You've heard of the Qualified Financial Expert, or QFE? Perhaps your board should consider a new acronym as well: QRE, Qualified Risk Expert
The frustration of Federal Chairman Ben Bernanke over a fourth AIG (AIG) bailout is shared by the vast majority of Americans—and rightly so. With the financial industry bailout growing daily, Americans, both publicly and privately, seek culprits for the downward spiraling economy. While this may assuage popular sentiment, it neither provides a solution to the current situation nor offers a way to prevent what occurred with AIG and the rest of the financial services industry from happening in the future.
Failed risk management is at the heart of Wall Street's malaise. The Fed has already suggested stricter regulatory oversight. We believe this is not enough.
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