| 00:00:08 |
none, -
GOOD MORNING. SECRETARY PALL RRSON, DISTINGUISHED GUESTS, MEMBERS OF THE GEORGETOWN COMMUNITY. IT IS A PLEASURE TO WELCOME YOU TO TODAY'S CONFERENCE....
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| 00:00:39 |
Unidentified Speaker, -
OF CAPITAL MARKETS IN THE YEARS TO COME. HE HIGHLIGHTED TO COMPLEXITY OF THE CHALLENGES OUR NATION FACES, AND MOVING TO IMPROVE FURTHER THE STRENGTH,...
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| 00:04:13 |
Unidentified Speaker, -
OF BUSINESS. THE PARTICIPANTS IN TODAY'S CONFERENCE ARE A DISTINGUISHED GROUP OF LEADERS IN U.S. CAPITAL MARKETS, AND I WELCOME YOU AND THANK YOU ALL...
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| 00:13:58 |
Unidentified Speaker, -
KNOWN AND MOST SUCCESSFUL INVESTOR, HE'S FORGOTTEN MORE ABOUT CAPITAL MARKETS THAN MOST OF US HAVE EVER LEARNED TO BEGIN WITH. LAST NIGHT AT DINNER...
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| 00:20:09 |
Unidentified Speaker, -
ON THEMSELVES. IN CORPORATE AMERICA IN THE 1990s DID NOT DELIVER MAGNIFICENT ACCOUNT OF ITSELF, AND, AND THE REACTION IN TERMS OF LEGISLATION AND...
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| 00:23:05 |
Unidentified Speaker, -
ABOUT REGULATION. YOU KNOW, IN OTHER WORDS, WE COMPETE AND THE HEALTH CARE INDUSTRY, THE AVIATION INDUSTRY, SO WE DEAL WITH THE FDA, THE FAA, AND HAVING...
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| 00:23:20 |
Unidentified Speaker, -
MORE COMPETITIVE, I THINK THERE ARE ELEMENTS, HANK, OF STOCKS 404 THAT ACTUALLY DRIVE SUCCESS IN THIS SYSTEM, PROCESS ADVANTAGES IN THIS SYSTEM, BUT...
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| 00:25:37 |
Unidentified Speaker, -
AIN'T NOBODY HAPPY SO I WANT TO HEAR FROM YOU
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| 00:25:42 |
Unidentified Speaker, -
WHETHER FIRST ARE OF CONCERN TO YOU. I WONDER WHETHER OR NOT YOU GET AS EXCITED ABOUT READING SEC MATERIALS AS WARREN BUFFETT DOES? >> I DO. I DO....
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| 00:26:15 |
Unidentified Speaker, -
UP AND VERY IMPORTANT AND NECESSARY WAYS I THINK TO RESTORE A SENSE OF TRUST IN THE MARKETPLACE. AND I THINK, I FEAR WE ARE SORT OF LOSING TOUCH WITH...
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| 00:28:23 |
Unidentified Speaker, -
IN FOREIGN SECURITIES AND DEVELOPING MARKETS. CALIPER HAS SAID IT IS GOING TO INVEST IN CHINA. GIVEN THAT OTHER COUNTRIES, AND CERTAINLY DEVELOPING...
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| 00:29:19 |
Unidentified Speaker, -
PRIVATE EQUITY, HEDGE FUNDS, REAL ESTATE, THERE'S, THERE'S ALL SORTS OF, OF INSTRUMENTS PLACED IN THAT BASKET. THE FACT IS THAT MEMBERS HAVE SORT OF...
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| 00:30:25 |
Unidentified Speaker, -
I AM LOOKING AT IT THROUGH THE LENS OF PROBABLY TWO-THIRDS OF OUR POPULATION IN AMERICA HAS SOME INTEREST IN STOCKS, MUTUAL FUNDS, AND SO FORTH. WE ARE...
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| 00:30:42 |
Unidentified Speaker, -
THAT. WE'RE ALL SORT OF CAPITALISTS AT HEART SO THE CAPITALIST SYSTEM GOES DOWN TO THIS FUNDAMENTAL UNIT OF THE INDIVIDUAL VESTOR AND OF COURSE THAT'S...
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| 00:33:08 |
Unidentified Speaker, -
CORPORATE
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| 00:33:09 |
Unidentified Speaker, -
BOARDS, INDEPENDENCE KORPTS -- -- TRUST IN THE MARKETPLACE. AND I THINK THAT FOR THE MOST PART, THOSE CHANGES ARE GOOD. AND THERE'S NO QUESTION THE...
