By: John Amato
How well did that work out?
Here’s what McCain has to say about the wonders of market-based health reform:
Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.
So McCain, who now poses as the scourge of Wall Street, was praising financial deregulation like 10 seconds ago - and promising that if we marketize health care, it will perform as well as the financial industry!
Mr Deregulator would destroy what’s left of our health care system. For those who have it at this point and can barely afford it, that is.
By David Morris, AlterNet
Palin is trying to appeal to the self-reliant, anti-government voters while her state is the most dependent on government pork.
In her latest comment on the "Bridge to Nowhere" controversy, Sarah Palin appealed to the self-reliant, individualist, rugged, anti-government image most Americans have of Alaska. "If we wanted a bridge," she declared, "we would build it ourselves."
Actually, much of Alaska long ago lost the tradition of self-help. Palin might be campaigning on an anti-government, do-it-yourself platform, but her state is the most dependent on the federal government of all 50 states. Washington sends Alaska more money per capita than any other state. Alaskans receive back from the federal government almost $2 for every $1 they send to Washington. It's a sweet deal.
And when it comes to government pork, Alaska is king. As USA Today noted back in March, Palin's state ranks number one -- no other state is even close. In 2007 Alaska received some 2.5 times as much as runner-up Hawaii and 15 times more than the national average.
Alaska has by far the most state government employees per capita as any other state and about five times as many as Obama's Illinois.
The part of Alaska not dependent on federal government largesse is dependent on big oil. Almost 90 percent of Alaska's general budget comes from royalties and taxes on oil, which explains how the state can be number one in state government spending while ranking far down the list in taxes its residents pay. Alaska has no income tax or sales tax. Recently, its legislature suspended the gasoline tax.
Up to a quarter of an Alaskan's family income comes directly from the profits of oil companies. This may need a bit of explaining.
Back in the 1970s, when liberal Republicans still roamed the earth, former Alaskan governors Walter Hickel and Jay Hammond led a movement to create a state trust fund to bank part of the revenue derived from a nonrenewable resource to be used later to ensure that Alaska would survive its inevitable disappearance.
In part to ensure the continued political support of the Alaska Permanent Fund, the legislature voted to use a portion of the fund's investment income to mail each Alaskan an annual dividend check.
Hickel and Hammond hoped the fund would be used to prepare Alaska for the day of reckoning. The day of reckoning is rapidly arriving, but contemporary Alaskan leaders like Palin aren't doing much preparing. Alaskan oil production peaked in 1988 at about 750 million barrels. In 2007 it was down to 250 million barrels, and it continues to fall. The exhaustion of its oil resources has not yet shown up in the economy or government coffers because of the fivefold increase in the price of oil since 1988 and by the relatively high returns the fund, now with more than $35 billion in assets, has earned.
Alaska has the most unbalanced and least diversified economy of all 50 states. Yet politicians like Palin do not appear to have the courage to change that imbalance. About 95 percent of the Permanent Fund is invested outside the state. Exxon Mobil Corporation is the fund's single highest valued stock holding. The state legislature has appropriated little money to diversify the economy and prepare for a new age of renewable energy.
This year Alaskans will receive a dividend check of some $2,000 for every man, woman and child. Palin requested that the legislature add another $1,200 to offset rising energy prices. Most legislators agreed. The check, to go out in a couple of weeks, will certainly boost her popularity before the presidential electioin, and Alaskan households are definitely hurting because of their high energy prices. But assuming that households use the money to pay energy bills, Alaska is sending part of the oil revenue it is receiving back to the oil companies to pay their customers' bills. That may be a short-term palliative. But Palin quickly quashed legislative proposals that money be spent in a way that might help reduce a household's reliance on oil.
Palin is the chief executive of a very unusual state. Alaska is almost completely dependent on federal government handouts and oil company profits. Of course its political leaders should try to maximize the revenue they can wring out of Washington and Exxon. But they shouldn't call that self-help.
by Alison Raphael - Common Dreams
WASHINGTON - The blood flowing this week from Wall Street, spilling over into the homes of most citizens and the economies of other countries, raised urgent calls for stricter regulation of major players in the U.S. economy.
