Davos “Systemic Financial Risk” panel: most apropos in modern history
Jan 25th, 2008 | Filed under: Hedge Fund RegulationOfficial news of the SocGen fiasco broke on Thursday, January 24 (See conference call notes from 5am ET that day). As the media widely reported, the company opted for a rights issue to shore up its capital ratios. Morgan Stanley and JP Morgan were chosen as underwriters.
The WSJ reports, “Societe Generale and the U.S. bankers feared on Wednesday that shares of the French bank would fall sharply when it disclosed the huge loss from the alleged rogue trader.”
Fast forward now to Thursday 11am Eastern Time (5pm in Davos). JP Morgan’s CEO, James Dimon is a co-chair of this year’s Annual Meeting of the World Economic Forum - and a member of one of the most apropos panels of all-time: ”Systemic Financial Risk”. Dimon was likely one the bankers whom the WSJ suggested may have had a late night on Wednesday.
According to the webcast of this session, moderator James Schiro, CEO of Zurich Financial, kicked off the proceedings by saying:
“We’re starting late. Several of the participants on the panel have – as I’m sure all of you do – commitments they have to get to.”
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