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Systems at Risk Episode 3 | Craig Pirrong, Professor of Finance and Director, Global Energy Management Institute, Bauer College of Business University of Houston
SmarterMarkets™
The Clearing Cassandra
i called myself the clearing cassandra, because i was raising alarms as to why that might not work. It essentially made the system much more dependent on access to liquidity in order to fund margin calls and things of that nature. And one doesn't become a problem, it becomes a problem during periods of major market disruption. That's why i think mandating more clear and mandating more exchange style marking to market just set the stage for what we're observing now.
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