This Saturday – Cobden Partners presentations to OccupyLSX
- When: Sat 10th December, 2011 – From 12.30 onwards (NB. time may alter slightly)
- Where: Occupy London Stock Exchange at St Paul’s Churchyard
This Saturday Professor Kevin Dowd and Gordon Kerr of Cobden Partners (consultancy firm seeking to help small to modest size nations whose banking systems have either collapsed or are in great difficulty) will be speaking at OccupyLSX.
Professor Kevin Dowd, economist and formerly professor of financial risk management at Nottingham University Business School and author of ”Alchemists of Loss”, will speak about the history of banking in the context of the relationship with central banks and governments, the development of destructive crony relationships that has destroyed the UK and other Western economies.
Investment banker Gordon Kerr will present an insider’s explanation of how banking has degenerated to its present nadir of managerial capitalism. If Kerr, is correct then the banking system is in far worse shape than is generally thought. Gordon has been involved in many of the most toxic derivative contracts and he is now setting out the consequences. He will cover:
• Examples of how derivative reporting rules allow both sides of hedging transactions falsely to report up front, substantial profits;
• How flawed IFRS rules allow RBS and other big banks to operate loss making business models that have already consumed all the bailout funds for no societal benefit;
• How Basel rules, although deeply flawed, cannot actually function given the present false accounting system;
• The way to start to fix the system: end the flaws endemic in our culture of rule-making.
Who are they?
Gordon Kerr is an investment banker with broad experience of banking collapses and the need for systemic reform, having started his career working on sovereign debt syndications and the Latin American debt crisis. He next specialised in housing finance and was designing Scandinavian mortgage securitisation structures when the Swedish banks collapsed and were bailed out by the state in 1992. In the UK he helped protect housing associations from the rapacious demands of banks by designing a rent based financing structure that lowered the borrowing cost of the entire social housing sector by about 10% in 1995. Shortly after the LTCM hedge fund collapse and bailout of 1998, he designed regulatory arbitrage structures that used derivatives to further leverage European banks. He also specialises in tax and synthetic financing. He believes the banking crisis is far worse than nearly all politicians appear to accept.
Kevin Dowd is an economist and formerly professor of financial risk management at Nottingham University Business School. He has current or past affiliations with the Cato Institute (Washington), the Cobden Centre, the Independent Institute (Oakland, CA), the Institute of Economic Affairs (London), the Libertarian Alliance (London) and the Pensions Institute (London). His research interests cover monetary, financial and macroeconomics, free banking and financial regulation, financial risk management, risk disclosure, political economy, longevity and pensions, and the current financial crisis. Professor Dowd has published widely in academic and practitioner journals and is the author of a number of books, including: Competition and Finance: A New Interpretation of Financial and Monetary Economics (Palgrave, 1996); Measuring Market Risk (Wiley, 2nd edition 2005) and, most recently, with Martin Hutchinson; Alchemists of Loss: How Modern Finance and Government Intervention Crashed the Financial System (Wiley, 2010).”