No Big 'Gotcha' Moments During Financial Crisis Inquiry Commission Public Hearing on Derivatives, Theme of Upcoming Golden Networking Leaders Forum

New York, NY, July 07, 2010 --(PR.com)-- While there were no big 'gotcha' moments during the hearings, these offered instead were intelligent questions, a refusal to be snookered by witnesses, and a kind of understated pointedness that was more effective than a dozen angry diatribes; the commissioners may not have gotten all the answers they sought, but they were genuinely trying to get answers, instead of preening for the cameras; there was a seriousness of purpose about their effort that has been lacking in most of the hearings in Washington that have tackled the financial crisis. That's how The New York Times' Joe Nocera summarizes last week's Financial Crisis Inquiry Commission public hearings on "The Role of Derivatives in the Financial Crisis." This will be one of the main topics of debate at upcoming Golden Networking's Derivatives Leaders Forum 2010, "Strategies for Increasing Profits under an Evolving Regulatory Framework" (http://www.DerivativesLeadersForum.com), July 22nd, 2010, New York City, sponsored by UltraHighFrequencyTrading.com.

Mr. Angelides's commission didn’t exactly get off to a roaring start either. Its first day of hearings, in January, included helpings of self-serving pablum from the usual suspects, including Lloyd Blankfein of Goldman and Jamie Dimon, the head of JPMorgan, which commission members lapped up uncritically. But then, as Mr. Angelides put it, the commission got its sea legs. It sharpened its investigative focus, and to a remarkable extent, it has shined its light on the darkest, most difficult-to-understand corners of finance. In recent months, it has heard testimony from whistle-blowers who worked at the rating agencies and saw firsthand how the agencies sold their credibility for market share. It has explored the interconnection between corrupt subprime originators like New Century and an eager Wall Street, which bought its loans no matter how bad they were. It has explored the failure of risk management at institutions like Citicorp. It helps that there are only 10 commissioners — instead of the 50 or more lawmakers who populate the important Congressional committees. It also helps that none of them are sitting members of Congress, and don't view their time on stage as a re-election tool. (Most of the time, they even remain in the hearing room when it’s not their turn to ask questions!) Most of all, though, it helps that they actually understand what the witnesses are talking about.

Derivatives Leaders Forum 2010 is produced by GoldenNetworking.net (http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs, investors and diplomats, founded by former McKinsey consultant and Columbia Business School MBA Edgar Perez. Upcoming Golden Networking's Forums and Business Receptions include:
- High-Frequency Trading Happy Hour, (http://www.HFTHappyHour.com), July 13th, New York City
- Distressed Investing Experts Forum 2010, "Analyzing and Valuing Distressed Companies, Securities and Real Estate" (http://www.DistressedInvestingExpertsForum.com), September 23rd, New York City
- 2nd China Leaders Forum, "Challenges and Opportunities for China's Economic Juggernaut" (http://www.ChinaLeadersForum.com), October 7th, New York City
- Latin America Leaders Forum 2010, "Unlikely Oasis of Growth amid the Global Economic Crisis?" (http://www.LatinAmericaLeadersForum.com), October 21st, New York City
- 2nd Banking Leaders Forum, "Private Banking on the Brink of Transformational Change" (http://www.BankingLeadersForum.com), November 11th, New York City
- Global Energy Leaders Forum 2010, "Proposals and Solutions for Today's Global Energy Challenges" (http://www.GlobalEnergyLeadersForum.com), December 2nd, New York City
- 2nd Private Equity Leaders Forum, "Setting the Stage for Radical Transformation in 2011 and Beyond" (http://www.PrivateEquityLeadersForum.com), December 9th, New York City

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