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precipitated that almost broad systemic event. But still, Paulson is right. We’ve pulled back from the financial brink, which is why now we all have time to argue about loan modifications and AIG bailouts and GM bailouts and fiscal stimulus plans and the future profitability of Goldman Sachs and all that.Oh, and here’s Paulson explaining why he changed his mind about TARP:We asked for $700 billion to purchase troubled assets from financial institutions. At the time,http://www.dtvtk3.com/, we believed that would be the most effective means of getting credit flowing again.During the two weeks that Congress considered the legislation, market conditions worsened considerably. It was clear to me by the time the bill was signed on October 3rd that we needed to act quickly and forcefully, and that purchasing troubled assets – our initial focus – would take time to implement and would not be sufficient given the severity of the problem. In consultation with the Federal Reserve,[url=http://www.dtvtk3.com/]jimmy choo shoes sale[/url], I determined that the most timely, effective step to improve credit market conditions was to strengthen bank balance sheets quickly through direct purchases of equity in banks.Update: He’s still talking. He must have been working on this speech for a while. He says Treasury has decided that, for now, buying illiquid assets “is not the most effective way to use TARP funds.” He also says “global imbalances”–not just regulatory failures–brought us to where we are.Hanging with Bernard Madoff (it wasn’t memorable)I spent some time with alleged mega-scammer Bernard Madoff last fall. And ever since I got the WSJ news alert e-mail Thursday afternoon about his arrest,[url=http://www.dtvtk3.com/]jimmy choo outlet[/url], I’ve been thinking I should write something about my experiences. My problem has been that I can barely remember them. Madoff was kind of a cipher: Nice enough guy, seemed reasonably smart, said absolutely nothing of interest.The reason we met was that I was moderating a panel discussion on “The Future of the Stock Market” at the Philoctetes Center for the Multidisciplinary Study of Imagination on the Upper East Side of Manhattan. Madoff was a friend of one of the guys who runs Philoctetes, and he had helped put together the panel. He called me up a few weeks before the event and asked me to come over to discuss what we should talk about. So I walked to the Lipstick Building on Third Ave., took the elevator up to his office, and we chatted for about half an hour. I don’t remember a word of the conversation. Then he gave me a tour of his firm’s sleek and sparsely populated trading floor, and told me a little about how his market making business had evolved. I don’t remember any mention of the asset management arm that has caused all the trouble.Then we did the panel discussion. I remember Josh Stampfli,[url=http://www.dtvtk3.com/]jimmy choo sale[/url], who ran Madoff’s automated market-making group, saying some really interesting things about the rationality of markets or the lack thereof. But I don’t remember a word Madoff said. And while Philoctetes videotaped the whole event and had it transcribed, it has now removed all that incriminating evidence from its Website (and from YouTube). I might start to wonder if Bernard Madoff actually existed, but I think a lot of suddenly poorer rich people out there will be able to attest to the fact that he did.Update The video is back up. Philoctetes had taken it down because people were leaving nasty comments, not because there was anything incriminating in it (other than perhaps my remark that Madoff Securities was “one of those really important financial institutions that doesn’t show up in headlines”). But they decided it seemed weird not to make the video available, so now all the world can see it again. All 127 minutes and 36 glorious seconds of it.Update 2 I’m watching it now. Madoff’s description of the early days of his firm and of Nasdaq (it starts around minute 10) is pretty interesting. Nothing about Ponzi schemes, though.Update 3 Incriminating evidence! It’s around 111:50 on
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