Word: chairman
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Dates: during 1990-1999
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Last week's rescue was particularly embarrassing for Fed Chairman Alan Greenspan, who just two weeks ago assured Congress that hedge funds "are strongly regulated by those who lend the money. They are not technically regulated in the sense that banks are, but they are under fairly significant degrees of surveillance." On the other hand, Treasury Secretary Robert Rubin, a former co-chairman of Goldman Sachs, had put out a word of caution, saying that "people who extend credit tend to get a little less careful" in good times...
With the fund collapsing, a Who's Who of Wall Street bankers and brokers feverishly huddled for two days on the 10th floor of the Federal Reserve Bank of New York City last week to draw up a rescue package. Among the princes present: Merrill Lynch chairman David Komansky, Travelers Group chairman Sanford Weill, and Goldman Sachs senior partner Jon Corzine...
Some congressional leaders were clearly uncomfortable with the lack of disclosure of the dangers posed by bank lending to hedge funds. Says House banking chairman Jim Leach, who plans to hold hearings in the next week or two: "The question that remains for the economy is what other risk exists in the hedge-fund and derivatives industries." The answer, of course, is of vital interest to U.S. taxpayers as well as to investors. Talk of "moral hazard" will thus remain a hot issue from Washington to Wall Street and Main Street...
...rule, though, are not simply pointing fingers. Two weeks ago, the Louisiana attorney general filed suit in federal court seeking to prevent the program from going into effect in his state. A hearing on the motion is being held this week. And Louisiana Representative Bob Livingston, the chairman of the House Appropriations Committee, has attached a rider to the HHS funding bill that would block the rule for one year...
Conceivably, the FCC could step in and pave over some of these potholes, but chairman William E. Kennard has been careful to let the marketplace steer the bus. He concedes that the trip could be both bumpy and lengthy but insists the government's role should be limited to cajoling the parties when needed. "These decisions should be made by consumers, not government agencies," says Kennard...