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Marty Chavez Muses on Rocky Times and the Road Ahead
NOV. 14, 2017 | - The New York Times | By WILLIAM D. COHAN.

Mr. Chavez is about as far from the stereotypical Wall Street senior executive as you can imagine, and that is one reason his musings about the future direction of Wall Street are listened to carefully.

He grew up in Albuquerque, one of five children, who all went to Harvard. He got a doctorate in medical information sciences from Stanford University. (At that time, he was known by his full name Ramon Martin Chavez.)

In 1990, Mr. Chavez came out, the day after he defended his doctoral dissertation. – “Architectures and Approximation Algorithms for Probabilistic Expert Systems.” He is one of the few openly gay executives on Wall Street. ......In his current role as Goldman's CFO, Marty views his job as a simple one that is hard to get right: “I’m not paid or evaluated on the accuracy of my crystal-ball predictions,” he said. “I’m paid to enumerate every possible outcome and do something about every possible outcome well in advance, when it’s still possible to do something, because once it’s happened it’s too late.”....Unlike many of his peers on Wall Street, Mr. Chavez does not complain about the extent of the regulation that hit the financial industry as a result of Dodd-Frank. Generally speaking, he says, the regulations have helped banks “confront their problems and capitalize and bolster their liquidity,” making them “stronger as a result,” and the financial system safer and more profitable.....Instead of complaining about the extra expense and manpower required to comply with the mountain of new regulations, Mr. Chavez chooses instead to think about it differently. “If you approach the regulations as ‘Oh, we’ve got to comply,’ you’ll get one result,” he said. He prefers thinking about the regulations as, “This makes us and the system and our clients safer and sounder, and yes it’s a lot of work, but what can we learn from this work and how can we use this work in other ways to make a better result for our shareholders and our clients? Everywhere we look we’re finding these opportunities and they’re very much in keeping with the spirit of the times.”

Like any good senior Goldman executive, he does worry. (Lloyd Blankfein, the Goldman chief executive, once told me he spent 98 percent of his time worrying about things with a 2 percent probability.)

His biggest concern at the moment is the risk of “single points of failure” in the vast world of cybersecurity. He worries about any individual “repository of information” that does not have a backup and that can “be hacked.”

He does not even trust Goldman’s own computer system; he treats it as a potential enemy.

.....What also makes Goldman different from its peers is the firm’s love affair with engineers. At the moment, he said, engineers comprise around 30 percent of Goldman’s work force of about 35,000. It’s what drew him to Goldman in the first place — to work on Goldman’s in-house software, “SecDB,” short for “Securities Database,” an internal, proprietary computer system that tracks all the trades that Goldman makes and their prices, and regularly monitors the risk that the firm faces as a result.

He said the system generates some million and a half points of data that were used to calculate, for the first time, the firm’s “liquidity coverage ratio” — now 128 percent — and that were shared with regulators every day. He’s been busy trying to figure out how the newly generated data can be used to help him understand what the firm’s liquidity will be a year from now.

That way, he said, in his principal role as Goldman’s chief financial officer, he can perceive a problem in plenty of time to do something about it. “We’re able to get much better actionable insights that make the firm a less risky business because we’re able to go much further out into the future,” he said......
actionable_information  CFOs  cyber_security  databases  Dodd-Frank  engineering  financial_system  Goldman_Sachs  improbables  information_sources  jujutsu  Martin_Chavez  proprietary  regulation  SecDB  SPOF  think_differently  Wall_Street  William_Cohan  worrying 
november 2017 by jerryking
Everything You Wanted To Know About The Dodd-Frank Act
Who doesn’t remember the market crash of 2008? Its effect was felt in all the world markets, but it hit us here at home even harder, especially regarding the housing bubble.
housing  market  Dodd-Frank  Act  foreclosure  real  estate 
june 2017 by Adventure_Web
Mario Draghi in der Kritik: "Die Geldpolitik macht den Kapitalismus kaputt" - SPIEGEL ONLINE
Danach kamen die Übertreibungen am US-Immobilienmarkt, im Süden der Eurozone und auf den Rohstoffmärkten. Wir haben es mit einer Kette wandernder Blasen zu tun, die von der Geldpolitik getrieben werden. Die neue Blase bildet sich nie dort, wo zuvor die alte geplatzt ist. Die Regierungen reagieren auf einen Crash mit schärferen Regeln, aber die Spekulation ist ihnen immer einen Schritt voraus.
GFC  recovery  economic  history  ZIRP  NIRP  QE  ECB  BOE  Fed  USA  UK  Europe  European  Union  PIGS  secular  stagnation  household  debt  consumer  car  loan  student  credit  card  private  Austerity  IMF  OECD  Dodd-Frank  self-regulation  Regulation  regulators  FSA  BaFin  speculation  speculative  ROI  productivity  output  gap  inflation  targeting  monetary  policy  fiscal  Schuldenbremse  Pact  inequality  capital  assets  gini  Coefficient  Super  Rich  1%  10%  Plutocracy  Oligarchy  bank  bailout  zombie  NPL 
february 2017 by asterisk2a
Bank warns 'lax financial rules' are a route to failure - BBC News
The man responsible for financial stability at the Bank of England has warned against relaxing banking regulation, saying that such a move could damage the global economy.
Sir Jon Cunliffe told the BBC that "lax controls" risked undoing progress that had been made since the financial crisis.
DonaldTrump  Donald  Trump  Brexit  Dodd-Frank  trade  deal  UK  USA 
february 2017 by asterisk2a

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