as a leader of central banks.  He began his career at the Bank of England in 1966.  He has also worked as a senior member of the IMF (International Monetary Fund).  From 1989-1993, he was an executive director of the Bank of England.  From 1994-2003, he was the CEO of the Bank for International Settlements (also known as the Central Bank for Central Banks).

 

While at the BIS, he oversaw bank regulation through an organization at the BIS known as the Basel Committee.  From 1999-2003 he served as the first Chairman of the Financial Stability Forum, a group of senior financial officials from all major economies that monitored the health of the International Financial System.  He also regularly met with central bankers all over the world in order to coordinate monetary policy.  This group included leaders such as Alan Greenspan, Jean-Claude Trichet, Ben Bernanke, and many many others.

 

Since 2003, he has been with JP Morgan, advising the CEO on policy and is currently the President of JP Morgan International.

 

For his devotion as a public servant to aid with monetary policy throughout the world, he was knighted by the Queen of England in 2003.

 

Our guest speaker is here to speak about the current crisis in the banking system. In particular, he will attempt to address why an already well regulated system became so vulnerable to collapse.  He will discuss regulation from various angles, including from a central bank's perspective of controlling the money supply.  Was the money supply too loose as many people say?  He will then help us look forward to future regulation and discuss what needs to change in banking regulation and central bank policy.  Will we need more regulation?  Will the Basel requirements have to be changed?  Will it even be possible to regulate banks such as to avoid future problems?  Was bank leverage the fundamental problem?  Was it securitization of loans?

 

For anyone interested in the financial crisis and understanding how a housing bubble burst a well-regulated banking system, I encourage you to attend.

 

There will also be a 30-minute Q&A, so please bring your brains, bring your enthusiasm, bring your friends, and bring your questions. 



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