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| 00:34:12 |
Unidentified Speaker, -
CONCERNED ABOUT AND THE TOPIC OF THIS CONFERENCE REALLY ADDRESSES AT LEAST FOR THE -- FOUR OF THE FIVE REASONS FOR THAT. THE FIRST IS SARBANES-OXLEY,...
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| 00:35:59 |
Unidentified Speaker, -
SEC. [LAUGHTER]
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| 00:36:02 |
Unidentified Speaker, -
BUT I'M NOT GOING TO TAKE THE FIFTH. [LAUGHTER] I GUESS THE MAIN POINT, THIS COUNTRY IS ALWAYS, ONE OF THE BEAUTIFUL THINGS ABOUT THIS IS ALWAYS REFORMED....
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| 00:38:17 |
Unidentified Speaker, -
THE IMPORTANCE OF THE LEGAL SYSTEM IN EACH COUNTRY IN WHICH YOU OPERATE? TO THE OVERALL BENEFIT TO THE INVESTOR? >> SO THE LEGAL SYSTEM IS VERY COMPLICATED...
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| 00:38:47 |
Unidentified Speaker, -
BRITAIN AND WE ASKED TO SEE LITIGATION FILES AND THE WESTERN PERSON SAID LITIGATION FILES WHAT FILES YOU MEAN LIKE LAWSUITS AND HE CAME OUT WITH TWO...
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| 00:41:09 |
Unidentified Speaker, -
LAWYERS. >> I THINK I AM GOING TO SUE JAMIE BECAUSE I THINK HE'S READY TO SETTLE. [LAUGHTER] [APPLAUSE] >> HOW MUCH DO YOU WANT? >> AND WEAREN, SPEAKING...
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| 00:41:32 |
Unidentified Speaker, -
OUR DIRECTORS DO NOT HAVE INSURANCE. WE WANT THEM ALL TO HAVE
|
| 00:41:38 |
Unidentified Speaker, -
A SUBSTANTIAL INVESTMENT
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| 00:41:39 |
Unidentified Speaker, -
IN BURKESURE. WE WANT THEM TO PROFIT -- GAIN OUR LOSE WITH THE SHAREHOLDERS AND NOT OFF THE SHAREHOLDERS. SO THEY GET PAID NOMMINAL FEES AND THEY
|
| 00:41:54 |
Unidentified Speaker, -
NEVER MISS A MEETING. WE NEVER ASKED ONE TO BECOME A DIRECTOR THAT DIDN'T ACCEPT EVEN THOUGH OUR $900 A YEAR SEEMS A LITTLE LIGHT TO SOME PERHAPS BUT...
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| 00:45:15 |
Unidentified Speaker, -
WORLD S ADJUST OUR COMPANIES TO COMPETE SUCCESSFULLY IN THIS, IN THIS WORLD. I'D SAY WHATEVER THE REGULATION IS. I'M NOT COMPLAINING ONE BIT. I THINK...
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| 00:46:45 |
Unidentified Speaker, -
AND BEING ABLE TO DO THAT MORE EASILY, SMOOTHLY, AND SO FORTH WITHOUT A LOT OF THE INCUMBENCES AND THINGS ARE HAPPENING IN THE CAPITAL MARKETS TO MAKE...
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| 00:48:09 |
Unidentified Speaker, -
THAT LIQUIDTY WORLDWIDE HAS INCREASED, THE SFIGSICATION OF OTHER COMPANIES AROUND THE WORLD HAS INCREASE AND THAT'S WHERE THEY'RE GOING. 90% OF THESE...
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| 00:50:03 |
Unidentified Speaker, -
MORE COMPETITIVE MARKETS OUTSIDE OF THE U.S. AND IN AND OF ITSELF THAT'S A GOOD THING. IT'S A GOOD THING FOR THE U.S.ERATORS GOOD THING FOR ECONOMIES...
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| 00:51:55 |
Unidentified Speaker, -
AND I SIT THERE
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| 00:51:59 |
Unidentified Speaker, -
AND JUST WANT TO
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| 00:52:00 |
Unidentified Speaker, -
CRY SOMETIMES. >> AND YOU LOST ONE OF YOUR REALLY KEY GUYS. >> AMONG OTHERS. YOU KNOW. >> SO LOOK, WHETHER OR NOT THAT'S TRUE OR NOT, YOU KNOW, I DON'T...
