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According to Seidman, who states that as much as one year ago he warned about the dangers of Fannie Mae and Freddie Mac and the risk of a "major disaster," the nation has for a long time been running at a weakened state where credit is concerned. He said the biggest question now that has not yet been addressed is "what do we do about changing the system so it doesn't happen again?" Seidman also states that since the U.S. is part of a global financial system, the Wall Street crisis directly affects the financial institutions of the developed countries around the world.
Woolery believes liquidity issues and a failure of financing in the housing industry ultimately caused the financial crisis and that the recent Lehman Brothers' bankruptcy played a major role in the breakdown in the financial industry. He also warns that one of the side effects from the crisis will be that funds will be less available for borrowers which will affect the general economy and corporate strategy since the banking industry will not have extra funds to help support new businesses. According to Woolery, one lesson that boards should learn from this experience is that they need to push management teams to address risk head on instead of hoping and waiting until things get better. If they decide not to take action, they should be well informed, as it is their job to push management to make the type of difficult decisions that are in the best interest of the company.
"One of the benefits of our websites and online communications are their ability to respond immediately to critical issues affecting board members between both Corporate Board Member and Bank Director," said Kerstetter. "Our interview with Bill Seidman, who is arguably one of the most knowledgeable experts in the banking and financial markets, will help boards and management react immediately to issues that affect their companies."
Interviews with Seidman and Woolery are available on both www.boardmember.com and www.bankdirector.com .
About Board Member Inc.
Board Member Inc. publishes Corporate Board Member, the premier journal of corporate governance and boardroom issues, for the directors of publicly traded U.S. corporations and Global 1000 companies. Corporate Board Member extends its thought-leadership through research, supplements, and an array of educational events ranging from intimate roundtables to multi-day conferences with 500+ attendees to online conferences attended via the Internet. Corporate Board Member also offers a comprehensive website to complement the magazine and provide valuable resources. Board Member Inc. also publishes Bank Director, a corporate governance magazine for directors and senior officers of financial companies. For more information, visit www.boardmember.com or www.bankdirector.com .
Board Member Inc. Kim James (615) 309-3200 kjames@boardmember.com
SOURCE Board Member Inc.
http://www.boardmember.com
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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