In light of the global financial crisis, government officers from various ministries, as well as financial institution representatives attended a talk entitled 'The Global Financial Crisis: An Academic Research Agenda', held at the Ministry of Finance yesterday.

Professor John B Attanasio, who holds The Judge James Noel Dean and Professor of Law and William Hawley Atwell Chair of Constitutional Law at the Southern Methodist University School of Laws in Texas, United States, delivered the presentation to about 100 guests.

The global financial crisis which has worsened in the third quarter of last year, according to Hjh Rosni Hj Tungkat, the Acting Deputy Permanent Secretary at the Ministry of Finance, particularly after the Lehman bankruptcy, has caused an economic downturn in many countries.

"We have witnessed many people losing their jobs, companies going bankrupt while many are forced to restructure. We saw government bailouts to ensure business continuity and financial stability as well as to maintain confidence," she added.
Aside from elaborating on the causing factors and the effects of the global financial crisis, Professor Attanasio also talked about the various proposals for the future in order to prevent or curb a financial crisis.

"Derivatives should be made transparent, ban short-selling and/or reinstate the Uptick Rule, stabilisation of the price of oil, glassSteagal l should be reinstated, suspend mark to market accounting rules, evaluate reporting and compensation practices of credit rating agencies and reinstate the Market Capital Rule," he said.

Professor John Attanasio has a long list of accomplishments and awards, among them being an advisor to various legislative and judicial officials in emerging democracies in countries around the world, as well as being the co-author with Norman Redlich, Joel Goldstein and the late Bernard Schwartz of the 'Constitutional Law and Understanding Constitutional Law'. He has written numerous articles for legal journals. -- Courtesy of Borneo Bulletin

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