“AIG’s…actual and expected losses on subprime mortgage-backed securities and credit default swaps on [subprime]… threatened to force it imminently into bankruptcy.”  Later, “AIG built up its concentrated exposure to the subprime mortgage market largely out of the sight of its functional regulators.”

Ben S. Bernanke, Chairman of the Federal Reserve. Prepared Testimony Before the Committee on Financial Services. March 24, 2009

 

Alliance For Economic Stability

Home Quotes Timothy Ryan, President and Chief Executive Officer. The Securities Industry and Financial Markets Association (Sifma). June 8, 2009

“First, we have endorsed the creation of a single financial markets stability supervisor…Second, the industry strongly supports the administration’s proposal for a public-private partnership to absorb troubled assets…Third, it is clear the complexity of some financial instruments went too …Markets themselves have also imposed some much-needed discipline, declaring the end of complex and confusing products such as collateralised debt obligations squared….Finally, we firmly believe that there have been excesses on the compensation front….compensation should not encourage excessive risk-taking, but should promote business sustainability and be aligned with the best interests of shareholders, the financial system and the economy.”

Timothy Ryan, President and Chief Executive Officer. The Securities Industry and Financial Markets Association (Sifma). June 8, 2009
 

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