Submit. My name is david cotney and i serves t as the commissioner of banks for the commonwealth of massachusetts. It is my pleasure to testify before you today on behalf behalf of the conference of ou state supervisor. Hold i thank you forin holding this n hearing today to address the risks and benefits of Virtual Currency. Theri risks of Virtual Currency include Consumer Protection, Payment Systems, national ity, m security, Money Laundering, and other illicit activities. The potential benefits are also differ. Fits are speed and efficiency, lower transaction costs, and providin an outlet for the unbanked and underbanked. With these evolving Payment Technologies states are exploring the connection between existing money transmitter regulation and Virtual Currencies. State regulators have long supervised money transmitters to protect consumers and preserve National Security and lawnete enforcement interests. State regulators are talking with industry and other regulators about evolvin
Face a full set of challenges. I worry about complacency, governments that have never successfully forecast a recession a year in advance, that missed the 2007 financial crisis, that missed the 1987 stock market crash, t missed the latin american debt crisis and missed much more. I worry about how well macro prudential can really work on, though its an attempt worth making. And i think much greater emphasis needs to be placed on making a system that is safe for ignorance can and court reportereporter error. And that means emphasis on capital markets, emphasis on liquidity, emphasis on strengthening the robustness of the system. The last time we had a great emphasis on macro prudential, it was spains countercyclical Capital Requirements that we were going to protect against the spanish real estate bubble. That didnt work so well. Mr. Tom bainny, briefly. Yeah. I think one issue that hasnt been discussed so much lately is the fact that this exit is unsynchronized this time around. You se
Possibility and the symptoms, etc. , and he handled himself accordingly. Spencer had been working in guinea with Doctors Without Borders. He took the subway and went bowling. We have the story covered from a variety of angles. Shelley holliday is at Bellevue Hospital, plus begin with an expert at the cdc in washington and a former World Health Organization epidemiologist. In the meantime, two days ago before the president ial Runoff Election in brazil, Dilma Rousseff facing opposition candidate. The latest polls indicate reset has a slightly. Whoever wins will have much good news to deliver on the brazilian economy, facing a budget budget deficit and Business Confidence close to a fiveyear low. Are punishing amazon. Shares down as much as 13 after the Ecommerce Company posted its worst quarter loss in more than a decade. Amazon forecast sales and profits of the Fourth Quarter that missed estimates. Gene munster covers amazon for piper jaffray. Amazon Ceo Jeff Bezos has been spending a
Dazzled in this business. Today, i was mesmerized listening to john paulson as my partner chatted with him in new york. And on a day when the averages led by housing related names inched higher, the dow up 19 points, nasdaq advancing. 32 percent, this is a perfect time to expound on the interview because everything thats happened now and that could happen in the future into perspective and i think it can make us a lot of money. First a little perspective, paulsons been in the Money Management business for about ten years. You probably never heard of him until the housing hey day. He shorted everything subprime housing. It made billions upon billions of dollars. You may have heard about him of late because of a fund that represents 2 of the gold fund. Even you professionals out there, i know jealousy and many are jealous of this mild mannered man because of his amazing success when others faltered. Now that you know how he made it big, if you were in the room when carl posed his questio