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Video Transcription - Page 1
"Markets Will Continue to be Volatile"
Host : Chloe Cho
(Video clip of Timothy Geithner’s US financial reforms speech presented to Congress)
Geithner: To address this will require comprehensive reform. Not modest repairs at the margin, but new rules of the game and new rules must be simpler and more effectively enforced. They must produce a more stable system, one that protects consumers and investors, rewards innovation and is able to adapt and evolve with changes in the structure of our financial system.
Host : Besides tougher standards, Mr. Geithner wants to extend federal regulations to all trading and financial derivatives including credit default swaps. The US government is also planning to create a single super regulator to monitor financial institutions and have the Securities and Exchange Commission keep track of the larger hedge funds. Let’s try to shed light on where all of this stands and how that’s going to affect your investments.
Todd Everts as President and CEO of Wall Street Global an independent brokerage firm in the United States, he is normally based in New York but swinging by Hong Kong. Well thank you so much Todd for dropping in today. Let’s talk about…we have so many plans coming out of the US. We have this toxic asset plan and yet now we’re also hearing that Timothy Geithner is going to tighten the reins on private equity firms, hedge funds. Ultimately how is this going to shape the way you place your investments?
Todd G. Everts: Well right now what we saw in his testimony overnight was a plan and there wasn’t a tremendous amount of detail in what ultimately it will look like. Really what he was doing was creating an opportunity for debate and how much regulation there needs to be. Many of the institutional investors currently believe that the system of regulation is not the problem, it’s more a systemic problem and the way in which markets work and unfortunately how the US economy has not performed against world economies. The one thing we are seeing is a big shift towards what’s referred to in the industry as managed accounts so that the investor can feel confident that the actual securities that the managers are purchasing are actually there, thus avoiding a Madoff-Ponti scheme type scandals. So that type of regulation is something..and that transparency is something the industry wants so the investors can feel confident and come back into the market.
About CNBC’s Cash Flow
CNBC’s Cash Flow. CNBC turns news flow into cash flow, creating investment, trading and business opportunities out of the mass of information, announcements and decisions that occur each morning. "Cash Flow" filters through this content and delivers 'the bottom line,' providing traders and investors with usable information that helps them make profitable decisions.
Host : Welcome back. US Secretary Tim Geithner is calling for a sweeping
new rules to limit the level of risk taking in the US financial system. He told
Congress the flaws in the current financial system needed to be fixed to prevent
repeat of the banking crisis.
CNBC’s Cash Flow. CNBC turns news flow into cash flow, creating investment, trading and business opportunities out of the mass of information, announcements and decisions that occur each morning. "Cash Flow" filters through this content and delivers 'the bottom line,' providing traders and investors with usable information that helps them make profitable decisions.
(Video clip of Timothy Geithner’s US financial reforms speech presented to Congress)
Geithner: To address this will require comprehensive reform. Not modest repairs at the margin, but new rules of the game and new rules must be simpler and more effectively enforced. They must produce a more stable system, one that protects consumers and investors, rewards innovation and is able to adapt and evolve with changes in the structure of our financial system.
Host : Besides tougher standards, Mr. Geithner wants to extend federal regulations to all trading and financial derivatives including credit default swaps. The US government is also planning to create a single super regulator to monitor financial institutions and have the Securities and Exchange Commission keep track of the larger hedge funds. Let’s try to shed light on where all of this stands and how that’s going to affect your investments.
Todd Everts as President and CEO of Wall Street Global an independent brokerage firm in the United States, he is normally based in New York but swinging by Hong Kong. Well thank you so much Todd for dropping in today. Let’s talk about…we have so many plans coming out of the US. We have this toxic asset plan and yet now we’re also hearing that Timothy Geithner is going to tighten the reins on private equity firms, hedge funds. Ultimately how is this going to shape the way you place your investments?
Todd G. Everts: Well right now what we saw in his testimony overnight was a plan and there wasn’t a tremendous amount of detail in what ultimately it will look like. Really what he was doing was creating an opportunity for debate and how much regulation there needs to be. Many of the institutional investors currently believe that the system of regulation is not the problem, it’s more a systemic problem and the way in which markets work and unfortunately how the US economy has not performed against world economies. The one thing we are seeing is a big shift towards what’s referred to in the industry as managed accounts so that the investor can feel confident that the actual securities that the managers are purchasing are actually there, thus avoiding a Madoff-Ponti scheme type scandals. So that type of regulation is something..and that transparency is something the industry wants so the investors can feel confident and come back into the market.
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