Richard Bookstaber on Risk and Financial Technology: Have We Gone Too Far?

Location: Starlight Roof Level:

The author of the new and widely read book A Demon of Our Own Design argues that technology, rather than being a solution in financial markets, is part of the problem—and the creator of even more and potentially calamitous problems. Innovation is running amok, creating immense problems in calculating and managing risk.

The solution? Slowing the pace of change and put the financial innovation genie back in the bottle.

And Bookstaber has a stake in all of this, having self-confessedly been behind the market crash of 1987, and some of the quant crash of 2007. Bill Janeway of Warbug Pincus will have a fireside chat with Bookstaber about risk, technology, and financial markets.

Photo of Richard Bookstaber

Richard Bookstaber

Author of A Demon of Our Own Design

Richard Bookstaber has worked at a number of hedge funds, running the FrontPoint Quantitative Fund, a market neutral long/short equity fund, and overseeing risk management at Ziff Brothers Investments and Moore Capital Management. At Ziff Brothers he also developed and managed the firm’s quantitative long/short equity portfolio.

Prior to joining Moore, Mr. Bookstaber was the Managing Director in charge of firm-wide risk management at Salomon Brothers. In this role he oversaw both the client and proprietary risk-taking activities of the firm, and served on that firm’s powerful Risk Management Committee. He remained in these positions at Salomon Smith Barney after the firm’s purchase by Traveler’s in 1997 and the merger that formed Citigroup.

Photo of Bill Janeway

Bill Janeway

Warburg Pincus LLC

Dr. William H. Janeway has over thirty-five years of practical finance experience in investment banking and venture capital. As Senior Advisor to Warburg Pincus and former Vice Chairman, he initiated and managed the investment strategy for Information Technology that established the firm as a global leader in the domain including funding from start-up such prominent providers of infrastructure software as BEA Systems and VERITAS Software.


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