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| 00:52:19 |
Unidentified Speaker, -
UP. AS BEING THE NEW
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| 00:52:22 |
Unidentified Speaker, -
NIRVANA OF BUSINESS AND JUST
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| 00:52:23 |
Unidentified Speaker, -
LIKE ANYTHING IT KIND OF RUNS ITS COURSE
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| 00:52:25 |
Unidentified Speaker, -
BUT I THINK IT IS MERCHANDISIZED AS BEING A GREAT THING TO NOT HAVE THE SECURITIANY OF PUBLIC MARKETS AND BEING ABLE TO HAVE A LONGER TERM VIEW OR LESS...
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| 00:54:11 |
Unidentified Speaker, -
CAN RAISE A LOT OF MONEY. SO THAT IS THE REASON WHY WE DO HAVE TO BE MORE CONCERNED ABOUT OUR COMPETITIVE POSITION AND I THINK IT IS A MATTER OF BALANCE...
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| 00:55:27 |
Unidentified Speaker, -
STAY COMPETITIVE, THE ACCOUNTING INDUSTRY AND THE RELATIONSHIP OF ACCOUNTANTS WITH BOARDS, AND LEGAL ENVIRONMENT. I WOULD LIKE TO GO TO A RELATED...
|
| 00:57:05 |
Unidentified Speaker, -
WERE TRYING TO DEFEND YOURSELF AND SAY, WELL I REALLY WAS DOING THING ACCORDING TO PRINCIPLES. I THINK THIS LEGAL SYSTEM IS SORT OF DEMANDS RULES...
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| 00:57:46 |
Unidentified Speaker, -
INSTANCES OF APPLYING RULES AS OPPOSED TO PRINCIPLES AS A RELATES TO HEDGE ACCOUNTING. IT'S NOT JUST JUST, MANY COMPANIES TALK ABOUT HOW, RATHER THAN...
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| 00:58:50 |
Unidentified Speaker, -
WITHOUT BEING SECOND GUESSED IN AN OVERT WAY. SO I JUST THINK YOU NEED BOTH BUT THERE HAS TO BE JUDGMENT APPLIED AND THAT JUDGMENT HAS TO BE RESPECTED....
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| 01:00:22 |
Unidentified Speaker, -
FOR
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| 01:00:24 |
Unidentified Speaker, -
THEM, BUT THEY ALLOWED THE OTHER END TWO OF THE 500 S&P FIVE AND A COUNTRY'S ELECTED IN THE PREFERABLE WAY AND 498 COLLECTED THEIR ACCOUNT
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| 01:00:35 |
Unidentified Speaker, -
AND IT GAVE THEM GREATER EARNINGS. I WOULD JUST WONDER WHERE WILL LEAD YOU START GETTING INTO SAYING WE'RE GOING TO PRINCIPLES ON SOMETHING LIKE THAT....
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| 01:01:04 |
Unidentified Speaker, -
DON'T THINK IN THE END. I COME BACK TO, DON'T WORRY ABOUT JEFFREY IMMELT. I AM RELEVANT TO THIS THING. THE INVESTOR, I COME BACK TO I'M IRRELEVANT....
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| 01:01:23 |
Unidentified Speaker, -
900
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| 01:01:25 |
Unidentified Speaker, -
PAGES THAT FIVE PH.D. S HAVE NO CLUE WHAT THEY MEAN, THE INVESTOR GETS HURT IN THAT. I JUST THINK THAT IS WRONG. >> I DO THINK ACCOUNTING IS A BIG DEAL...
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| 01:01:53 |
Unidentified Speaker, -
SHOULD BE WHAT IT IS AND EVERYTHING SHOULD BE DONE AWAY. ON THE OTHER HAND, I AGREED WITH TORN. PRINCIPALS COULD BE FULLY DISCLOSED. I THINK A SHAREHOLDER...
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| 01:03:21 |
Unidentified Speaker, -
PRINCIPLES BASE RATHER THAN VOTE RULES BASED ACCOUNTING AND THE SEC HAS IN FACT THAN THAT. THE REQUEST IS NOT SO MUCH WHETHER OR NOT WE CAN MOVE IN...
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| 01:04:29 |
Unidentified Speaker, -
INSTITUTIONALLY FOR THIS MOVEMENT. THINK EVERYONE APPLAUDED. IT IS IN THE BEST INTEREST OF EVERYONE IN THE MARKETPLACE. >> BUT MAYBE THERE SHOULD BE...