A dragonfly is seen on a Wall Street sign in New York September 18, 2008. Deregulation was the theme song of the Ronald Reagan presidency, epitomised by his assertion that 'Government is not the solution. Government is the problem.'
(Eric Thayer/Reuters)Thursday's immediate worry was the health of the two remaining large-scale private investment firms Goldman-Sachs and Morgan Stanley, as well as Seattle-based Washington Mutual. Would they make it through the day?
By mid-day Morgan Stanley was reported to be looking for a buyout by a regional bank, Wachovia.
The middle-of-the-night crisis call that all presidential hopefuls must claim to be ready for are now being directed to the Federal Reserve chairman or Treasury Secretary.
After all-night meetings and phone consultations, the Federal Reserve moved in the wee hours of Thursday to stabilise financial markets here and abroad with infusions of 55 billion dollars in the U.S. and 180 billion dollars to central banks around the world.
Will this, along with the federal takeover of the American Insurance Group and mortgage giants Freddie Mac and Fannie Mae -- be enough to halt the crisis? Pundits are doubtful, tending instead to insist that stricter regulation of financial markets is the vital component needed for a long-term cure.
Major media outlets, including Time, Inc. and the Washington Post, both today blamed lack of regulation for the crisis.
Business writers for Time.com wrote: 'Fear is so pervasive today because for years the financial markets -- and many borrowers -- showed no fear at all. Wall Streeters didn't have to worry about regulation, which was in disrepute,' leading to a 'hothouse of greed' and thus to the troubles we are seeing today, argued Andy Serwer and Allan Sloan.
The Washington Post ran a lengthy article blaming 'official Washington' for failing to oversee the machinations of Fannie Mae and Freddy Mac -- whose imminent failure sparked last weekend's crisis -- resulting in a federal takeover that will cost taxpayers billions of dollars.
The Centre for American Progress, a Washington-based think tank, also placed much of the blame on lack of regulation, charging in a statement today that President's George W. Bush's 'hands-off approach is what has propelled the current crisis.'
'Despite being in charge for seven and a half years, Bush administration regulators neither recognise how the current turmoil could have been avoided with more effective supervision of the financial markets nor understand how the resolution of this crisis begins with individual homeowners,' argues Andrew Jakabovics on the Centre's website.
James K. Galbraith, a professor of business at the University of Texas at Austin, and author of a recent book on free-market economics, argued that: 'Deregulation has been the public faith of the financial sector since [Ronald] Reagan. Under Bush II, waves of predatory finance in housing were aggressively promoted by Alan Greenspan, by McCain's closest economic adviser Phil Gramm, and by so-called regulators who systematically subverted the public interest.'
Deregulation was the theme song of the Ronald Reagan presidency, epitomised by his assertion that 'Government is not the solution. Government is the problem.'
Reagan oversaw the elimination of government controls over a wide range of financial institutions and instruments, consistent with his belief, shared by most Republicans, that financial markets should be unfettered.
More recently -- and very pertinent to the current crisis -- passage of the Financial Services Modernisation Act of 1999, proposed by Republicans Phil Gramm and Jim Leach, did away with financial controls imposed under the New Deal that had barred banks, brokerage firms and insurance companies from mergers and involvement across sectors.
The banking industry and its powerful lobbyists had been pressing Congress to change the law for some time. But Congress' research arm, the Congressional Research Service, advised against overturning the 1933 legislation, known as the Glass-Steagall Act. Nevertheless, Glass Steagall was overturned, and less than 10 years later the consequences are being felt throughout the country.
Most analysts are hesitant to predict the future, except to foresee that the U.S. economy and population will continue to experience financial turbulence and pain for some time to come.
Nomi Prins, with a decade of experience working at Bear Sterns, Lehman Brothers, and Goldman Sachs is now pressing for urgent reform. 'Only a quick bout of sweeping and decisive regulation can fix what's broken,' she said.
She points out that until the complexity of entities created since 1999 means that no one is capable of regulating or overseeing them. The Federal Reserve, for example, is not set up to regulate the insurance business.
'If you buy a new car, you want to look under the hood to make sure it runs,' Prins told IPS. 'The same should be true of decisions made in recent weeks to either bail out or facilitate the merger of failing institutions, but this is not happening, there is no conversation; no strategy.'
