John Cogan, Joe Grundfest, Ed Ifft , Dan Kessler, Ron McKinnon, Ken Scott, John Shoven, George Shultz, John Taylor, and Johannes Stroebel
Dick Kovacevich, former Chair and CEO of Wells Fargo, addressed the issue: “What should we have learned from the financial crisis so it doesn’t happen again?” He discussed risk-management practices at top financial institutions during the crisis along with ways to change the culture and inventive system. He examined the capital adequacy and liquidity problems at many banks during the panic in the fall of 2008.
Kovacevich also considered the TARP, raising the question about the effects on banks with adequate capital that were forced to take TARP money. Kovacevich also addressed the implementation of stress-tests, arguing that these should be ongoing procedures and not preannounced. Other issues discussed include the role of Fannie and Freddie, of credit rating agencies, and the potential impacts of the Dodd-Frank bill.