Part II

Finance, Capital Markets and Systemic Risk

This section deals with the world of finance over the last 50 years, the impact of derivatives and financial engineering, systemic risk and the growth of worldwide capital markets and its role in providing a vehicle to facilitate economic growth.

Impact of Worldwide Financial Integration

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Eugene Rotberg on Risk Taking

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Risk Taking

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The Only Perfect Hedge is a Japanese Garden

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Problems and Controversy: The US Banking System

by Eugene H. Rotberg June 4, 1991 Almost seven years ago, in September 1984, I had occasion to write about the potential crisis for U.S. deposit-taking institutions. “Continental Illinois Bank and Financial Corporation of America are just the tip of the iceberg.  The commercial banks and the savings and loan associations are in a particularly […]

Systemic Risks in World Financial Markets: Informal Remarks

by Eugene H. Rotberg Government Borrowers Forum, The World Bank September 21, 1992 My remarks this morning are divided into three parts — first, a reminiscence of the financial developments in industrialized countries over the last several decades; second, the cumulative effect of the environment on securities firms and financial institutions; and, third, the concerns […]

The Currency Swap: In the Beginning

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Systemic Risks and Problems in World Financial Markets

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Derivatives: The Ultimate Freudian Slip–Up

by Eugene H. Rotberg July 12, 1995 My comments today are divided into two parts — first, a reminiscence of the financial developments in industrialized countries over the last several decades — how we got where we are; second, the cumulative effect of these events on financial institutions, on regulators, risk takers and risk managers, […]

Testimony – House Committee on Banking, Finance & Urban Affairs

Testimony of Eugene H. Rotberg Before the U.S. House of Representatives Committee on Banking, Finance and Urban Affairs October 1, 1998 Thank you for inviting me to present testimony at this hearing. Regretably, I am unable to attend the hearing because of a previous commitment outside Washington, D.C. In my absence, I request that the […]

Honorable James A. Leach letter on Derivatives and Risk

Letter to James Leach January 22, 2002 The Honorable James A. Leach Chairman Emeritus Financial Services Committee U.S. House of Representatives Dear Jim: I know that much titillating testimony will be taken about ENRON.  There will be testimony about conflicts of interest, timing of disclosure, the role of external auditors, shredding of documents etc.  The […]

The Euro Market – In Retrospect

Informal Remarks: The Euro Market — In Retrospect Eugene H. Rotberg May 15, 2008 When I look back over 40 years at the Euro Market, I first think of clichés and names. Globalization, integration of markets, dismantling of controls, cross border transactions, information technology, quants, derivatives, Solomon Bros., CSFB, Barings, Paribas, the Belgian dentist, Japan […]

The Financial Crisis

Notes – 2008 – for XM Radio and NPR Interview, October 2008 and George Washington University Speech, November 2008 Eugene H. Rotberg Former Vice President and Treasurer, World Bank Why did it happen. First, what is the “it?” Collapse of share prices of banks, bankruptcies of major financial institutions including GSEs, freezing/paralysis of credit markets […]

Main Street and Wall Street: What Were Causes

by Gene Rotberg January 27, 2009 The Dow Jones Average is now 3,000 points below its level six months ago and is 5,000 points below the level reached 18 months ago. The loss of wealth is in the trillions of dollars. That loss directly affects consumer spending. Consumers have seen their accumulated wealth – their […]

Mary Shapiro (SEC Chairman) email from EHR

February 10, 2009 Mary: Thank you for your response. My recommendation is a straightforward one. I would urge a “Special Study,” under oath with subpoena power, similar to the one that was conducted in the early 1960s by the SEC. I would urge that the new study include the following: How financial institutions finance their […]

What Wall Street Wants to Know

Gene Rotberg The reason why the stock markets did not respond well to Tim Geithner’s plan is because it was too much politics, too much policy, not enough specifics.  I would suggest that as soon as possible the U.S. Treasury gets specific: How will the Fed or Treasury price the securities or loans they take […]

On the Occasion of the 50th Anniversary of the Eurobond Market, London

Informal Remarks on the Occasion of the 50th Anniversary of the Eurobond Market Savoy Hotel, London June 24, 2013 by Eugene (Gene) Rotberg When I look back, the first thing that comes to mind are names: John and Nicholas Baring, Michael Von Clemm, Stan Yasakovich, John Craven, Lord Eric Roll, Oscar Lewisohn, Roberto Mendoza, Bob […]

World Bank Treasurers’ Reception

Gene Rotberg It has been 50 years to the day that as Treasurer I first spoke to an audience of the World Bank’s investment bankers. Before then, over the 20-year period of its existence, the World Bank had borrowed only $3.5 billion. Today, it borrows almost that much—thanks to you—in just one month. You and […]