Governor Kevin Warsh

At the New York University School of Law Global Economic Policy Forum, New York, New York

April 14, 2008

In the case of many companies determining the intrinsic value of a business is difficult for experienced professionals, let along the average investor. This is largely the result of what are termed information asymmetries - when one party in a transaction knows more than the other. These endure in spite of the progress that has been made in revisiting old accounting orthodoxies or the efforts made to control more vigorously certain types of interaction between actors in the capital markets. ...[ Read More ]

This article shows how a new innovation in financial management  – assessment and development of business acumen in managers - promises to revolutionize selection and development of financial managers. In the light of the financial crises sweeping through most economies, the issue of business acumen is now taking becoming an issue of critical importance that CFOs simply cannot ignore. ...[ Read More ]

Real gross domestic product grew 3.9 percent in the third quarter of 2007, much faster than anticipated and comparable to second quarter growth. ...[ Read More ]

 - There are different ways you can invest internationally: through mutual funds, Depositary Receipts or ADRs, exchange-traded funds, U.S.-traded foreign stocks, or direct investments in foreign markets. ...[ Read More ]

My topic this evening is the implications of ongoing global economic integration "globalization" for short--for U.S. monetary policy. At the broadest level, globalization influences the conduct of monetary policy through its powerful effects on the economic and financial environment in which monetary policy must operate. ...[ Read More ]

This Guidance was developed by the FATF in close consultation with
representatives of the international banking and securities sectors. This publicprivate
sector partnership was integrally involved in the development and finalisation
of the Guidance. A list of members of that group is attached at Annex 5. The
Guidance Paper was adopted by the FATF at its June 2007 Plenary. ...[ Read More ]

The need for effective compliance at financial services and banking companies is stronger than ever. Burgeoning regulations are more stringent and further-reaching; products more complex and geographic reach wider. All of this requires more money and vigilance to avoid missteps that could lead to damaged reputations and large penalties. Yet, a nagging question remains about the true effectiveness of compliance processes across financial enterprises. ...[ Read More ]

The only permanent and most significant constant inherent in all investing, is risk.  We all enjoy our return on investment, as we all like to win and multiply our holdings, yet few investors, whether domestic or international, really understand the nature of risk.  Risk is an intrinsic element in all markets.  Regardless where one invests, or the type of investment made, the element of risk is always present.  Risk can be characterised as that "measurable" possibility of losing or not gaining value [or profit].  This is significant because risk has to be distinguished from uncertainty, which cannot be measured at all.   It is also more than just a mere "chance of return, as a chance is an un-measurable possibility, whether accidental or incidental, in the strictest sense of the term for our investment purpose.  ...[ Read More ]

Quite often we read law or tax material and we encounter the phrase “tax equity.”  As we read the complex revenue decisions and court rulings, we began to discern the ideal and definition of tax equity, and perhaps, we may even be able to penetrate its meaning to some extent.  However, what exactly is tax equity?  When one suddenly reads of this elusive concept, it almost appears as a contradiction in terms, an oxymoron.  Is it possible for taxes and/or taxation to be “equitable?” ...[ Read More ]