Danielle Ecuyer
speaker
864 appearances
2 recordings
1 series
first heard Oct 2021
last heard Nov 2022
Danielle Ecuyer’s voice in public audio — every appearance, attributed to the second.
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Australian Finance Podcast · How to invest in US companies with Danielle Ecuyer · 11 Oct 2021
podcast
And LTCM, this hedge fund was very highly leveraged and lo and behold, they had said Russia will never default on its debt.
They started to go under.
And at the time I was sitting doing global emerging markets with a guy called Tim Love, who was the global emerging market strategist for Societe Generale.
And he introduced this concept of systemic risk to me.
And this is something that has come around recently with the Evergrande example in China.
And why I want to point it out was up until that point,
you really hadn't had a too big to fail example in financial markets.
But 1998 was probably a pivotal moment where again, Greenspan had to come in, put a lot of liquidity into the system.
You had all the other major banks in America having to bail out LTCM.
And it really set the precedent, which what became the big 2008
crash and ultimately what we're seeing recently.
And I guess the point of what I want to make about March 2020 was that it was quite an unusual crash.
It was very quick.
It was very severe.
And what it showed yet again was kind of the fragility in the financial systems because of all the leverage.
So in March, beginning of April, the Fed started to see that the markets became dysfunctional, okay, particularly in the high corporate debt yield markets.
So you couldn't facilitate trades.
And this, again, is due to hedge funds, all the positions, all the liquidity.
They have redemptions.
They then have to sell if you can't sell.
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