Here is some interesting lecturing we Indians received a year back, as I look into my diary. On 29th Oct 2007, the US Treasury Secretary had come to the SEBI office.
Guess what he spoke about for half an hour to senior SEBI officials. The benefits of non intervention by the government and regulators with market forces. I smile everytime I think about that day and Freddie Mac, Fannie Mae, Bear Sterns, AIG, Wachovia, and now the strategically important General Motors. I think I missed half a dozen entities, but you get the idea...
After Secretary Paulson, we met with Neel Kashkari among many others in government to government talks, Neel is now famous as the person who heads the bailout team managing the 750 billion dollar fund which alarmingly sounds like TRAP.
If I rewind my diary even more by some ten years, I worked with Robert Hoyt at the law firm Wilmer Cutler and Pickering (now Wilmer Hale) and we worked on a case on markups on Mortgage Backed Securities. Robert is now General Counsel at the treasury and is responsible on the legal side for managing the TARP amongst other things.
PS: We won that case in court.
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