Focusing on the trigger of today's crisis, sub-prime mortgages, the Centre for American Progress' Jakabovics argued that the solution lies in developing a programme to help strapped homeowners repay their debt, not standing by and watching them default.
Business analysts Serwer and Sloan warn that: 'Whatever the politicians do, we as a society are going to be poorer than we were,' because credit will be harder to come by, and U.S. citizens will have to learn to live within their means.
'For a year, the Fed and Treasury have been propping up the markets in the hope that this system would recover on its own. It will not, and today's [Lehman] collapse should mark the end of that mindset,' they said.
By Stephen Pizzo - News for Real
Funny how history has a way of turning back on itself.
Remember when the Berlin Wall fell in 1989 and Republicans claimed that Ronald Reagan’s aggressive policies toward the Soviet Union had won the Cold War. In particularly they claim that Reagan’s fabulously expensive “Star Wars” anti-missile system had forced the Soviets to spend so much on their own military projects that it bankrupted them.
Well, there’s truth in that. Between trying to compete with Reagan’s military spending and their own misadventure in Afghanistan the Soviet Union went bust. Decades of over-spending on its military, under-spending on critical domestic needs and saddled with a flawed and increasingly corrupt economic dogma all collided at once, ending in utter and complete collapse.
Nearly 20-years later America is building its own wall along or southern border, spending $12 billion a month fighting twin wars in Iraq and Afghanistan, while not investing in our aging, crumbling infrastructure and — finally — free-market radicals in this administration allowed the economy to be run into the ground by increasingly corrupt and self-indulgent players.
Add to that $3 trillion in tax cuts skewed towards America’s richest citizens, and now another $1 trillion (likely more) to bailout companies run or owned by the very recipients of those tax cuts. Add it all together and what you get is what the Soviets got twenty years ago — a reality-round right between the eyes.
In the days and weeks ahead you’re going to hear a lot from Washington about how they’ve got a handle on all this. But they really don’t, not even close. Because, you see, there’s no money in the national bank account and our favorite lenders, the Chinese, Japanese and, increasingly, Middle East oil producing states, have been dragged into this economic morass themselves. The last thing of those lending nations need or want right now are a few hundred billion in USA IOUs.
But even if those lending nations were willing to continue to drop spare change into America’s tin cup, there’s not enough dimes on earth to fill the hole that’s been created by Wall Street’s Frankenstein creations called “derivatives.” (See chart)
I’m not going to waste your time trying to explain derivatives… because they can’t be explained. Warren Buffett calls them ,“Weapons of financial mass destruction.”
According to the International Swaps and Derivatives Association, the notional value of CDS totaled $63 trillion at the end of last year. Estimates for this year are more like $67 trillion.
Alan Blinder, the former Fed vice chairman, who holds a doctorate in economics from M.I.T. admits that even he doesn’t understand derivatives. “I know the basic understanding of how they work,” he said, “but if you presented me with one and asked me to put a market value on it, I’d be guessing.”
The point everyone misses,” wrote economist Robert Chapman a decade ago, “is that buying derivatives is not investing. It is gambling, insurance and high stakes bookmaking. Derivatives create nothing.”
Today, the outstanding “value” of derivative swaps stands at about $50 trillion. (By the way, that’s up from $900 billion in 2001.) But the values investors and institutions placed on their books for these derivatives bears little connection to their actual value. And one — I mean NO ONE — really knows what those things are really worth. First regulators and investors will have to determine a current real market value for each of them. To do that they have to untangle each of these Rubic Cubes; how they are amortized, who has claims on all or part of each, when they’re due, etc. Only then will they learn what all these underlying assets are truly worth. They may be worth only pennies on the dollar. In many cases regulators — and taxpayers now backing these instruments– will learn they are not worth the cost of the electricity to put them through a document shredder.
All the activity you see at the White House in recent days has only one goal; to avoid a total collapse on Bush’s watch. By the time the next President takes office the current administration will have eaten all the nation’s remaining seed corn, leaving the next administration virtually nothing to re-grow the economy.