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| 01:04:58 |
Unidentified Speaker, -
PRESS. LET THE MARKETPLACE DETERMINE THE VALUATIONS, NOT NECESSARILY HAVE REGULATORS DETERMINE IF IT WERE LITIGANT DETERMINE IT. LET THE MARKETPLACE...
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| 01:05:55 |
Unidentified Speaker, -
FINANCIAL STATEMENTS, RECOGNIZE THAT WHEN WE SEE INSTANCES WHERE WE HAVE TO HAVE HAD TO REPORT IN A WAY WHICH WE DID NOT THINK HAVE MUCH TO DO WITH...
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| 01:07:06 |
Unidentified Speaker, -
HISTORY. IF SOMETHING IS WRONG WITH THE SYSTEM, IT HAS NOT SEEPED THROUGH TO THE ACTUAL OPERATING RESULTS OF BUSINESS. BUSINESS RESULTS HAVE BEEN ALMOST...
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| 01:08:11 |
Unidentified Speaker, -
ASSOCIATED WITH SOME OF THE RULES, THE TIME THE BOARDS WERE SPENDING AND SO ON. IF YOU WERE TO LOOK DOWN THE ROAD A FEW YEARS, HOW WOULD YOU GUESS...
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| 01:08:48 |
Unidentified Speaker, -
BANKING INDUSTRY. THEIR NUMBER OF BANKS THAT ARE EARNING WELL OVER 20% ON TANGIBLE EQUITY IN A WORLD WHERE LONG BONDS ARE 4-1/2%. YOU CAN SEE AMERICAN...
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| 01:09:37 |
Unidentified Speaker, -
FOR CITIZENS, COMPETITIVENESS AND YET WE DON'T. IN FACT THERE WAS A DEAL RECENTLY, TX YOU WERE QUITE EQUITY WAS BUYING AN ENERGY COMPANY WITH COAL PLANTS...
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| 01:11:10 |
Unidentified Speaker, -
TO SELF CORRECT AND SO COME ON IMPLEMENTATION OF 404,
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| 01:11:15 |
Unidentified Speaker, -
THE SEC AND PUBLIC ACCOUNTING OVERSIGHT BOARD ARE TRYING TO CORRECT THAT AND MAKE IT LESS BURDENSOME WHILE MAINTAINING ALL THE POSITIVES OF IT. ON...
|
| 01:12:13 |
Unidentified Speaker, -
IS ONE THING WE'VE GOT. >> I WOULD BE REMISS BEING UP HERE IS AN INVESTOR ADVOCATES CANNOT MENTION THAT I THINK IS WE'RE THINKING ABOUT COMPETITIVE ...
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| 01:12:37 |
Unidentified Speaker, -
PAY, ACCESS TO PROXY'S TO NOMINATE DIRECTORS, THESE ARE MANDATORY IN SOME COUNTRIES AND I THINK WE NEED TO LET LES BE CONSIDERING THOSE MODELS AND ...
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| 01:13:11 |
Unidentified Speaker, -
OTHER PEOPLE, FOR YOU HANK IS A QUESTION OF HOW CAN WE MAKE THEM BETTER, MORE BALANCED AND IN THE AND SO THE INVESTOR BENEFITS. >> JEFF I THINK THAT...
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| 01:13:43 |
Unidentified Speaker, -
THANK YOU LADIES AND GENTLEMEN. WE'RE ABOUT TO START NOW WITH OUR SECOND PANEL. WELL WE'RE GETTING SETTLED LET ME SAY ON BEHALF OF SEVERAL THOUSAND...
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| 01:14:31 |
Unidentified Speaker, -
WISDOM THAT ARE BEING SHARED TODAY ARE OF ENORMOUS BENEFIT TO AMERICA'S INVESTORS. OBVIOUSLY THIS PANEL NEEDS NO INTRODUCTION BUT I HAVE TO SAY THAT...
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| 01:19:43 |
Unidentified Speaker, -
HOPE THOSE WHO THINK WE ARE STILL IN GOOD SHAPE OR RIGHT BUT NEVERTHELESS, THE TIME TO ADDRESS THESE ISSUES IS RIGHT NOW. IF YOU WAIT UNTIL YOU ARE...
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| 01:22:30 |
Unidentified Speaker, -
BROUGHT JURISDICTION. WE HAVE A BALKANIZE SYSTEM RELATIVELY SPEAKING IN THE NINE STATES. YET SEEN OUR MARKETS BOTH AS A PARTICIPANT ON WALL STREET AND...
