This Special Evening will examine how early stage responses to this Summer's Subprime-fueled adjustments of the risk spreads of whole classes of assets, not just securities based upon subprime mortages and other sub-investment-grade loans, will affect the future.

Tens of billions of dollars in losses have been realized on securitized mortgage assets that once were considered high end investment grade by the major ratings agencies, throwing the global financial industry into turmoil.

• What were the old and what are the new moral hazards of Federal actions?
• What does the future hold for Ratings Agencies?
• How will Risk Management responses in New York affect the US economy?

The speakers will give their perspective on how the subprime crisis developed, where we stand today in the adjustment process and economic impact, and why, as liquidity in many forms of collateralized assets and OTC derivatives has disappeared, responses to the crisis are affecting Main Street as well as Wall Street.