The Buttonwood Gathering New York, October 25 - 26, 2010 The Graduate Center/City University of New York About the event At last year’s Buttonwood Gathering, National Economic Council Director Larry Summers called on banks to accept the responsibility of greater regulation as a service to their country. Have they taken his words to heart? As the news continues to tell of a weak and jobless recovery, are banks and other financial institutions living up to their responsibilities? Once again in 2010, The Buttonwood Gathering will draw together leading policymakers, banking executives and regulators to discuss restoring trust in the financial system and evaluate our place on the road to recovery. Chair person John Micklethwait, Editor-in-Chief, The Economist The Bagehot lecture Mervyn King, Governor, Bank of England Confirmed speakers Mark Almeida, President, Moody’s Analytics Clifford Asness, Managing & Founding Principal, AQR Capital Management Zanny Minton Beddoes, Economics Editor, The Economist Matthew Bishop, American Business Editor, New York Bureau Chief, The Economist Joshua Bolten, Visiting Professor, Princeton University Joyce Chang, Managing Director and Global Head of Emerging Markets Strategy and Credit Research, JPMorgan James Chanos, Founder and Managing Partner, Kynikos Associates Ed Clark, President and Chief Executive Officer, TD Bank Financial Group Philip Coggan, Capital Markets Editor and Buttonwood Columnist, The Economist Sean Dobson, Chairman and Chief Executive Officer, Amherst Securities Group Former Senator Pete Domenici (R-NM), Senior Fellow, Bipartisan Policy Center Irene Dorner, President and Chief Executive Officer, HSBC Bank, USA, N.A. Mohamed El-Erian, Chief Executive Officer and Co-Chief Investment Officer, PIMCO Jean-Yves Fillion, Managing Director, Head of North America Client Coverage, BNP Paribas Sunil Godhwani, Chairman and Managing Director, Religare Enterprises Limited Glenn Hubbard, Dean, Columbia Business School and Author, “Seeds of Destruction: Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity” Arianna Huffington, Editor-in-Chief, The Huffington Post Greg Ip, US Economics Editor, The Economist Anshu Jain, Head of the Corporate & Investment Bank and Member of the Management Board, Deutsche Bank © 2010 The Economist Newspaper Ltd. This is a confidential programme for the conference mentioned in this document. Session topics could be changed. Names and companies of invited speakers are shown for information only. Mervyn King, Governor, Bank of England Desmond Lachman, Resident Fellow, American Enterprise Institute for Public Policy Research John Liu, Comptroller, New York City Gene Ma, Managing Director, China Research, ISI Group Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics, Council on Foreign Relations Philippa Malmgren, President and Founder, The Canonbury Group and Principalis Asset Management Roger Martin, Dean, Joseph L. Rotman School of Management, University of Toronto Henrique de Campos Meirelles, Governor, Central Bank of Brazil Laurence Meyer, Senior Managing Director and Co-founder, Macroeconomic Advisers Dambisa Moyo, International Economist and Author,” How the West Was Lost: Fifty Years of Economic Folly and the Stark Choices Ahead” Gordon Nixon, President and Chief Executive Officer, RBC Peter Orszag, Distinguished Visiting Fellow, Council on Foreign Relations Jennifer Palmieri, President, Center for American Progress Action Fund Vikram Pandit, Chief Executive Officer, Citigroup Rupert Pennant-Rea, Chairman, The Economist Group Jay Powell, Visiting Scholar, Bipartisan Policy Center Raghuram Rajan, Eric J. Gleacher Distinguished Service Professor of Finance, University of Chicago Alice Rivlin, Co-chair, Debt Reduction Task Force, Bipartisan Policy Center Stephen Roach, Non-Executive Chairman, Morgan Stanley Asia Emmanuel Roman, Co-Chief Executive Officer, GLG Partners LP Wilbur L. Ross Jr., Chairman and Chief Executive Officer, WL Ross & Co. David Rubenstein, Chief Financial Officer and General Counsel, BlueMountain Capital Management Robert Rubin, Co-Chairman, Council on Foreign Relations and Former Secretary, United States Department of the Treasury Jeffrey D. Sachs, Director of The Earth Institute, Quetelet Professor of Sustainable Development, and Professor of Health Policy and Management, Columbia University Deven Sharma, President, Standard & Poor’s Robert J. Shiller, Arthur M. Okun Professor of Economics, Yale University Joseph Stiglitz, Professor, Columbia University Alexandra Suich, Finance Correspondent, The Economist Nassim Nicholas Taleb, Author, “The Black Swan”, Professor, New York University, Principal, Universa Inv. Laura D. Tyson, S.K. and