WPBA Hosts Marc Lasry
Pennsylvania’s importance in the tight primary elections caused an influx of prominent speakers to grace Penn’s campus. From famous entertainers like Stephen Colbert and John Legend to activists like Michelle Obama and Hillary Clinton, everyone came to take part in the discussion on the Democratic candidates for the 2008 presidential election.
Marc Lasry, a Wharton Graduate and the Founder and Managing Partner of Avenue Capital Group (an investment fund that buys distressed companies), returned to his alma mater to share his insights on the current state of the American economy and how the next presidential election will affect the business climate in the coming years. Sponsored by the Wharton Politics and Business Association and Penn For Hillary, the event drew a diverse crowd of undergraduate and graduate students from different universities.
The first part of his interactive lecture addressed the economic issues that America is facing due to the turmoil in the housing and financial markets. ”Something big just happened that America hasn’t seen in nearly a century,” he said, referring to the support that the Fed gave to JP Morgan to help it acquire a sinking Bear Stearns (an interventionist policy that goes against the free market principles generally driving economic policy in the United States).
Lasry also shared his personal experiences with firms that are struggling to recover from investments into mortgage backed securities — companies that he deals with every day as part of his hedge fund. ”We’re still not past this problem.Firms are still having trouble cleaning up their balance sheets and it will take some time for them to recover.”
The presentation ended with an informal discussion on the presidential election and how critical the next president’s policies will be for economic recovery.
Related posts:
- WPBA Introductory Meeting
- Pennsylvania Governor Edward G. Rendell Visits WPBA to Discuss “The Future Of Energy”
- A World-Class Evening – Josh Sevin Visits WPBA
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