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| 01:23:27 |
Unidentified Speaker, -
MARKETS. AND THE GREATEST EXPORT THE UNITED STATES HAS EVER HAD HAS BEEN IN TERMS OF FINANCIAL SERVICES. WE HAVE EXPORTED THIS ALL OVER THE WORLD. AND...
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| 01:25:38 |
Unidentified Speaker, -
SAME GROUND , RUNS THE RISK OF REALLY INVOLVING US IN A POTENTIAL SYSTEMIC PROBLEM. I THINK HAVING THE SEC AND THE
|
| 01:25:52 |
Unidentified Speaker, -
CFTC COVER ESSENTIALLY THE SAME GROUND FIGHTING WITH ONE ANOTHER FOR REGULATORY PRIMACY, I THINK IS JUST BAD POLICY. ALTHOUGH I AM REALISTIC BY TWO OF...
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| 01:27:21 |
Unidentified Speaker, -
YEARS. I WAS IN THE FEDERAL RESERVE FOR EIGHT YEARS. I'M A SHORT TERMER COMPARED
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| 01:27:25 |
Unidentified Speaker, -
TO MOST FEDERAL RESERVE CHAIRMAN WHICH "SAYS SOMETHING ABOUT OUR REGULATORY SYSTEM I THINK. THE CHANGES IN THE WORLD SINCE I WAS CHAIRMAN R. FANTASTIC...
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| 01:31:41 |
Unidentified Speaker, -
ABOUT IT. AND SO LET ME ASK PEOPLE HERE HAVE HAD GREAT POLITICAL EXPERIENCE. IT SOUNDS LIKE THERE IS AGREEMENT THAT THE REGULATORY STRUCTURE IS AN OPTIMUM....
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| 01:33:04 |
Unidentified Speaker, -
THINK WE REALIZE IS SO
|
| 01:33:06 |
Unidentified Speaker, -
|
| 01:33:07 |
Unidentified Speaker, -
CRITICALLY RELATED TO THE SOUNDNESS OF OUR SYSTEM AND THAT IS THE IMMIGRATION QUESTION IN THIS
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| 01:33:13 |
Unidentified Speaker, -
COUNTRY. THE IMMIGRATION QUESTION IS NOT ONLY THE ISSUE OF SKILLED WORKERS. IT IS ALSO RELATED TO THE ISSUE OF CONCENTRATION OF INCOME IN THIS COUNTRY,...
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| 01:35:12 |
Unidentified Speaker, -
IN, BUT ALSO IT IS THE ABJECT FAILURE OF PUBLIC EDUCATION IN THIS COUNTRY AND THAT IS A TREND THAT HE JUST CANNOT STOP THE EFFECT OF THAT. IF OUR CITIZENS...
|
| 01:36:17 |
Unidentified Speaker, -
HIT IN EXPLAINING OUR CONCENTRATION OF INCOME. THE PROBLEM IS THAT THAT IS GOING TO TAKE A LONG TIME TO HEAL. THE ISSUE THAT YOU RAISED, NAMELY THE...
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| 01:41:06 |
Unidentified Speaker, -
INTERESTED IN MIKE LUMBERER GRAVENESS TO ANOTHER LEVEL. IN ANY EVENT, [LAUGHTER] >> I'M GOING TO LEAVE THAT ASIDE BECAUSE I'M SUBJECT TO JURISDICTION....
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| 01:41:28 |
Unidentified Speaker, -
ACTUALLY RELATE TO WHAT MIKE SAID. JEANIE SAID THE SAME THING. YOU HAVE TRANSFORMING GLOBAL ECONOMY AND A TRANSFORMING GLOBAL ECONOMIC ENVIRONMENT. WE...
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| 01:41:41 |
Unidentified Speaker, -
HAVE. THE CONTRIVING THIS CHANGING ENVIRONMENT WITH OUR ENORMOUS STRENGTHS BUT I DIDN'T GIVE A TREMENDOUS NUMBER OF CHALLENGES TO MEET AND MANY OF...
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| 01:45:59 |
Unidentified Speaker, -
CASES A YEAR VS. HUNDREDS OF CASES BROUGHT BY THE SEC. I DON'T THINK THE BRITISH INVESTOR HAS SUPPORTED NEARLY THE PROTECTIONS THAT THE U.S. INVESTOR...
