Wednesday, February 27, 2008

Financial Engineers

As a licensed professional engineer, people using the term ‘XYZ engineer’ never bothered me. One thing that does bother me is the presence of a profession that calls itself ‘Financial Engineers’. The link is to a group that calls itself:

“The International Association of Financial Engineers”.

The panel consists of one person from CITI Global Wealth Management, one person from Fitch Ratings, and one person from Bear Sterns. The group was hosted by Goldman Sachs. The name of the discussion is:

“The Boundaries Between Credit Risk and Operational Risk: Are They Real?”

The Panel agreed that 'risk disciplines' tend to operate in ‘silos’; “It is important to manage risk across silos and to include operational risk in enterprisewide risk dialogs.”

Which, I think boils down to a way of extorting money from the Federal Reserve.

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