Prof. Cheung on global financial crisis – a clarification with Becker

October 16, 2008

Here is an interesting piece, “金融灾难的核心问题——与贝加商榷” which professor Cheung tries to clarify a few things with what professor Becker wrote in the Wall Street Journal. The professor also referenced Maurice R. “Hank” Greenberg‘s (former Chair and CEO of AIG) written statement before the House. Here is an excerpt,

AIG的前总裁M. R. Greenberg十月七日在众议院的供辞,令人叹息(见http://oversight.house.gov/documents/20081007101332.pdf)。我非常欣赏这个八十岁的老人家,完全没有理由怀疑他的顶级专业知识水平。老人家的供辞的一个重要部分,言下之意是说:美国的金融市场是一片浮沙,可以赚钱,但你要懂得怎样避重就轻,在浮沙走动时你要步步为营,一眼关七,不可有半步差池也。从其它读到的报道理解,这片浮沙之所以形成,是因为借贷没有适当的抵押保障。对街上人解释,是借钱可以用物业或股票或货币或真金白银作抵押,也可用政府债券,但衍生出来的工具或债券不可靠,因为拆到底往往只是君子一言。

Following is a chat between Mr. Hank Greenberg and Charlie Rose. Enjoy.

Advertisements