Martin Wolf of the Financial Times joins Donald B. Marron of Lightyear Capital for a conversation on the state of the global financial system.
They also discuss prospects for correcting the current economic crisis.
Donald Marron is Chairman, Chief Executive Officer and founder of Lightyear Capital, a private equity firm providing buyout and growth capital to companies in the financial services industry. Mr. Marron is a member of the Lightyear Investment Committee.
Mr. Marron has been a prominent figure in the financial services industry for more than 40 years, during which time he led a major Wall Street firm and distinguished himself as a successful entrepreneur. Mr. Marron served as Chairman and Chief Executive Officer of PaineWebber Group Inc. until its merger in November 2000 with UBS AG. During Mr. Marron's 20-year tenure, PaineWebber grew into one of the nationâ€™s largest full-service securities firms. The combination of UBS and PaineWebber made UBS the worldâ€™s largest wealth manager. Following the merger, Mr. Marron served as Chairman, UBS America, at UBS until September 2003, when he left to devote his full attention to Lightyear Capital.
Martin Wolf is associate editor and chief economics commentator at the Financial Times, London. He was awarded the CBE (Commander of the British Empire) in 2000 for services to financial journalism.
Mr Wolf is an associate member of the governing body of Nuffield College, Oxford, honorary fellow of Corpus Christi College, Oxford University, an honorary fellow of the Oxford Institute for Economic Policy (Oxonia) and a special professor at the University of Nottingham.
He has been a forum fellow at the annual meeting of the World Economic Forum in Davos since 1999 and a member of its International Media Council since 2006. He was made a Doctor of Letters, honoris causa, by Nottingham University in July 2006. He was made a Doctor of Science (Economics) of London University, honoris causa, by the London School of Economics in December 2006.
I just mean that we need to politicize monetary policy, and economic policy somehow. It effects us all. We shouldn't just hand over all the responsibility to a quasi-private institution. The constitution says that only congress has the power to issue and coin currency and regulate the value, right?
the FED is not beholden to the election process. I hate central planning from the get-go, but at least if you are going to create a giant (unconstitutional), all powerful central bank, then please please make them democratically elected. Let states contribute representatives to the board of governors of the Fed...etc. PLEASE