Government Hearings - 2009

  • 2009 - GOV - UNREGULATED MARKETS: HOW REGULATORY REFORM WILL SHINE A LIGHT IN THE FINANCIAL SECTOR

House Hearing, 111th Congress - CAPITAL MARKETS REGULATORY REFORM: STRENGTHENING INVESTOR PROTECTION, ENHANCING OVERSIGHT OF PRIVATE POOLS OF CAPITAL, AND CREATING A NATIONAL INSURANCE OFFICE

October 6, 2009 Committee and Subcommittee Committee on Financial Services

2009 - MODERNIZING THE AMERICAN FINANCIAL REGULATORY SYSTEM

  • 2009 0325 - GOV - Roles and Responsibilities of Inspectors General in Financial Markets Regulatory Agencies
  • 2009 1029 - Financial Industry Regulations, Federal Regulators - VIDEO
  • 2009 1029 - Financial Industry Regulations, Business Interests - VIDEO
    • Systemic risk - SIFI-
    • 23:00 - MetLIfe - Activities based risk vs Size Risk. Example LTCM was not large <Bonk: Executive Life>, 
  • 2009 1029 - Secretary Geithner on Financial Industry Regulations - VIDEO
  • 2009 - GOV - EXECUTIVE COMPENSATION: HOW MUCH IS TOO MUCH?
    • William K. Black
  • 2009 0305 - GOV  
    • VIDEO  - Government Intervention and Regulation of AIG 
    • PDF - 72p - AMERICAN INTERNATIONAL GROUP: EXAMINING WHAT WENT WRONG, GOVERNMENT INTERVENTION, AND IMPLICATIONS FOR FUTURE REGULATION
        • Eric Dinallo - run on aig life, <Reputational Risk>
    • Federal Aid to AIG Insurance, CEO Testimony
    • PDF - 380p - AMERICAN INTERNATIONAL GROUP'S IMPACT ON THE GLOBAL ECONOMY: BEFORE, DURING, AND AFTER FEDERAL INTERVENTION
      • Edward Libby testified about operations and business practices at American International Group (AIG) before, during, and after federal intervention.
      • 2:15:28 - Carolyn Maloney:  bad regulatory decision?
      • - Liddy: yes
  • AIG Collapse and Rescue, Liddy Testimony - VIDEO
    • 2:38:50-END
    • 2:40 - Carolyn Maloney:  problem with life insurance? Federal Reserve Funds used for AIG Life Insurance Division?
    • Liddy:  Yes, Regulated and Solvent, Created a hole.  Plugged the Hole with Federal Reserve Funds.  18-20 Billion
  • 2009 0924 - Systemic Risk and Resolution Issues / EXPERTS’ PERSPECTIVES ON SYSTEMIC RISK AND RESOLUTION ISSUES - VIDEO, PDF - 128p
    • Paul Volcker - ".....insurance companies, which I would say parenthetically I hope better regulatory systems will be developed, maybe not as part of this legislation but next year."  (p7)
    • Paul Volcker - "I would hope this committee
      would look at the question of national charters for insurance companies and bring them under—at least the big ones—under a framework so that something like AIG with similar problems can’t arise in the future."  (p19)
    • Mr. PERLMUTTER. How do we resolve insurance companies? Do you know? We liquidate them through the insurance commissioner.  (p49)
  • Government Intervention and Regulation of AIG
    • Securities Lending, RMBS, Liqudity, <C-3, 1980 SOA Paper>, Run on AIG, 
    • Scott Polakoff - OTC
    • 33:00 - Eric Dinallo - NAIC
      • Securities Lending didn't have anything/much to do with AIG Collapse.
  • 2009/03/18 - Federal Aid to AIG Insurance, Regulators Panel
    • OTS, Joel Ario (Insurance Commissioner), S&P Ratings Org
  • 2009/03/18 - Federal Aid to AIG Insurance, CEO Testimony (Liddy)
    • all life insurance companies would have been in trouble... asset prices....capital markets
  • 2009 0402 - GOV - THE COLLAPSE AND FEDERAL RESCUE OF AIG AND WHAT IT MEANS FOR THE U.S.
    • [PDF-87, VIDEO
  • 2009/05/14 - How Should the Federal Government Oversee Insurance?
    • PDF 
    • VIDEO -  (Part 1 of 2)
      • Melissa Bean 
      • 25:30 - Jeb Hensarling (R-Texas) -  OTS said they had the power, the resources etc... they just missed it.
  • How Should the Federal Government Oversee Insurance? (Part 2 of 2)

    • Baird Webel, J. Robert Hunter,
    • 3:30 -  Baird Webel - What is Systemic Risk? So is an Asteroid a financial Risk?  What does a Systemic Risk Regulator have to do about this?  <Bonk:  Atomic Bomb 1950's Newspaper Article>.  Who would represent the Insurance Industry on a systemic risk panel?
  • 2009-05-14 - Capital Markets and Government Sponsored Enterprises Subcommittee. - How Should the Federal Government Oversee Insurance? (Part 2 of 2)

  • Insurance and Systemic Risk - C-SPAN
    • approx. 21:00 - Melissa Bean - AIG's Problems weren't just in the Financial Products area, also was in the Securities Lending Department, Activities, products, 
    • approx. 29:00 - European Union - Peter Skinner
    • 1:26 - Patrick Baird (ACLI) 
    • 1:27 -  Michael Mcraith (NAIC) 
    • 1:27:30 - Michael Capuano (D-MA)