And then there’s America’s exhausted military. The surge succeeded, but not in the way the administration likes to claim. The surge succeeded putting off the inevitable collapse in Iraq until after Bush leaves office.
With the US consumer and financial system gutted and our military stretched far beyond its limits, the next Commander-in-Chief will be left with only one choice; to end military operations in Iraq and let the chips fall where they will between waring Sunnis and Shiites. And then to move some of those military resources to the real threats to the world, Afghanistan and nuclear-armed Pakistan.
Even then it will be difficult to maintain full-scale military operations there unless our NATO allies increase their commitments. Unfortunately Europe also finds itself being dragged down by the US financial market collapse.
Finally, don’t even think about universal healthcare. As job looses hit and hit and hit again in the months ahead, the 50 million Americans currently without healthcare will mushroom. But there will be no money left to address this national shame.
So who do we need in the White House next January? Again look back to see ahead.
Bush has been compared with Herbert Hoover, and not without good reason. And even now, he follows in Hoover’s failed footsteps.
In 1930s the nation found itself in the same fix. Wall Street had been allowed — even encouraged — to run wild by Republican President Herbert Hoover. And, surprise, surprise, when left to their own devices Wall Streeters fouled their own nest, and everyone else’s.
Hoover’s response was, first, to assure everyone that ‘the fundamentals of the American economy are sound.”
October 2, 1930: “During the past year you have carried the credit system of the nation safely through a most difficult crisis. In this success you have demonstrated not alone the soundness of the credit system, but also the capacity of the bankers in emergency.”
—Herbert Hoover, Address before the annual convention of The American Bankers Association, Cleveland
Then, as the economy continued to implode, Hoover created something called the Reconstruction Finance Corporation, (RFC) a federally-owned bank to bail out commercial banks by extending loans to them, much as the privately-owned Federal Reserve is doing today.
That’s pretty much what this administration has been up to this week.
But history teaches that Hoover’s ploy failed. The last thing big banks needed was more debt… they had too much debt already. What they needed was for ordinary Americans to begin investing and spending again.
When Franklin Roosevelt took over he understood that. so one of the first things he did was change the RFC’s mission. Under Roosevelt the RFC stopped propping up big banks and turned it’s attentions to propping up ordinary Americans by making loans for housing, agriculture and small business creation.
As that help began to revitalize the American economy Roosevelt again tweaked the RFC by having it begin extending credit for infrastructure repair and development. Historians say it was that spending that prepared the US for the second world war.
In other words, trickled down has never worked. Strong economies and strong nations are built from the bottom up, not the top down. Any stonewall builder will tell you that, while the big stones are the ones that standout in stone wall, it’s the little stones that hold the big stones in place.
John McCain is a big stone kinda fella, like Bush. The only time he even acknowledges the existence of us small stones is when he needs our vote. If you doubt that just listen to him. He wants the to make the Bush tax cuts for the big stones permanent, and more tax cuts for them as well.
Only Barack Obama is talking about recreating the bottom up kind of economy that Roosevelt created and which made America the wealthiest and strongest nation on earth.
But as of today America is the Soviet Union, circa 1989.
By Paul Krugman - The New York Times
Details are scarce on the big buyout; but as a few dribble out, I’m getting uneasy.
Here’s the source of my uneasiness: the underlying premise behind the buyout seems, still, to be that this is mainly a liquidity problem. So if the government stands ready to buy securities at “fair value”, all will be well.
But it’s by no means clear that this is right. On one side, the government could all too easily end up paying more than the securities are worth — and if there isn’t some kind of mechanism for capturing windfalls, this could turn into a bailout of the stockholders at taxpayer expense.
On the other side, what if large parts of the financial sector are still underwater even if the assets are sold at “fair value”? Is there a provision for recapitalizing firms so they can keep on functioning?
Maybe the plan will look fine once we see the details. But while Paulson and Bernanke are a lot better than the people we might have had in there (thank you, Harriet Meiers!), their track record to date does not lead to the automatic conclusion that they know what they’re doing.
Mother Jones
In the past few days, as the economic crisis has deepened, Senator John McCain has been decrying the excesses of Wall Street. At a campaign rally in Tampa on Tuesday, he vowed that he and Alaska Governor Sarah Palin, if elected, "are going to put an end to the reckless conduct, corruption, and unbridled greed that have caused a crisis on Wall Street." He noted that the "foundation of our economy...has been put at risk by the greed and mismanagement of Wall Street and Washington."