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| 01:47:07 |
Unidentified Speaker, -
LITIGATION REFORM. >> WITH LITIGATION REFORM. WHEN ONE ADDS WHEN WE WERE THERE IN ONE ACT IN THIS ADMINISTRATION. I AM NO EXPERT ON LITIGATION BUT I...
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| 01:47:23 |
Unidentified Speaker, -
TO ENTER INTO AN ASSOCIATION TO THE RISK IF YOU
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| 01:47:29 |
Unidentified Speaker, -
LOSE. THERE DRUGS BEING TAKEN OFF THE MARKETS. >> DO FAVRE LOSER PAYS. >> MY INSTINCT IS TO THINK THERE OUGHT TO BE SOME DETERRENT TO FRIVOLOUS LITIGATION....
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| 01:47:56 |
Unidentified Speaker, -
THERE WAS AN
|
| 01:47:57 |
Unidentified Speaker, -
INCREASE, A TRAGIC INCREASE IN THE FATALITIES, UNEXPECTEDLY FROM THE USE OF THE DRUG BUT ON THE OTHER HAND, AND THERE WAS IMMENSE LITIGATION, IT WAS...
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| 01:48:42 |
Unidentified Speaker, -
DIFFICULT ISSUES. THEY'RE GOING TO HAVE TO GO TO CONGRESS EVENTUALLY. THEY DEAL WITH HOW REGULATORS RELATE TO ONE ANOTHER AND WHETHER THE AMERICAN INVESTOR...
|
| 01:49:26 |
Unidentified Speaker, -
BECOMES A QUESTION OF BALANCE. I DON'T THINK WE'RE IN A BALANCED POSITION. THAT IS THE KIND OF THING THAT OUR SOCIETIES HAVE TO -- WILL DEFINE RATIONAL...
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| 01:50:07 |
Unidentified Speaker, -
THE STANDPOINT THAT WE DID NOT THINK WE HAVE GOT THE STRONGEST, BEST MOST
|
| 01:50:11 |
Unidentified Speaker, -
COMPETITIVE ECONOMY AND MOST COMPETITIVE CAPITAL MARKETS. BUT SOME OF US WHO ARE SPENDING A LOT OF TIME OUTSIDE OF THIS COUNTRY AND SEEING WHAT IS...
|
| 01:51:16 |
Unidentified Speaker, -
CAN COMPETE. NEW YORK CITY CAN COMPETE FOR BUSINESS. WITH A SAFEST BIG CITY, WE'RE THE MOST AFFORDABLE BIG CITY, WITH THE MOST EXCITING BIG CITY, ...
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| 01:53:17 |
Unidentified Speaker, -
THE RIGHT TO GO TO COURT TO PROTECT
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| 01:53:30 |
Unidentified Speaker, -
THEMSELVES:. FOR BEHAVIOR THAT BREAKS THE LAW, THEY SHOULD DO IT. IT SHOULDN'T BE THE PUBLIC DOING IT AND I THINK THAT'S ONE OF THE PROBLEMS SOMEBODY...
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| 01:54:51 |
Unidentified Speaker, -
PANEL ABOUT THE COMPLIANCE BOARD. WARREN BUFFETT WAS TALKING ABOUT HOW THE AUDIT COMMITTEE ISN'T PRODUCTIVE. HE DOESN'T THINK IT'S A PRODUCTIVE ACTIVITY....
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| 01:55:50 |
Unidentified Speaker, -
AND PEOPLE ON BOARDS ARE MUCH MORE CAREFUL, MUCH MORE CRUPE LOUSE -- SCRUPULOUS. THE ENVIRONMENT OF THE TYPICAL AMERICAN BOARD IN THE PAST WAS FRATERNAL...
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| 01:56:54 |
Unidentified Speaker, -
HAVE HAD A TREMENDOUS IMPACT I'VE NEVER SERVED IN AUDITORY BUT HEARD DESCRIPTIONS OF THE MEETINGS DON'T KNOW WHO SAID IT BEFORE. VAST AMOUNT OF WHAT...
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| 01:57:28 |
Unidentified Speaker, -
SKILLED A MEMBER OF THE AUDIT COMMITTEE IS THERE IS JUST NO WAY UNLESS YOU IS YOUR -- YOU HAVE YOUR OWN PERSONAL STAFF TO BE ABLE TO JUDGE
|
| 01:57:39 |
Unidentified Speaker, -
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| 01:57:41 |
Unidentified Speaker, -
WHAT THE C FPBGRK O IS FEED -- CFO IS FEEDING OUT TO YOU. ON OF THE OF THAT THE WHOLE ISSUE OF WHAT CONSTITUTES EARN SGS CHANGING IN A WAY THAT NO LONGER...
|
| 01:59:31 |
Unidentified Speaker, -
THE MAIN THRUST OF SARBANES-OXLEY WAS TO REPAIR THAT AND I THINK IT WAS SORELY NEEDED. I HAD A LITTLE TIME IN MY CAREER WHEN I COULD SEE AN AUDITING...
