Subprime Crisis Spreads Across Regions and Financial
Sectors
London, UK - 21 August 2007, 10:41 GMT
Dear ATCA Colleagues
[Please note that the views presented by individual contributors are not
necessarily representative of the views of ATCA, which is neutral. ATCA conducts
collective Socratic dialogue on global opportunities and threats.]
European Regional Banks Wobble
Sachsen Landesbank announced that the German association of savings banks
was making Euro 17.3 billion (USD 23.3 billion) available to the Saxony state
bank to cover an affiliate that was suddenly unable to provide the credit
it had pledged.
[CONTINUES]
[ATCA Membership]
Hervé de Carmoy is European Vice-Chairman of the Trilateral Commission
since 2004 and has served as Chairman of the French Group of the Commission
since 1989. He is presently Chairman of Almatis (formerly Alcoa Specialty
Chemicals), a majority-owned company by Rhône Group LLC. He has been
a Partner of the Rhône Group LLC in New York and Paris from 1998 to
2004. He is a recipient of The President of France's Chevalier de la Légion
d'Honneur. Previously, M. de Carmoy was Chairman of the Banque Industrielle
Mobilière et Privée (BIMP) and Advisor to the Chairman of HR
Finances in Paris. Educated at l'Institut d'Études Politiques in Paris
and at Cornell University in the United States, he began his career at the
Chase Manhattan Bank in 1963 and became its Director for Europe in 1973. After
joining Midland Bank in 1978, M. de Carmoy became Director and Chief Executive
International, London and Paris, a position he held until 1988. He was then
Chief Executive of Société Générale de Belgique
in Brussels until February 1991.
Monsieur de Carmoy is a Member of the Executive Committee of "France
Active" (Micro-Credit in France) since 1995 and Member of the executive
Committee of Planet Finance (International Micro-Credit) since 1998. He has
also been a Trilateral Commission task force author on Restoring Growth in
the Debt-Laden Third World (1987, with Martin Feldstein and Koei Narusawa).
He has authored "La Banque du XXI ème siècle" (1995
- Odile Jacob) and "Conduire le changement" (1998 - Odile Jacob).
He has also been Professor of International Business Strategy at the "Institut
d'Études Politiques" Paris until 2001. He writes:
Dear DK and Colleagues
Re: Role of Large Financial Institutions in Fuelling Crisis
We all agree that the difficulties in the markets are not a butterfly flap
on a yak's ear! The rescue of Sachsen LB in Germany provides an opportunity
to analyse more precisely one of the roots of the present situation.
[CONTINUES]
[ATCA Membership]
Hervé de Carmoy
[ENDS]
We are grateful to:
. Dr Jim Walker, Chief Economist, CLSA, based in Hong Kong for "China
Chaos and Subprime Butterfly;"
. Ashutosh Sheshabalaya, CEO, India-Advisory, based in Brussels, EU, and
Bassilly, Belgium, for "India turns History
Upside Down;"
. John Elkington, Chief Entrepreneur, SustainAbility, based in London, UK,
and returning from India, for "Mother Convulsion
- India's Third Liberation;"
. Stephen Lendman, based in Chicago, Illinois, USA, for "Slow
Motion Train Wreck" via Ashok Khosla, Chairman, Development
Alternatives, New Delhi, India;
. The ATCA Editorial Team based in Canary Wharf, London, UK, for "Market
Convulsions;"
. Dr Harald Malmgren, CEO, Malmgren Global, based in Washington, DC, USA
for "Federal Reserve's Changed Focus;"
. Bill Emmott, Director, UK-Japan 21st Century Group, based in London and
Somerset, UK, for "Japan's Strong Yen;"
. Dr Harald Malmgren, CEO, Malmgren Global, based in Washington, DC, USA
for "The Asymmetric Loss of Trust and Chain
Reaction;"
. The ATCA Editorial Team, based in Canary Wharf, London, UK, for "Public
Inquisition of Credit Rating Agencies may Accelerate Downturn;"
. Dr George Feiger, President and CEO, Contango Capital Advisors, based