He blasted CEOs who "seem to escape the consequences." He denounced Wall Streeters who "dreamed up investment schemes that they themselves don't even understand" and who used "derivatives, credit default swaps, and mortgage-backed securities" to try "to make their own rules." He excoriated Fannie Mae and Freddie Mac for gaming the system. And he slammed financial industry lobbyists for misguiding members of Congress. "I can promise you the days of dealing and special favors will soon be over in Washington." On Wednesday morning, after the federal government committed $85 billion to prevent the collapse of the American International Group (AIG) insurance conglomerate, McCain again assailed irresponsible corporate executives. "We need to change the way Washington and Wall Street does business," he proclaimed.
McCain has been quick with fiery, populist-tinged speeches. But one thing has been missing: any acknowledgment that McCain's own campaign has been loaded with the type of people he's been denouncing. (The McCain campaign did not respond to a request for comment; we will update the post if they do.) As Mother Jones previously reported, former Senator Phil Gramm, McCain's onetime campaign chairman, used a backroom maneuver in late 2000 to slip into law a bill that kept credit default swaps unregulated. These financial instruments greased the way to the subprime meltdown that has led to today's economic crisis. Several of McCain's most senior campaign aides have lobbied for Fannie Mae and Freddie Mac. And the Democratic National Committee, using publicly available records, has identified 177 lobbyists working for the McCain campaign as either aides, policy advisers, or fundraisers.
Of those 177 lobbyists, according to a Mother Jones review of Senate and House records, at least 83 have in recent years lobbied for the financial industry McCain now attacks. These are high-paid influence-peddlers who have been working the corridors of the nation's capital to win favors and special treatment for investment banks, securities firms, hedge funds, accounting outfits, and insurance companies. Their clients have included AIG, the newest symbol of corporate excess; Lehman Brothers, which filed for bankruptcy on Monday sending the stock market into a tailspin; Merrill Lynch, which was bought out by Bank of America this week; and Washington Mutual, the banking giant that could be the next to fall. Among these 83 lobbyists are McCain's chief political adviser, Charlie Black (JP Morgan, Washington Mutual Bank, Freddie Mac, Mortgage Bankers Association of America); McCain's national finance co-chairman, Wayne Berman (AIG, Blackstone, Credit Suisse, Fannie Mae, Freddie Mac); the campaign's congressional liaison, John Green (Carlyle Group, Citigroup, Icahn Associates, Fannie Mae); McCain's veep vetter, Arthur Culvahouse (Fannie Mae); and McCain's transition planning chief, William Timmons Sr. (Citigroup, Freddie Mac, Vanguard Group).
When cable news shows air footage of McCain railing against greedy execs and the lobbyists who rig the rules for the benefit of Wall Street dealmakers, there ought to be a crawl beneath him listing these lobbyists. (Talk about a fair and balanced presentation.) Short of that, here's the list of the McCain aides and bundlers who have worked for the high-finance greed-mongers McCain has pledged to take on. So far, it seems, none of them have been cast out of the campaign. If McCain were serious about his outrage, he might throw these money-changers out of his own temple.