Angela Chan Professor of Global Management, Haas School of Business, University of California Berkeley Matthew Valencia, Wall Street Editor, The Economist Neal Wolin, Deputy Secretary, United States Department of the Treasury Xu Sitao, Director of Corporate Advisory, China, The Economist Corporate Network Programme Day One – Monday, October 25 11.30 am Registration 12.15pm Welcome remarks © 2010 The Economist Newspaper Ltd. This is a confidential programme for the conference mentioned in this document. Session topics could be changed. Names and companies of invited speakers are shown for information only. John Micklethwait, Editor-in-Chief, The Economist 12.30 pm State fiscal crisis simulation High level simulation role play exercise With news of crisis emanating from Europe, markets worldwide are on edge, wary of weakness anywhere in the financial system. What happens when a pillar of the U.S. and worldwide economy fails? How will the world react? Can leaders in Washington and capitals around globe react quickly enough to avert a slide back in to recession? Are the right policies in place to allow elected leaders to avoid catastrophe? In this two hour simulation exercise, top former government officials led by former U.S. Treasury Secretary Robert Rubin will take part in a meeting of the White House economic team to advise the President on how to respond to a bond crisis emanating from a large US state. The players will respond to events in real time as news developments and information are presented to them. Following the simulation, the players will reflect on their interactions and the political and financial challenges leaders face in today's environment. Led By: Robert Rubin, Co-Chairman, Council on Foreign Relations and Former Secretary, United States Department of the Treasury Joshua Bolten, Visiting Professor, Princeton University Glenn Hubbard, Dean, Columbia Business School and Author, “Seeds of Destruction: Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity” Laurence Meyer, Senior Managing Director and Co-founder, Macroeconomic Advisers Jennifer Palmieri, President, Center for American Progress Action Fund Laura D. Tyson, S.K. and Angela Chan Professor of Global Management, Haas School of Business, University of California Berkeley Jay Powell, Visiting Scholar, Bipartisan Policy Center 2.15 pm De-brief: Evaluating the results Moderator: Greg Ip, US Economics Editor, The Economist 2.45 pm Afternoon break 3.00pm The Bagehot lecture International reform in the financial sector Mervyn King, Governor, Bank of England 3.45 pm Sovereign risk and the banks: The lay of the land • How will the risk of country defaults impact global markets in the year ahead? • As government deficits increase can investors find more opportunities in emerging markets? • How could a shift in investor focus impact the geopolitical landscape? RBC Polling Questions © 2010 The Economist Newspaper Ltd. This is a confidential programme for the conference mentioned in this document. Session topics could be changed. Names and companies of invited speakers are shown for information only. Moderator: Matthew Bishop, American Business Editor, New York Bureau Chief, The Economist Mohamed El-Erian, Chief Executive Officer and Co-Chief Investment Officer, PIMCO Anshu Jain, Head of the Corporate & Investment Bank and Member of the Management Board, Deutsche Bank Philippa Malmgren, President and Founder, The Canonbury Group and Principalis Asset Management Deven Sharma, President, Standard & Poor’s 4.30pm Leading indicator Vikram Pandit, Chief Executive Officer, Citigroup 5.00 pm Leading indicator Nassim Nicholas Taleb, Author, The Black Swan, Professor, New York University, Principal, Universa Inv. 5.15 pm A Conversation between John Maynard Keynes and F.A. Hayek 5.30 pm Networking Reception 7.00 pm End of day one Day Two – Tuesday, October 26 8.15 am Registration and Buttonwood breakfast 9.00 am Opening remarks John Micklethwait, Editor-in-Chief, The Economist 9.15 am Global economic outlook: Perils, promise and prospects Update on the global financial recovery and the outlook for the economy Moderator: Zanny Minton Beddoes, Economics Editor, The Economist Raghuram Rajan, Eric J. Gleacher Distinguished Service Professor of Finance, University of Chicago Wilbur L. Ross Jr., Chairman and Chief Executive Officer, WL Ross & Co. Joseph Stiglitz, Professor, Columbia University 10.00 am Re-making global finance: The rules of the game • Reaching global regulatory agreements • How much regulatory arbitrage has been created by the difference in reforms across borders? • What could the imposed regulations in US and Europe mean for firms worldwide? • How and when should