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| 02:01:24 |
Unidentified Speaker, -
GREAT ADVANTAGES THAT AMERICA HAS OVER OTHER COUNTRIES IS THAT YOU CAN DEPEND ON THE FINANCIAL STATEMENTS IN AMERICA ENRON NOT WITH STANDING BETTER...
|
| 02:03:06 |
Unidentified Speaker, -
DYSFUNCTION. I HAVE TO SAY I DON'T QUITE GRASP IT BUT DYSFUNCTION IN THE AUDIT COMMITTEE. THAT IT'S NOT DOING WHAT WE EXPECT IT TO DO AND I WONDER...
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| 02:03:45 |
Unidentified Speaker, -
HEARD A LOT OF THIS AT BOARD MEETINGS. DESCRIPTION OF WHAT IS GOING ON I THINK YOU WILL CONCLUDE AN AWFUL LOT OF WHAT'S HAPPENED SERVED NO PURPOSE....
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| 02:04:14 |
Unidentified Speaker, -
BOARD AND IN AN AUDIT COMMITTEE IS A FUNCTION OF THE OUTSIDE ENVIRONMENT. AND I THINK IT WILL CHANGE. IT WILL WAX AND WANE WITH WHERE IS THE BUSINESS...
|
| 02:04:28 |
Unidentified Speaker, -
CURRENT SCANDAL. WHERE HAVE BOARDS FALLEN DOWN. I THINK WE'VE SEEN THE EXTREME AND I THINK AS TEAM GOES ON THE AUDIT COMMITTEES I'VE BEEN EXPOSED...
|
| 02:05:20 |
Unidentified Speaker, -
WHAT IS THE QUALITY OF THE TYPE OF STATEMENT WHICH GETS THE MIKE
|
| 02:05:28 |
Unidentified Speaker, -
BLOOMBERG. THE
|
| 02:05:32 |
Unidentified Speaker, -
PROBLEMS, THE REAL DIFFICULT, THE REAL
|
| 02:05:37 |
Unidentified Speaker, -
DIFFICULTY HERE IS WE HAVE NO SENSE OF WHAT THE ACTUAL EARNINGS OF A COMPANY IS BY LOOKING AT A USUAL 10K REPORT BECAUSE WE DON'T KNOW WHAT THE FORECAST...
|
| 02:07:31 |
Unidentified Speaker, -
I'VE READ THEM. >> BASICALLY SAYS THE CEO HAS TO SIGN OFF ON THIS STUFF. >> YOU
|
| 02:07:37 |
Unidentified Speaker, -
KNOW THE ONE PROBLEM WITH THAT AND I'M NOT A CEO AND WOULD NEVER BE A CEO AND DECIDED WHEN I LEFT TREASURY WAS NEVER GOING TO BE CEO OF ANYTHING IN...
|
| 02:07:49 |
Unidentified Speaker, -
THINK I'D BE SCARED TO DEATH TO SIGN ONE OF THESE THING RIGHT NOW. THE PROBLEM IS FIVE
|
| 02:07:53 |
Unidentified Speaker, -
YEARS LATER IF SOMETHING
|
| 02:07:54 |
Unidentified Speaker, -
GOES WRONG YOU'RE GOING TO BE CHALLENGED IN A COURT AND YOU HAVE NO WAY OF
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| 02:07:57 |
Unidentified Speaker, -
KNOWING WITH HINDSIGHT IN A COURT IN WHICH YOU HAVE THOSE JUDGING WHAT YOU'VE DONE KNOW VERY LITTLE ABOUT THE CONTEXT AND SOMETHING MAY HAVE GONE DRAMATICALLY...
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| 02:08:39 |
Unidentified Speaker, -
OUT. >> WELL, I THINK THE ISSUE OF CORPORATE GOVERNANCE IS A
|
| 02:08:44 |
Unidentified Speaker, -
VERY CRITICAL ISSUE IN THE UNITED STATES AND I THINK WE OUGHT TO STEP BACK A MINUTE AND ASK OURSELVES IF CORPORATE GOVERNORS WERE SO AWFUL OVER THE DECADES...