Phil Anderson: American Council of Life Insurers, Aetna, AIG, New York Life, MassMutual, VISA
Rebecca Anderson: Aegon, American Council of Life Insurers, Cigna, Barclays, Credit Suisse First Boston, HSBC
Stanton Anderson: The Debt Exchange
David Beightol: Allstate, Amerigroup, Charles Schwab, HSBC
Rhonda Bentz: VISA
Wayne Berman: American Council of Life Insurers, AIG, Americhoice, Shinsei Bank, Blackstone, Carlyle Group, Broidy Capital Management, Credit Suisse Securities, Highstar Capital, VISA, Ameriquest Mortgage, Fannie Mae, Freddie Mac, Fitch Ratings
Charlie Black: JP Morgan, Washington Mutual Bank, Freddie Mac, Mortgage Bankers Association of America, National Association of Mortgage Brokers
Judy Black: Colorado Credit Union League, Genworth Financial, Bay Harbour Management, Merrill Lynch
Kirk Blalock: Credit Union National Association, Financial Executives International, American Insurance Association, Mutual of Omaha, Zurich Financial Service Group, Fannie Mae, Federal Home Loan Bank of San Francisco
Carlos Bonilla: Financial Services Roundtable, Freddie Mac
Christine Burgeson: Citigroup
Mark Buse: Freddie Mac, Goldman Sachs, Manufacturers Life Insurance Company
Nicholas Calio: Citigroup, Managed Fund Association, Fannie Mae, Merrill Lynch, The Investment Company Institute, TIAA-CRE, Securities Industry and Financial Markets Association
Ben Nighthorse Campbell: Amscot Financial Corporation, Community Financial Services Association, Fidelity National Financial
Andrew Cantor: American Insurance Association, Merrill Lynch
Alberto Cardenas: Fannie Mae
James Courter: Goldman Sachs, Donaldson Lufkin & Jenrette, Investment Company Institute, Merrill Lynch
David Crane: Financial Services Roundtable, PriceWaterhouseCoopers, Deloitte & Touche, KPMG, Ernst & Young, Bank of America, Association of Corporate Credit Unions, Freddie Mac
Dan Crippen: Merrill Lynch, National Multi-Housing Council
Arthur Culvahouse: Fannie Mae
Bryan Cunningham: Arch Capital Group
Alfonse D'Amato: AIG, Freddie Mac
Doug Davenport: Federal Home Loan Bank of San Francisco, Goldman Sachs, VISA
Ashley Davis: Prudential Financial, American Financial Group, American Premier Underwriters, Great American Insurance Company
Mimi Dawson: MassMutual
Melissa Edwards: Freddie Mac, National Association of Real Estate Investment Trusts, Access to Capital Coalition
Chris Fidler: American Bankers Association, Milcom Venture Partners, National Association Real Estate Investment Trusts
Samuel Geduldig: American Bankers Association, American Institute of CPAs, America Gains, Berkshire Hathaway, Consumer Bankers Association, Ernst & Young, Financial Services Roundtable, Investment Company Institute, PriceWaterhouseCoopers, Prudential Financial, Sovereign Investment Council, Fidelity Investments, FMR Corp.
Benjamin Ginsberg: Massachusetts Mutual Life Insurance, AIG Technical Services
David Girard-Dicarlo: American Financial Group, American Premier Underwriters
Juleanna Glover Weiss: RJI Capital, American Institute of CPAs, BNP Paribas, Ernst & Young, PriceWaterhouseCoopers
Slade Gorton: Allstate Insurance, Hannan Armstrong Capital
Phil Gramm: UBS Americas
John Green: Laredo National Bank, Alternative Investment Management Association, AIG, Blackstone Group, Carlyle Group, Citigroup, Credit Suisse Group, Fannie Mae, Icahn Associates, FMR Corp., AFLAC, VISA
Janet Grissom: American Institute of CPAs, NYSE, Merrill Lynch
Kristen Gullott: San Diego Credit Union
Kent Hance: Stanford Financial Group, Municipal Capital Markets Group, Inc.
Vicki Hart: American Financial Services Association, Citigroup, Investment Company Institute, Lehman Brothers, Merrill Lynch, New York Stock Exchange, VISA, Carlyle Group, Credit Suisse, Federal Home Loan Bank of Indianapolis, Goldman Sachs, Stanford Group, Lloyd's of London, National City Corp.
