Dysfunction within the interconnected and unregulated worlds of credit default swaps (“CDS”) and collateralized debt obligations (“CDOs”) has destabilized the global financial system.  Some of the largest financial institutions in the world – Fannie Mae, Freddie Mac, American International Group, and Citigroup – have been dramatically restructured to avoid complete collapse.

Leading firms in the U.S. investment banking industry became regulated “banks” to avoid the fate of Bear Stearns and Lehman Brothers.  Many “private” banks and other financial institutions in the U.S. and abroad have received government subsidies due to capital losses due to CDS and CDO exposures. Both acknowledged and as-yet-undisclosed “toxic assets” remain on the balance sheets of many institutions, but not priced to the market.  And litigation abounds as investors and industry leaders turn to the Courts to assign “blame” and reverse losses.

Despite this situation, some of the largest surviving members of the CDS dealer community favor a “reform” agenda, promoted in Washington and in the EU, that essentially leaves the status quo intact. What are the proposals for reforming the CDS and CDO markets?  This PRMIA DC Chapter meeting is the first in a series of discussions regarding the prospects for reforming the CDS and CDO markets.

1:30     Registration

2:00     Opening Remarks by Christopher Whalen, Regional Director, PRMIA DC SC, Co-Founder, institutional Risk Analytics

2:20     Panel Discussion

2:20-2:40   Moderator:

Gary Kopff, Everest Management, Moderator's Bibliography

2:40-4:20   Panelists:

2:40-3:00 Kevin McPartland, Tabb Group

3:00-3:20 Tim Ryan, Securities Industry and Financial Markets Association

3:20-3:40 Ann Rutledge, RR Consulting

3:40-4:00 Joseph Mason, Louisiana State University

4:00-4:20 Michael Greenberger, University of Maryland School of Law

4:20-5:00   Q & A