September 28, 2006

Ooops, we expected 30 seconds, or 30 minutes at the most

Sir, Timothy Geithner, Callum McCarthy and Annette Nazareth make a call for “A safer strategy for the credit products explosion” (September 28) and they clam us by giving credit to the industry for acting in advance of a crisis. But, since they also mention that “confirmations outstanding longer than 30 days have been reduced by 85 per cent” which sounds truly scary for any outsider like myself that would be expecting 30 seconds, 30 minutes at the most, I guess we all better knock on wood and pray they are right and that we are not riding on a full-blown crisis, only to be confirmed when the market really catches up with what it is doing.