Richard Hohlt: Capmark Financial Group, Fannie Mae, JP Morgan Chase and Co., Student Loan Marketing Association, Washington Mutual, Guaranty Bank & Trust, Peachtree Settlement Funding, Dime Savings Bank of New York
Gaylord Hughey: Heartland Security Insurance Group
Kate Hull: Credit Union National Association, Fannie Mae, Federal Home Loan Bank of San Francisco, Zurich Financial Services, American Insurance Association, Financial Executives International
James Hyland: American Insurance Association, Seattle Home Loan Bank, Self Help Credit Union, National Association of Bankruptcy Trustees, Merrill Lynch, Mortgage Investors Corp., Federal Home Loan Bank of Indianapolis, Freddie Mac, New York Stock Exchange, Citigroup, VISA
Aleix Jarvis: Credit Union National Association, Fannie Mae, Federal Home Loan Bank of San Francisco, Financial Executives International, Mutual of Omaha, American Insurance Association, Zurich Financial Services
Greg Jenner: American Council of Life Insurers, JG Wentworth, UBS, VISA, PriceWaterhouseCoopers
Frank Keating: American Council of Life Insurers
Steven Kuykendall: California Bankers Association
William Lesher: Chicago Mercantile Exchange, Commerce Ventures, Rabobank International
Thomas Loeffler: Citigroup, Fannie Mae, Investment Company Institute, World Savings and Loan Association, United Services Automobile Association (USAA)
Kelly Lugar: RJI Capital Strategies
Peter Madigan: Arthur Andersen, Bank of New York, Broadridge Securities Processing, Charles Schwab, Deloitte and Touche, Goldman Sachs, International Employee Stock Option Coalition, Mastercard, NYSE, Fannie Mae, Merrill Lynch, PNC Bank
Mary Mann: MassMutual
Paul Martino: Morgan Stanley, Baker Tilly
Jana McKeag: Venture Catalyst
Alison McSlarrow: Fannie Mae, Hartford
Mike Meece: Georgetown Partners
David Metzner: Ernst & Young, Harbinger Capital Investments, Prudential, Public Financial Management, Western Union
Susan Molinari: Freddie Mac, American Land Title Association, Association of Consumer Credit Unions, Beacon Capital Partners, College Loan Corp, Coventry First, E-Trade, Financial Services Roundtable, Rent-A-Center
John Moran: Cerberus Capital Management, American Council of Life Insurers, Accenture
John Napier: Freddie Mac
Susan Nelson: AIG, San Antonio Credit Union
Paul Otellini: Ernst & Young, Financial Services Forum
Steve Perry: Charles Schwab, Hoover Partners, HSBC, National Stock Exchange
Nancy Pfotenhauer: American Land Title Association, Mortgage Bankers Association
Elise Pickering-Finley: Credit Suisse, DE Shaw, Hartford Financial Services, Research In Motion, Retail Industry Lenders Association, URL Mutual
James Pitts: Advanced Association for Life Underwriting, AETNA, American Council of Life Insurers, AIG, Council of Insurance Agents and Brokers, Debt Advisory International, Financial Services Coordinating Council, GE Financial Assurance, Hartford Life, Jefferson Pilot Financial, Kenwood Investments, MassMutual, Mutual of Omaha, New York Life, UNUM Provident, VISA, PMI Group
Tim Powers: AP Capital, Genworth Financial, Retail Industry Lenders Association, E-LOAN, General Electric Mortgage Insurance
Walter Price: Wachovia
Sloan Rappoport: Friedman, Billings, Ramsey Group, Inc. (FBR), Trafelet Delta Funds
Hans Rickhoff: Capital One, Investment Company Institute, United Services Automobile Association (USAA)
Kathleen Shanahan: New York Stock Exchange
Andrew Shore: Accenture, Retail Industry Lenders Association, Barclays, Bond Market Association, Credit Suisse, TPG Capital
Katie Stahl: Alliance for Investment Transparency, Ares Management, Fairfax Financial Holdings, Uhlmann Financial Group
Milly Stanges: TIAA-CREF
Aquiles Suarez: Fannie Mae
Don Sundquist: Freddie Mac, The Hartford
Peter Terpeluk: JP Morgan Chase, Ernst & Young, Prudential
Fred Thompson: Equitas
Jeri Thompson: American Insurance Association
John Timmons: National Association of Federal Credit Unions
William Timmons Sr.: American Council of Life Insurers, Citigroup, Dun & Bradstreet, Freddie Mac, Vanguard Group
Vin Weber: Agstar Financial Services, AKT Investment Corp., American Institute of CPAs, Ernst & Young, Freddie Mac, Louis Dreyfus Corp, PriceWaterhouseCoopers
Jeffery Weiss: JP Morgan
Tony Williams: Russell Investment Group, American Life Inc., Northwestern Mutual
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