Minutes from 3/5 OSEC meeting

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OtSEC 3/5/11

  • Harvard Conference (Disconference):
    • David Graeber
      • He’s pretty awesome
    • Conference seems directed to knowledge production problems
      • Problems inside the economy
      • How could we engage
      • Boston from 12-5—right before or after
      • Anyone who wants to go!
  • New School: Global financial markets and Imperialism
    • Email articles to Democracy now—stuff that we think needs more media attention
      • Fed let people pay dividends
      • Jesse Eisinger—on NPR today
  • Presentations: 20th and 26th
    • Finalize who’s going, minutes per person
    • Deadlines to finalize ppts
      • 30 min target for summary
      • Remainder for qs
      • 6 min/person
      • Deadline: Friday for slides
      • Edit over the weekend
    • Division of labor—
      • Partially done over email
      • ET: grid on rule/statute/congressional intent
        • Better markets: think carefully about what you put on paper.
        • Whatever’s put on paper will be torn apart by bank lobby
        • Prepare slides, then we’ll see.
          • Better slides get, better presentation gets
        • Help focus—distribute or not
      • Occupy into equality—5 topics 6 min each. Maybe equality isn’t as important as making a strong argument—be willing to be flexible.
      • AkT: securitization, liquidity, conflict of interest
      • Alexis: repos carried interest covered funds (hedging + seed investment) permitted prime brokerage activities
      • Caitlin: market making and hedging, has wayyy too many slides, metrics if cathy’s not coming (selective with specifics) but specifically asked to bring a metric person
      • Elizabeth: rebuttals to industry arguments
        • Oliver-Wyman
        • Need a data counterpoint (6 mins )
        • Hurt foreign competitiveness
          • Claim: will prevent Canadian banks from prop trading canadian bonds in canada
          • As long as affiliate was only in Canada they’re unaffected
          • Forces them to change their structure to comply with us law
      • Eric: letter/cong/statute/rule comparison grid
    • Run through chez Elizabeth: next Tuesday the 12
      • Fear: if they interrupt, easy to get into a long discussion on one topic
      • Gets less formal the more they know you
    • GB suggests a slide with summary/outline
  • Add changes or corrections to google doc
  • First email to list!
    • Edits were made, no biggie
    • Just send it!
    • Suggest contacting reps
    • GB will add
    • CFTC comment letter?
  • Posters!
    • Really good. But also: typos!
  • The Michael Ralph meeting:
    • Host occupy sec panel or event at NYU
    • Felix salmon?
    • A few members of OtSEC in conversation with scholar/scholars
    • Format after dc AFR—presentations from different people
    • Pursue FS as moderator or w/e
    • Topic: Volcker Rule
    • Dream scenario: Volcker himself
    • Attempt to hit 2 week of april
  • American Banker article
    • Write it if you got it
  • Comment letter:
    • CFTC definite: April 16
    • 165-166 comment letter, april 30 SIFI
      • New restrictions on capital etc
      • If you aren’t a BHC but still important
      • Goldman, clearinghouses
      • Govern the mothers
    • Deadlines: CFTC read by 19, drafted by
    • SIFI go:

Exposure is the most important thing
Occupy actually doing something—325 pages
What are we trying to actually change?
2 minute elevator pitch

Strategy talk:
Brand is as the wonky Occupy SEC guys—the ones they call when they need someone to talk about regulation/loopholes

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