Recognized names in swiss banking. He is now vicechairman of at blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. So we are 10 years on from the financial crisis. What have we learned . Philipp we have learned that we had too much leverage in the system without any doubt. And that when you have leverage, bad things happen. Not only do they happen, but when they happen, the effects tend to be amplified. So i think that is the key take away from it all. We have also learned that this notion of kind of letting the market be totally free, that governments really should get out of the way, that wasnt a very good idea. I think what stands out is banks needed much, much more capital than they had at the time. We had capital levels that were excessively low. I mean, in some cases, these they were these banks were , leveraged nearly 100 times. And that, to me, has always been the key takeaway. In fact, in some case in some ways i wish we had focused more
Record stock rally off to the best start, best yearly start in more than a decade. Apple addicts, billionaire share hoerlds urging the iphone maker to take action against the long term consequences of childrens smartphone overuse. Nvidia saes big bet on autonomous driving, teaming up with vw. The best start to a year since 06, closing the week at record highs and s p and nasdaq turning in the best week since december of 2016 and the street now beginning to look ahead to earnings season wells fargo coming out with results later in the week well get Inflation Numbers and retail sales and citi and Media Conference and Morgan Health care conference. You mentioned nvidia and wong going down to consumer conference tomorrow. Whats happening is an interesting opportunity, the futures are down for once. People can get in provided that the stocks themselves dont go up im talking about caterpillar, United Technologies and nvidia, they are ramping, maybe let them come in and get a chance the resea
Time is the audit that prima provides and Northern Trust. Are you familiar with this . Is that Northern Trust and prima has liquidated that they are no longer on their books, if you will . Commissioner, as i was involved in the requisition with northwestern and prima. The discrepancies in securities on books between northern and prima generally related around the securities that were moving in and out of the prima original securitization and whether or not that information was relayed timely to Northern Trust. So, for example, prima would take the exception of home loans and those would be put into a securitization. Also in some cases, prima with consultation with San Francisco would unwind some of their securitizations and prima would have possession of those and there would be delays of those arriving onto the books of the Northern Trust. That was revolved resolved in the last year because that was the work that i did. You balanced Northern Trust numbers. I made sure there were no de
To resolve themselves and the time is the audit that prima provides and Northern Trust. Are you familiar with this . Is that Northern Trust and prima has liquidated that they are no longer on their books, if you will . Commissioner, as i was involved in the requisition with northwestern and prima. The discrepancies in securities on books between northern and prima generally related around the securities that were moving in and out of the prima original securitization and whether or not that information was relayed timely to Northern Trust. So, for example, prima would take the exception of home loans and those would be put into a securitization. Also in some cases, prima with consultation with San Francisco would unwind some of their securitizations and prima would have possession of those and there would be delays of those arriving onto the books of the Northern Trust. That was revolved resolved in the last year because that was the work that i did. You balanced Northern Trust numbers
And usa today confirmed it this morning. With the terrific story about the acronym that stands for facebook, amazon, netflix and google. My selfstyled shorthand for whats working in this stock market. But on another vicious day where the dow tumbled 128 points. S p sank and the nasdaq plunged nearly a percent, while f. A. N. G. Represents a nice respite from the world, f. A. N. G. s leadership happens to be terrible for the rest of the market. Thats right. I want people to know loud and clear that f. A. N. G. The isolation of a handful of stocks that can power higher and spurts we havent seen in ages is a bad thing. Boo not a good thing. For stocks in general. And the market overall. Sell sell sell. First, understand that mutual fund and Hedge Fund Managers are looking for growth. Right now the funnel for growth seems to grow smaller by the day. Which sends the proven storm to the ones with the best prospects higher than theyd go. Longing for growth is like rocket fuel for f. A. N. G.