Finmag (Finmag)
Business  |  December 13, 2010 15:32:22

Oldrich Vasicek: The Czech number one economist


Czech number one economist Oldrich Vasicek, probably the only Czech, who has gained world renown in theoretical economics, says: "We did not like how the rating agencies are working, so we founded the company KMV." Then he sold ... credit rating agency. In billions.

Your niece Nikol is the star of the series Štíbrová Insurance happiness. Giant U.S. insurer AIG is back now - the crisis that struck him fatally - described as a "disaster insurance". You know something about it.

You are right. In the late 80th years I worked for a consulting firm Gifford Fong. We have been independent evaluation of derivative contracts (securities in a broader sense, which are linked to the value of other securities, commodities, stock indices or interest rates should be, note. Red.)various companies. I had the opportunity to see the portfolio of derivative contracts as well as just insurer AIG. I must tell you that this transaction risky, as there was then performed, I have never seen before or since. It was something incredible! Although only a small market movement can cause immediate loss or gain billions of dollars. Net gambling!

During the financial crisis saw AIG's huge losses. It was in light of what you said, a mistake that he - like other large financial institutions - the American taxpayers cleaned up?

I believe that the mistake was that it happened as it happened. The U.S. government should take only the part of the company, which concentrated on the really insurance. The rest should be allowed to fail.

Continuation of the interview can be found athttp://www.finmag.cz/clanek/24257/

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