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| 02:09:02 |
Unidentified Speaker, -
OF THE MATTER IS THAT'S A LOT OF FLAWS IN CORPORATE GOVERNANCE. THE IMPERIAL CEO IS REMARKABLE TO ALL OF US. AND AND SOME OF THEM DO EGREGIOUS THINGS....
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| 02:10:14 |
Unidentified Speaker, -
UNDERSTAND. >> CAN I RESPECTIVELY RAISE A TOTALLY DIFFERENT QUESTION THIS S NOT TO RAISE TO IT DISCUSSION VASTLY AND
|
| 02:10:23 |
Unidentified Speaker, -
COMPLICATED QUESTION BUT ALAN SAID SOMETHING I'D LIKE TO RESPECTFULLY DISAGREE WITH. ALAN SAID AND THIS IS SOMETHING HE AND I DISCUSS FOR THE FOUR...
|
| 02:10:36 |
Unidentified Speaker, -
ALMOST EVERYTHING BUT PROBABLY DISAGREED ABOUT
|
| 02:10:38 |
Unidentified Speaker, -
THIS. AFTER 9/11 IT IS TRUE OUR MARKETS FUNCTIONED REMARKABLY WELL AND I AGREE WITH ALAN I THINK THE EXPONENTIAL INCREASE IN THE OUT STANDS AND COMPLEXITY...
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| 02:11:47 |
Unidentified Speaker, -
CORRECTED IT IN SECONDS WITH STOCK AND BONDS
|
| 02:11:50 |
Unidentified Speaker, -
TODAY THIS IS NO MARGIN OF ERROR. IT'S TOTALLY ELIMINATED. >> IT'S AN INTERESTING JUST TO COMMENT, IT'S SOMETHING THAT THE PWG FOCUSED ON IN GREAT
|
| 02:12:06 |
Unidentified Speaker, -
DETAIL. AND WHEN WE, THESE GUIDELINES AND PRINCIPLES WERE INTENDED TO DEAL WITH TWO ASPECTS OF IT.
|
| 02:12:19 |
Unidentified Speaker, -
THE SIS -- SYSTEMIC RISK IS WHAT YOU'RE GETTING TO. WE DEALT WITH INVESTOR PROTECTION BUT WITH SYSTEMIC RISK, PART OF IT HAD TO DO WITH WHAT ALAN GOT...
|
| 02:13:42 |
Unidentified Speaker, -
ISSUES -- FUNDAMENTAL ISSUES OF HUMAN PSYCHOLOGY. THEY WILL FIND WAYS TO DO THAT. AND IF THEY CAN'T DO IT THROUGH THE NORMAL BORROWING PROCESS, THEY'LL...
|
| 02:16:04 |
Unidentified Speaker, -
IN FINANCE. I DON'T REMEMBER THE FIGURE, BUT IT IS VERY HIGH. WE ARE A NATION OF MOVING PAPER AROUND AND NOT PRODUCING. NOW, YOU LOOK AT THAT MORE...
|
| 02:17:24 |
Unidentified Speaker, -
SOMETHING? >> I WAS GOING TO SAY WITH RESPECT TO ALAN. I THINK WHAT ALAN SAID IS RIGHT. YOU CAN'T REVERSE COMPLEXITY. I TOTALLY AGREE WITH YOU. I THINK...
|
| 02:17:43 |
Unidentified Speaker, -
BUT IF WE'RE NOT WORRIED NOW WE'LL BE WORRIED
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| 02:17:45 |
Unidentified Speaker, -
IF THERE'S A 10 FOLD INCREASE FROM WHERE WE ARE TODAY IN OUTSTANDING. NOT TO REPRESS COMPLEXITY BUT YOU COULD VASTLY INCREASE CAPITAL STANDARDS. CAPITAL...
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| 02:18:42 |
Unidentified Speaker, -
SUCCESSFUL COUNTER PARTY SURVEILLANCE HAS BEEN IN THIS WORLD. AND INDEED I THINK THAT'S, WHEN I WAS SITTING THERE AS A REGLATOR, IT STRUCK ME HOW THAT...
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| 02:19:58 |
Unidentified Speaker, -
IS THERE ENOUGH LIQUIDITY IN THE SYSTEM. BECAUSE AS YOU WELL POINTED OUT AND AS YOU TAUGHT ME YEARS AGO WHEN FINANCIAL INSTITUTION HAVE PROBLEMS IT'S...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.