Risk Management Never Been So Simplified

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Summary List Placement

Warren Buffett phoned Treasury Secretary Hank Paulson at the height of the 2008 financial crisis with a suggestion that likely saved the US economy from an even deeper recession.
The famed investor and Berkshire Hathaway CEO proposed the government plow capital directly into banks instead of only buying their distressed assets.
Paulson quickly gathered the bosses of the nation’s biggest banks and convinced them to accept billions of dollars in investment.
The Treasury demanded preferred stock paying chunky dividends, as well as stock warrants in return, emulating Buffett’s bailout of Goldman Sachs in September 2008.
Former President George W. Bush called it “probably the greatest financial bailout ever” and said it “probably saved a depression.”
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Warren Buffett made a late-night call on Saturday, 11 October 2008 that likely spared the US from an even more devastating financial crisis.
The billionaire investor and Berkshire Hathaway CEO dialed then-Treasury Secretary Hank Paulson, the pair said in “Panic: The Untold Story of the 2008 Financial Crisis,” a documentary released in 2018.
“Hank, this is Warren,” Buffett said. A tired and groggy Paulson’s first thought was, “My mom has a handyman named Warren, why is he calling me?”
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Buffett was calling about the Troubled Asset Relief Program (TARP), which authorized the Treasury to spend $700 billion purchasing distressed assets from banks. Lawmakers passed it in a desperate effort to shore up the financial system after the collapse of Wachovia and Washington Mutual — two of the greatest bank failures in American history.
Once Paulson realized it was Buffett on the line, the Berkshire boss suggested the government invest directly in the banks instead of only buying their assets, as it would likely “come out doing very well” using that approach.
“He laid out the idea which was the germ of what we did,” Paulson said in the documentary.
Paulson assembled the bosses of the nation’s biggest banks the following Monday. He persuaded them to accept billions in government cash, threatening to withhold future aid if they refused to take it.
The Treasury ultimately plowed funds into more than 700 financial institutions as part of the Capital Purchase Program. In exchange, it received preferred stock paying a healthy dividend or debt securities.
It also secured warrants enabling it to buy the companies’ shares at a fixed price in the future, capturing some of the upside from their recovery in return for risking taxpayers’ money.
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The deals were at least partly modeled on Buffett’s bailout of Goldman Sachs a few weeks earlier. The investor handed the bank $5 billion in exchange for preferred stock paying a 10% annual dividend as well as stock warrants.
Former President George W Bush praised the banking program as “probably the greatest financial bailout ever” in the documentary, adding that it “probably saved a depression.”Join the conversation about this story » NOW WATCH: Why Pikes Peak is the most dangerous racetrack in America
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KUALA LUMPUR: The National Union of Bank Employees (NUBE) has urged the government to be inclusive in consultations on digitalisation in the financial sector.Its secretary-general J. Solomon says only by this process, the government can implement the master plan in a holistic manner which safeguards the interest of workers. “While NUBE, whose members are in the frontline of digital disruption, is not opposing digitalisation, automation, artificial intelligence and outsourcing for valid reasons, it strongly objects to irresponsible use of technology and outsourcing when it affects the livelihood of Malaysian B40 workers.“Putrajaya must not turn a blind eye to sweeping changes that have been taking place in the financial sector in switching to digitalisation and automation at a rapid pace in recent years,” he said in a statement today.He stressed politicians, trade unions and business leaders must act now to ensure technological change leads to plentiful, good-quality jobs for all. This, he said can be learned from the partnership approach taken in Germany, where workers and businesses have had the chance to shape the direction of policy in response to a government white paper on reimagining work.Solomon also called for the government to carry out meaningful and effective consultations to ensure the views of workers were heard and deliberated in which they (government) can implement the master plan in a holistic manner which safeguards the interest of workers as well. At the same time, NUBE has also urged the government and Bank Negara Malaysia (BNM) to exhort employers to offer workers appropriate training to ensure continuous skills adaptation, instead of offering a voluntary separation scheme (VSS) or retrenchments. -Bernama
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