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WSJ Highlights Yale SOM’s ‘Master Class in Financial Crises’

In an article published on August 12, the Wall Street Journal highlights recent programs for financial regulators hosted by the Yale Program on Financial Stability (YPFS) at Yale SOM’s Edward P. Evans Hall.

The YPFS’s annual institute and forum, intended to help create a community of regulators with the knowledge to respond to future financial crises, brings staff members from central banks and other agencies to New Haven to study responses to previous crises and hear from top officials. One panel featured former Treasury Secretary Timothy Geithner, who chairs the YPFS advisory board, in conversation with former Federal Reserve chairman Ben Bernanke and former Treasury Secretary Henry Paulson.

From left: former Treasury Secretary Timothy Geithner; Zeti Akhtar Aziz,
governor of Bank Negara Malaysia; Professor Andrew Metrick;
Federal Reserve Vice Chairman Stanley Fischer,
and Agustín Carstens, governor of the Bank of Mexico.

Geither told the Journal that the gathering was “a master class in financial crises for the firefighter, focused on the very practical craft of making choices in the fog of war in the midst of a panic.” 

Andrew Metrick, Yale SOM’s deputy dean and the director of the YPFS, added that part of program’s task is to assemble a repository of information about the programs created to stabilize the financial system during the crisis of 2007-09 and their results. “We don’t have a lot of after-engagement reports that you would write if you were coming from war,” he said. “We’ve got to do that before everybody forgets.”

Read the full article

Related: Former Treasury Secretary Timothy Geithner to Chair the Advisory Board of the Yale Program on Financial Stability