Blame & Sanctions in Credit Crunch; Problems with
90s Japan
London, UK - 1 September 2007, 07:40 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.]
We are grateful to:
. Anthony Whitehouse, Co-Founder, Bittiner Whitehouse (now Maitland), Geneva,
Switzerland, for "Blame and Sanctions in the Credit Crunch;"
and
. Prof Prabhu Guptara, Executive Director, Organisational Development, Wolfsberg
(UBS), Switzerland, for "Unique Problems with 1990s Japan."
Dear DK and Colleagues
Re: Assessing Blame and Appropriate Sanctions in the Present Credit Crunch
A number of distinguished ATCA contributors on this present credit crunch
have correctly pointed out that this crisis is not much different in some
ways from other crises which have occurred in the past. The great advantage
that central bankers now have is the benefit of hindsight. They have a whole
wealth of prior experience to draw on in dealing with the problems.
[CONTINUES]
[ATCA Membership]
Sincerely
Anthony Whitehouse
Anthony Whitehouse, based in Switzerland, has substantial experience in trust
creation and administration and the management of offshore structures, especially
as they relate to the administration of intellectual property. In addition,
he has expertise in the business management of high net worth individuals
in the entertainment sector. He has recently given up business to enter into
the public ministry of his Church. Anthony entered the trust business as a
senior manager with the Lausanne-based branch of a Bahamas Trust company in
1978 before leaving to join a major international bank in 1988 as manager
of Fiduciary Services Operations in Geneva. Together with Richard Bittiner
he set up Bittiner Whitehouse, an accounting and trust administration practice,
in 1992. Bittiner Whitehouse was acquired by the Maitland Group in 2003. Anthony
qualified as a Chartered Accountant in England in 1968. He obtained his MBA
from IMD in 1973 and was one of the founding members of STEP in the French-speaking
area of Switzerland. He speaks English and French.
____________________________________________________________________________
Dear DK and Colleagues
Re: Unique Problems with 1990s Japan
Whilst the submission "Invaluable Lessons from 1990s Japan - Risks of
Schadenfreude" by the distinguished ATCA contributor Peter Tasker is
welcome, he does not state what specific policy adjustments he recommends
in the light of Japan's experience. In any case, the Japanese experience from
the 1990s may not serve to be a reliable guide to what the world should or
should not be doing today because of the uniqueness and specificity of the
1990s Japan example:
[CONTINUES]
[ATCA Membership]
Best wishes
Prabhu Guptara
Professor Prabhu Guptara is Executive Director, Organisational Development,
at the Switzerland based Wolfsberg -- The platform for Business and Executive
Development, a subsidiary of UBS, one of the largest banks in the world --
where he organises and chairs the famed Wolfsberg Think Tanks and the Distinguished
Speaker series of events. Prof Guptara has professional experience with a
range of organisations around the world, including Barclays Bank, BP, Deutsche
Bank, Kraft Jacob Suchard, Nokia, the Singapore Institute of Management and
Groupe Bull. A jury member of numerous literary competitions in Britain and
the Commonwealth, he has been a guest contributor to all the principal newspapers,
radio and TV channels in the UK, as well as media in other parts of the world.
Professor Guptara supervises PhD work at the University of Fribourg, Switzerland
and is Visiting Professor at various other international universities and
business schools. He is a Freeman of the City of London and of the Worshipful
Company of Information Technologists; and Fellow of the Institute of Directors.