in Berkeley, California, USA, for "Watch
out for Dramatic Winners;"
. The ATCA Editorial Team, based in Canary Wharf, London, UK, for "Systemic
Risk & Sectoral Meltdown: Heightened Correlation and Deleveraging;"
. Rudi Bogni, Chairman, Medinvest, and Director, Old Mutual, from Basel,
Switzerland, for, "Non-Stop Central Banks'
Intervention;"
. Dr Ravi Batra, Professor of Economics, Southern Methodist University,
Dallas, Texas, USA, for, "Towards a Global
Economic Crisis?;"
. Aurora Carlson, Founder, Open One Center, based on the West Coast, Sweden,
for "The Coming Storm of Change;"
. The ATCA Editorial Team, based in Canary Wharf, London, UK, for "Large
Quake hits Quants as Computer-Driven Quantitative Hedge Funds Short-Circuit;"
. Dr Harald Malmgren, CEO, Malmgren Global, based in Washington, DC, USA
for "Prolonged Credit Market Correction Ahead;"
. Prof Dr Norbert Walter, Chief Economist, Deutsche Bank Group, based in
Frankfurt, Germany, for "Economic Consequences
of The Sub-Prime Crisis;"
. Anthony Whitehouse based in Coppet and Geneva, Switzerland, for "Regulators,
Hedge Fund Lending and Cross-Selling;"
. The ATCA Editorial Team, based in Canary Wharf, London, UK, for "Perfect
Storm: Credit Freeze and Distress Selling by Hedge Funds;"
. Dr George Feiger, based in Berkeley, California, USA, for "Two
Faces of the Same Coin;"
. The ATCA Editorial Team, based in Canary Wharf, London, for "Contagion
and Systemic Risk? ECB Injects Record Euro 95bn post Major Disturbance;"
. The ATCA Editorial Team, for "Flight to Quality
as Markets finally Appreciate Risk;"
. Robert McNally, Chairman, London Chamber of Commerce Property and Construction
Group, for "Erosion of Commercial Real Estate
as a Solid Asset Class;"
. Alexander Hoare, CEO, C Hoare and Co, Private Bankers, based in the City
of London, for "Destructive
Creativity, Leverage and The Derivatives Market;" and
. Dr Harald Malmgren, CEO, Malmgren Global, based in Washington, DC, for
"The Fear of Central Bankers -- Flight from
Illiquidity, Derivatives and Heightened Risk of Contagion;"
in response to, "Are the Currency Markets Warning
that there is Trouble Ahead? The Precipitous Decline of the US Dollar and
its Impact on the World."
We look forward to your further thoughts, observations and views. Thank
you.
Best wishes
For and on behalf of DK Matai, Chairman, Asymmetric Threats Contingency
Alliance (ATCA)
ATCA: The Asymmetric Threats Contingency
Alliance is a philanthropic expert initiative founded in 2001
to resolve complex global challenges through collective Socratic
dialogue and joint executive action to build a wisdom based global
economy. Adhering to the doctrine of non-violence, ATCA addresses
asymmetric threats and social opportunities arising from climate
chaos and the environment; radical poverty and microfinance; geo-politics
and energy; organised crime & extremism; advanced technologies
-- bio, info, nano, robo & AI; demographic skews and resource
shortages; pandemics; financial systems and systemic risk; as
well as transhumanism and ethics. Present membership of ATCA is
by invitation only and has over 5,000 distinguished members from
over 120 countries: including 1,000 Parliamentarians; 1,500 Chairmen
and CEOs of corporations; 1,000 Heads of NGOs; 750 Directors at
Academic Centres of Excellence; 500 Inventors and Original thinkers;
as well as 250 Editors-in-Chief of major media.
The views presented by individual contributors are not necessarily
representative of the views of ATCA, which is neutral. Please
do not forward or use the material circulated without permission
and full attribution.
Intelligence Unit | mi2g | tel +44 (0) 20 7712 1782 fax +44
(0) 20 7712 1501 | internet www.mi2g.net
mi2g: Winner of the Queen's Award for Enterprise in the category
of Innovation
|
