Local homeowner is new Brit watchdog

From the Financial Times

Michael Cohrs, a former Yank now London-based Brit, with a home in our area, has recently come out of retirement to tame UK banking system risk for the British Government Financial Policy Committee.

NEW RISK WATCHDOG RECRUITS HEAVYWEIGHTS
By Brooke Masters, chief regulation correspondent
Published: February 17 2011 12:56 | Last updated: February 17 2011 12:56

The Financial Policy Committee, a powerful new UK regulator charged with taming system risk will include four banking and regulatory luminaries, Alastair Clark, Michael Cohrs, Sir Richard Lambert and Donald Kohn, as its first external members.

Mr Cohrs, a former head of investment banking at Deutsche Bank, Mr Lambert, former Financial Times editor and former head of the CBI, and Mr Clark, a Treasury adviser known as “Mr Financial Stability” are all well known City figures. Mr Kohn is a former vice chairman of the US Federal Reserve.  FT

Breaking news from the BBC

[FPC] Members will include:

  • Mervyn King, the Bank governor, who will chair the committee
  • four other senior Bank of England staff
  • Donald Kohn, who served as number two at the US Federal Reserve during the financial crisis
  • Sir Richard Lambert, formerly head of the CBI
  • Michael Cohrs, an investment banker who has worked at Deutsche Bank and Goldman Sachs
  • Alastair Clark, a long-time adviser to the Bank and the Treasury about financial stability
  • Lord Turner and Hector Sants, respectively chairman and chief executive of the FSA

The committee will eventually have a fifth independent expert added to it.  BBC

And here’s an interesting quote from Robert Peston, Business editor of BBC News

The creation of the FPC may well be seen as the formal death announcement of a laissez-faire ideology that prevailed in the City of London until the great crash of 2008”  BBC 

About Michael Cohrs

Born and raised in Midland, Michigan, Michael spent his youth in Sharon fly fishing on the Manistee. His parents retired to Kewadin 30 years ago, and he has called it home ever since, even though he spends a lot of time in London.

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About elkrapidslive

More than a lifelong connection to Elk Rapids
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