FCIC - Government Hearings

2008

  1. 2008 1023 -The Financial Crisis and the Role of Federal Regulators

2010

  1. 2010 0113 - (Day 1) -Causes of 2008 Financial Collapse, Financial Market Participants -Causes of 2008 Financial Collapse, Financial Institution Representatives
  2. 2010 0114 - (Day 2) -Causes of 2008 Financial Collapse, Day 2, Federal Officials -Causes of 2008 Financial Collapse, Day 2, State and Local Officials
  3. 2010 0407 - 2008 Financial Crisis and Investment Banks, Day 2, Panel 1 (Paulson) -
  4. 2010 0506 - 2008 Financial Crisis and Investment Banks, Day 2, Panel 2 (Geitner)
  5. 2010 0602 - Credit Rating Agency Business Operations, Panel 1
  6. 2010 0602 - Credit Rating Agency Business Operations, Panel 2
  7. 2010 0630 - 2008 Financial Crisis and Derivatives, Day 1, AIG Executives
    • Joseph Cassano
  8. 2010 0630 - 2008 Financial Crisis and Derivatives, Day 1, Academics Panel
  9. 2010 0630 - 2008 Financial Crisis and Derivatives, Day 1, Goldman Sachs Executives - VIDEO
  10. 2010 0701 - 2008 Financial Crisis and Derivatives, Day 2, Executives Panel - VIDEO
    • AIG and Goldman Sachs Executives
  11. 2010 0701 - 2008 Financial Crisis and Derivatives, Day 2, Regulators Panel - VIDEO
    • Eric Dinallo (NY Insurance Regulator)
    • 21:00 - How come we didn't see this? - Bill Thomas (FCIC), Gensler (CFTC)
    • 37- Dinallo, Born (FCIC) -
      • Born - Some have suggested that the real problem at AIG related to the Securities Lending program.
      • 41:00 - Dinallo - AIG Companies were fully solvent, wasn't the reason for the Bailout
      • Run on AIG Life, general economy, RMBS - Doubling down on real estate
      • Dinallo - Asset Liability Matching - Statutory Account vs Mark to Market
      • 44:00 -  Dinallo - Run, consumer lack of confidence in insurance products, liquidity problem
    • 53:00 - Wallison, Dinnallo - AIG company could do CDS because of AIG Life Rating,  Big Miss, Rating Company, 
    • 1:22 - Clarence Lee (Retired ), Keith Hennessey (FCIC)
      • Did they understand these risks? Cassano, etc
      • Probability, demands, liqudity,  understood the risks... low probability... willing to take them
      • 1:27 - Eric Dinallo - Collateral, no reserves, liquidity miscalculation, ratings downgrades
      • 1:31 - Keith Hennesey (FCIC) - AIG FP "got away" with it because they were part of the larger AIG Insurance Company.  Dinallo - Yes, I have written that. Dilapidated house example.  not really insurance
    • 1:33 - Hennessey - What would have happened if the Fed had not Bailed out AIG?
      • 1:35 - Dinallo - History, Geitner, Full blown Credit crisis, AIG Insurance Companies generally good.  AIG Asia Run - Singapore.... Could have undermined the 3rd Leg (Insurance)
    • 1:37 - Douglas J. Holtz-Eakin (FCIC) - How would this have affected Construction Bonds?
      • 1:37 - Dinallo - Problem for Insurance Companies is non-renewal of premiums.
    • 1:41 - Gensler - Mispriced.   Definition.  Underestimating and lack of preparation for bad things happening.  "underestimated risk" . Liqudity Risk, Correlation Risk, Tail Risk, Black Swan?  Credit Risk, "house of cards built on a housing bubble", confidence was shot, if I just had more time, nobody will hand you more chips,
    • 1:47 - {eter Wallison (FCIC) - Nobody saw this coming, not even Warren Buffet. 
    • 1:57 - Dinallo - 4 buckets - Derivatives are based on those 4 buckets... there is no 5th bucket. 36 to 1 leverage. no rules
    • 1:36 - Born/ Dinallo - Deregulation, Regulators, Capital Requirements, CFMA - Told Wall Street you don't have to reserve, unregulated, Regulation vs Enforcement, 

2011

  1. Financial Crisis Inquiry Commission Final Report