Ceremony on the dwight d. Eisenhowers are memorial in washington c. Now the president of the world bank talks about recent trends in the Global Economy and some of the ways the private sector can help used financing for developing countries. From the National Press club, this is an hour. Good afternoon and welcome. I am a former president of the National Press club. I am currently president of the society of American Business editors and writers. The National Press club is the worlds leading professional organization for journalists committed to our professions future through our programming with events such as this, while working to foster a free press around the world. For more information about the club, three please visit the website at press. Org. On behalf of our members, worldwide, i would like to welcome our speaker and those of you in the audience. Him and our head table includes guests of our speaker as well as working journalists. Constantly, we remind people that if you hea
Currently Washington Bureau chief with bank rate. Com. The National Press club is the leading organization for aurnalists is committed to free press around the world. For more information, please visit the website at press. Org. On behalf of our members worldwide, i would like to welcome our speaker and those of you in the audience today. Our head table includes guests of our speaker. Constantly, we remind people that members of the general public attend. Welcome cspan and other audiences here today. You can also follow us on twitter. After the speech concludes, we. Ill have questions and answers introduce our to table. We will begin on this and, welcoming paula, and in turn at public news and a student at georgetown university, bravely studying journalism and government. We want to note that she is working with the team members who organize todays luncheon. For all your work, bob. Onto the head table, gillian investorsreporter at business daily. Sheila is Vice President for external a
Global development initiatives. From the National Press club, this is an hour. Good afternoon. And welcome. My name is mark hamrick. I am a former president of the National Press club. I am currently president of the society of American Business editors and writing and Washington Bureau chief with bank rate. Com. The National Press club is the worlds leading professional organization for journalists, committed to our professions future, through our programming with events such as this while working to foster a free press around the world. For more information about the club, please visit the website at press. Org. To donate to programs offered for the public through the Journalism Institute visit press. Org institute. On behalf of our members worldwide i would like to welcome our speaker to those in the audience. The head table includes guests of the speaker as well as working journalist, club members. If you hear applause in the audience, wed note that members of the general public at
Today on leaders with lacqua, we meet one of the most recognized names in swiss banking, the vicechairman of blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. After the financial crisis, what have we learned . Philipp we learned that we had too much leverage in the system without any doubt. When you have too much leverage, bad things happen. Not only do they happen, but when they happen, things tend to be amplified. So that is the key take away from it all. We have also learned that this notion of letting the market be totally free, that governments really should get out of the way, that wasnt a good idea. I think what stands out is banks needed much more capital than they had at the time. We had capital levels that were excessively low. I mean in some cases, these banks were leveraged nearly 100 times. And that, to me, has always been the key takeaway. In some ways, i wish we had focused more on the capital issue, and less on all of the other t
Recognized names in swiss banking, the vicechairman of blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. After the financial crisis, what have we learned . Philipp we learned that we had too much leverage in the system without any doubt. When you have too much leverage, bad things happen. Not only do they happen, but when they happen, things tend to be amplified. So that is the key take away from it all. We have also learned that this notion of letting the market be totally free, that governments really should get out of the way, that wasnt a good idea. I think what stands out is banks needed much more capital than they had at the time. We had capital levels that were excessively low. I mean in some cases, these banks were leveraged nearly 100 times. And that, to me, has always been the key takeaway. In some ways, i wish we had focused more on the capital issue, and less on all of the other things that have made it into the Regulatory Reform rea