Katie Couric, Jerry Seinfeld and Sir Howard Stringer at the dais, a Pierre Hotel ballroom of eight-tops stuffed with media moguls and tech glitterati, yet Mark Zuckerberg was sitting to my left, at the table nearest the exit, furthest from the dais.
In February, five of the nation's largest banks agreed on a $25 billion settlement over widespread, systemic mortgage fraud and related issues.
The $25 Billion Deal, announced with huge fanfare, was supposed to help up to a million struggling homeowners, primarily via debt forgiveness.
Let's flash forward a few months to see how debt forgiveness is working out in practice.
Banks keep investors in the dark on trillions of dollars of derivatives risk by only reporting net exposure.
Here is a net exposure example to show what I mean. Suppose I owe my sister Sue $250,000 and Uncle Ernie owes me $250,000. My net exposure would appear to be zero.
But what if uncle Ernie is bankrupt or simply will never pay the loan back for any reason. I cannot tell Sister Sue, "I am not paying you back, collect from Uncle Ernie".