Panel 3: Bankruptcy & Restructuring of Financial Institutions

Barry Adler: Thank you all for being here. It is an honor for me to be on this panel and an honor to moderate it. Let me introduce our panel before we get started. William A. Ackman, the founder and CEO of Pershing Square Capital Management; Marsha Goldstein, a partner and chair of the business finance and restructuring department at Weil, Gotshal; the Honorable Arthur Gonzalez, a judge in the U.S. Bankruptcy Court for the Southern District of New York; and Ed Morrison, the Harvey Miller Professor of Law and Economics at Columbia Law School. Also on this panel is Mike Krimminger, and we\u27re honored to have him here. Mike is a Special Advisor for Policy to the Chairman of the FDIC. I saved him for last because he is going to speak first, and I\u27ll start him off with three questions. What is a non-bank financial institution, and what is systemic risk? We hear both of those terms a lot. Also, does the former affect or cause the latter