[ENDS]
We are grateful to:
. Anthony Whitehouse, Founder, Bittiner Whitehouse (now Maitland), Geneva,
Switzerland, for "Blame and Sanctions in the Credit Crunch;"
. Prof Prabhu Guptara, Executive Director, Organisational Development, Wolfsberg
(UBS), Switzerland, for "Unique Problems with 1990s Japan;"
. The ATCA Research & Analysis Wing (RAW), based in Canary Wharf, London,
UK, and Dr Harald Malmgren, CEO, Malmgren Global, based in Washington, DC,
USA, for "Central Bankers, Monetary Policy
and Moral Hazard;"
* William Sturge, Partner, Reinsurance, Lawrence Graham (LG) based in Central
London, UK, for "Litigation Exposure and Insurances
that may Respond;"
. Peter Tasker, Founding Partner, Arcus Investment, based in Tokyo, Japan,
for "Invaluable Lessons from 1990s Japan -
Risks of Schadenfreude;"
. Andrew Leung, CEO, AL International, London, UK, and frequent visitor
to China for "The China Dimension of The
Global Credit Crunch;"
* The ATCA Research & Analysis Wing (RAW), based in Canary Wharf, London,
UK, and Dr Harald Malmgren based in Washington, DC, USA for "Off-Balance
Sheet Conduits & SIVs Raise Wider Concerns;"
* Prof Charles Calomiris, Columbia Business School, New York & Prof
Joseph Mason, LeBow College of Business, Drexel University, Philadelphia,
USA for "The Conflict of Rating Agencies and
Regulation - We need a Better Way to Judge Risk;"
. Dr George Feiger, President & CEO, Contango Capital Advisors, based
in Berkeley, California, USA for, "Questioning
the Views of a Nobel Laureate;"
. Prof Joseph Stiglitz, Nobel Laureate in Economics (2001), Columbia University,
New York, USA , for "Day of Reckoning for Americans
who lived Beyond their Means;"
. Dr George Feiger, President & CEO, Contango Capital Advisors, based
in Berkeley, California, USA for "Suggestions
for Resolving Sub-Prime Dilemma Step by Step;"
* Dr Harald Malmgren, CEO, Malmgren Global, based in Washington, DC, USA
for "Understanding Rating Agencies beyond
the Sub-Prime Meltdown;"
* The ATCA Research and Analysis Wing (RAW), based in Canary Wharf, London,
UK, for "Asymmetric Knowledge Risk and Market
Deadlock;"
* Anthony Whitehouse, Founder, Bittiner Whitehouse (now Maitland), Geneva,
Switzerland, for "High Credit Ratings and Breakdown
of Trust;"
* John Pickering, Vice-Chairman, Labour Finance and Industry Group, based
in London and Tunbridge Wells, UK, for "Role
of Auditors;"
* The ATCA Research and Analysis Wing (RAW), based in Canary Wharf, London,
UK, for "ATCA QUERY: Role of Credit Rating
Agencies;"
. Peter Tasker, Founding Partner, Arcus Investment, based in Tokyo, Japan,
for "Resilience of Corporate Profits &
Sub-Prime Fiasco -- Global View from Japan;"
. Daniel Morler, Head of Middle East, LGT Private Bank, based in Vaduz,
Liechtenstein, for "Human Factor, Information
Lag, Geo-Politics and Central Banks;"
. Justin Urquhart Stewart, Director, Seven Investment Management, London,
UK, for "Pride Before the Fall -- Those Who Don't Know that they
Don't Know;"
. Martin Wolf, Associate Editor & Chief Economics Commentator, Financial
Times, London, UK, for "To Cut or Not to
Cut: Federal Reserve must Prolong the Party;"
. The Hon Al McDonald, Chairman and CEO, Avenir Group, from Michigan, USA,
for "Balancing The Role of Management in Extreme
Financial Turbulence."
. The ATCA Editorial Team based in Canary Wharf, London, UK, for "Subprime
Crisis Spreads Across Regions and Financial Sectors;"
* Hervé de Carmoy, European Vice-Chairman, Trilateral Commission,
based in Paris, France, for "Role of Large
Financial Institutions in Fuelling Crisis;"
* 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, Founder, Bittiner Whitehouse (now Maitland), 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."
* Denotes ATCA QUERY: Role of Credit Rating Agencies
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
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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.
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