This Is the End


Markets, Risk and Human Interaction

November 8, 2009

I am going to be working at the SEC

I will be working in the SEC's new division of Risk, Strategy and Financial Innovation as Senior Policy Adviser to the Director. Here is a brief article and the SEC announcement. We are facing a critical time for defining the future of the financial system; an opportunity for financial reform that comes only once in a generation (if that), and I am excited to be part of this.

I will still be able to write posts from time to time, but obviously with limits on topics and with appropriate disclaimers. How much free time I have to do so, though, remains to be seen.

I won't be able to publish comments for this post related to the SEC.


  1. This is great news. Congratulations!

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  3. Congratulations. Or should I write condolences? I can't imagine a smarter, better qualified, or more thoughtful person for the job. But, as you undoubtedly know, Washington is a place where intellect often does not prevail.

    I read a recent article entitled "Is Google Making Us Stupid?" I'm tempted to write the policy wonk version, "Is Washington Making Us Stupid?" After you've been here a few months, you'll be able to write that piece.

    Best wishes for success in your latest endeavor.

  4. Congratulations Rick. Excellent News for the world of finance and financial innovation to have someone like yourself serving investors' interests.

    Moving to DC? or in their NY offices?

  5. Congratulations, and glad to hear about the addition of talent to the SEC.

  6. Congrats and good luck! Saw you speak at Buttonwood, hopefully you can rein in some of the risk that you and Mr. Grantham discussed.

  7. Am reading your book, Demons of our own Design. Great stuff, great detail. Good luck at the SEC. They really need you. I am becoming increasingly convinced that no good can come of CDS, particularly if the outstanding exceeds the underlying debt instruments.

  8. This is welcomed news to the entire financial community; even though most practicioners don't realize it. Tools like VaR need to be retired and find their respective place in history. New tools, such as CVaR & GARCH, should become standard practices industry wide. Furthermore, we need to continue to look at science to find the next generation of mathmatics. Kudos to the SEC for choosing the right advisors to usher in the best ideas.

  9. And for a second there I had absolutely given up on the US' ability to regulate financial markets.

    Please please keep the foxes from running the henhouse.

  10. well done, rick, hope you will be able to make some difference.

  11. HAHA I was just dialing up your blog to get your take on the evolving state of "reg/financial reforms", in light of your thinking in Demons.

    Looks like you'll be somewhat muzzled, at least here. That'cool.

    We're all hoping for a less-is-more philosophical outcome (re: volume of additional rules), in favor of w more well grounded world-view, including better understanding of the role and influence of government in producing problems. A lot of time (too much) is being spent these days identifying the symptoms as the problems (ie executive pay, for the most common example).

    Hope you can neuter the polotiks in the process. Congrats.........

  12. Congratulations. Seeing this brightened my day.

    Now, Rick, how do we get a proper discussion of the need for an economic sandbox?

    Those who would want to play risky games would be able to do so to their hearts' content.

    Those who would want a better world would be better able to sustain such.


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