The press is invited to hear Eugene Ludwig’s comments about the financial crisis, the Congressional rescue legislation, and his forecast for what it all means to the industry on RMA’s Web site.
Philadelphia, Pa. (October 6, 2008)—Eugene A. Ludwig, founder and chief executive officer of Promontory Financial Group, LLC, and former Comptroller of the Currency, said the financial rescue legislation passed by Congress on Friday afternoon was “momentous.”
He made his comments during an hour-long audioconference with members of The Risk Management Association (RMA) on Friday, October 3, 2008.
Thousands of lending and risk professionals from around the U.S. listened as Ludwig outlined many of the causes of the current crisis, such as the lack of a regulatory framework around 80% of the financial services industry, sometimes referred to as the shadow banking system.
Ludwig expects the economy will fall on “hard times” for the next six to 24 months, but that the rescue bill will prevent catastrophe. He also predicted that Congress will come back from its fall recess in “an angry mood” and that significant regulatory reforms can be expected, not just in the U.S. but globally.
The full audioconference is available on RMA’s Web site: http://www.rmahq.org/RMA/membersonly/LudwigDiscussesFinancialCrisis
About RMA
Founded in 1914, The Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk.
Headquartered in Philadelphia, Pennsylvania, RMA has 3,000 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by more than 20,000 risk management professionals who are chapter members in financial centers throughout North America, Europe, and Asia/Pacific. Visit RMA on the Web at www.rmahq.org
Contact:
Meg McBride
RMA Public Relations
215-446-4110