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“The financial crisis is not a single event; it is a meteorite strike, which is multiple”. These are the words of the American Paul David Schaeffer, guest speaker at the ALFI-NICSA conference in Luxembourg. Mr Schaeffer is well known in the financial services industry. His background in government policy includes senior positions with President Jimmy Carter and Senator Edward Kennedy. He says that the crisis is far from over. Paul David Schaeffer, is President of ReFlow Management, a provider of liquidity solutions for mutual funds and UCITS. According to him, there are numerous reasons why we still have a long way to go. The crisis occurred in the most regulated and sophisticated markets. It was not economic, but deeply structural and the issue at stake was insolvency and not credit. He...
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