dianahsieh Posted November 10, 2008 Report Share Posted November 10, 2008 By Diana Hsieh from NoodleFood,cross-posted by MetaBlog From John Lewis: Spread the word, please! Announcing a very special event: A Lecture by Mr. John Allison, President and CEO of BB&T Corporation: "Financial Trauma: Causes and Possible Cures" November 19, 2008, 3:30 PM Griffith Theatre, at the Bryan Center, Duke University ( Directions) As the world struggles with the current financial crisis, we should listen to the executives of successful financial institutions. BB&T is such an institution. Mr. Allison will outline the causes of today's financial chaos, including the errors that led to the crisis. He will discuss the broader implications for the economy, including the effects on the housing and mortgage industries, and offer economic and political suggestions for both short-term and long-term cures. John A. Allison became CEO of BB&T on July 7, 1989. At the end of 1989, BB&T was ranked 96th largest bank in the nation with $4.8 billion in assets. After 60 bank and thrift acquisitions, and the implementation of innovative training and measurement programs, the former eastern North Carolina farm bank has grown to become the nation's 14th largest financial holding company. Assets have increased from $4.8 billion, when Allison began his tenure as CEO, to $137 billion today. Sponsor: The Program on Values and Ethics in the Marketplace, Duke University Contact: John Lewis, john.d.lewis (at) duke.eduWow, now that's a lecture I wish I could attend! Cross-posted from Metablog Quote Link to comment Share on other sites More sharing options...
brian0918 Posted November 11, 2008 Report Share Posted November 11, 2008 I'd be interested in knowing what happens in the Q&A if any of the folks here are able to attend and ask him some... specific questions. Quote Link to comment Share on other sites More sharing options...
Maarten Posted November 11, 2008 Report Share Posted November 11, 2008 Gah, it's like right next to where I live, but I will probably be in class till 4 =/ That sucks, I really wish I could go there. Quote Link to comment Share on other sites More sharing options...
TheEgoist Posted November 11, 2008 Report Share Posted November 11, 2008 Sometimes with things like this, students can get an accepted leave for going to an educational event. At least, that is how it has been with me and a lot of my friends. You should tell your professors the nature of the event you would like to attend. Quote Link to comment Share on other sites More sharing options...
Maarten Posted November 11, 2008 Report Share Posted November 11, 2008 Yeah, I can try =) Quote Link to comment Share on other sites More sharing options...
softwareNerd Posted February 25, 2009 Report Share Posted February 25, 2009 ARC just put up this lecture. (Well, I'm not sure if it's the exact same one, but the topic is the same.) Quote Link to comment Share on other sites More sharing options...
Jake_Ellison Posted February 26, 2009 Report Share Posted February 26, 2009 (edited) Love it. It's a rundown of the things the government is doing to screw up the financial industry. One highpoint (minute 47) is how the Patriot Act cost banks over 4 billion dollars, and what Allison bluntly states the real purpose of the Patriot Act's intrusion into the banking system is: to catch tax-evaders and drug dealers. Not one terrorist has been identified through these violations of financial privacy by the Patriot Act. Another highpoint is the connection Allison establishes between the mathematical models in the financial industry and epistemology, specifically integration. Edited February 26, 2009 by Jake_Ellison Quote Link to comment Share on other sites More sharing options...
Jake_Ellison Posted February 26, 2009 Report Share Posted February 26, 2009 Also, if you want to be able to follow along better, you need to follow the slides which are available under it. (listen to the video, and watch the slides on a separate page) It's more of a presentation than a speech. (which is the reason why I love it-it contains far more information than these types of lectures usually contain) Quote Link to comment Share on other sites More sharing options...
SkyTrooper Posted February 26, 2009 Report Share Posted February 26, 2009 I'd be interested in knowing what happens in the Q&A if any of the folks here are able to attend and ask him some... specific questions. .. eg. how does he reconcile accepting TARP funds with his defense of free markets? Quote Link to comment Share on other sites More sharing options...
KendallJ Posted February 26, 2009 Report Share Posted February 26, 2009 (edited) .. eg. how does he reconcile accepting TARP funds with his defense of free markets? Slide 30, Minute 60 Edited February 26, 2009 by KendallJ Quote Link to comment Share on other sites More sharing options...
softwareNerd Posted February 26, 2009 Report Share Posted February 26, 2009 That was an excellent "all-in-one-place" lecture, laying out the history of the financial crisis. Well worth the 90 minutes. Highly recommended. Quote Link to comment Share on other sites More sharing options...
Jake_Ellison Posted February 26, 2009 Report Share Posted February 26, 2009 .. eg. how does he reconcile accepting TARP funds with his defense of free markets? He actually stressed that they were very strongly encouraged by the regulators to say yes to those. Personally, I'd feel no need to explain it if I were in his shoes. BB&T payed more in taxes than got back in TARP funds. With all this money (a lot of it their money) being thrown around, I see no problem with getting a loan to stay competitive. And I don't think Allison is apologetic about it either, he just explained the reason for it. If anything, the question should be, is it a good strategy for BB&T to say yes to this, but given the pressure from the people who have all this regulatory power over everyone(and even the power to indict you and send you to court, defending your freedom) , I don't see it as much of a choice. Saying no would be almost like refusing to pay taxes. Quote Link to comment Share on other sites More sharing options...
KendallJ Posted February 26, 2009 Report Share Posted February 26, 2009 If anything, the question should be, is it a good strategy for BB&T to say yes to this I think that is a pragmatic approach and the wrong standard to use. You had it better when you talked about what had already been confiscated from BB&T, or in a similar vein as Rand's accepting school education aid, what his other options are and if he fights the ideas from which those funds stem with his efforts. BB&T is under no moral obligcation to commit suicide if govt has essentially put down sources of capital for financial institutions in the process of implementing tarp. Quote Link to comment Share on other sites More sharing options...
IchorFigure Posted February 28, 2009 Report Share Posted February 28, 2009 That was a great lecture. If you haven't read up on what's been going on since the financial crisis you might find it a little hard to keep up because there is just SO much info in this one talk. That's a good thing though. John Allison came off very charismatic and really made a devastating case against the "greedy capitalism is to blame" premise. I have one question. At 16:38 he talks about leverage; "Interestingly enough the Federal Reserve has indirectly encouraged banks to be more leveraged." and "throughout my whole career the leverage ratios have increased in the banking business, and informally been encouraged". I'm afraid I don't understand how the government encouraged leverage here. Can anyone help explain what he means by this? Quote Link to comment Share on other sites More sharing options...
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