I watched a C-SPAN replay tonight of a Jan. 29 panel at Davos in which five industry leaders pontificate about the future of the world. This was after tonight’s 60 Minutes lead report on the exclusive Davos gathering. The 60 Minutes report was as good as ever, but a failure of vision makes itself apparent in the Davos C-SPAN tape.
First, the CEO of a global bank, in response to an all-too-polite question about why the financial sector isn’t moving toward XBRL technology to support transparent securitization, dismissed the question with a statement to the effect that it failed to consider the “quality of the assets” — implying that only the most revered debt securities can hope to return to marketability.
BRUSSELS–As I’m enjoying outstanding Belgian cuisine with the family of a CLOUD, Inc. colleague after a day of meetings about how computer standards can improve the clarity and efficient use of information and provide for more accurate evaluation of the trust that one might place in information, a 500-mile drive south of here the world’s financial leaders are contemplating the future of finance.
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