DOHA, 21st October 2009
The Qatar Financial Centre (QFC) Authority today released the latest issue of its finance and business periodical, QUANTUM Magazine, which contains thought provoking pieces from key opinion leaders, including Sir Howard Davies, Sir Kenneth Warren and William Keegan. In the ninth issue, Sir Howard Davies argues that the root cause of the global financial crisis was that margins operated by the global banking system were too thin and that there was too great a reliance on short-term wholesale funding.
“It was the absence of tough regulation in both the retail and wholesale markets which allowed bubbles to inflate, and which encouraged irresponsible investment bankers to make a fast buck at the public’s expense.”
Also in this issue, Sir Kenneth Warren; politician, engineer and entrepreneur; returns to the controversial subject of executive pay and finds his concerns of two years ago verified by events. “If failure comes along, there is a never-empty trough for which failed people and failed companies can gorge themselves aplenty regardless of responsibility.
Look, for instance at AIG, which having received a $180 billion infusion of tax payers cash, paid out $165 million in bonuses to executives in the very division that precipitated the crisis.”
QUANTUM brings together global experts, offering a range of perspectives to significant international and regional trends in the financial services industry. Its features are thought provoking and encourage debate, challenging conventional wisdom among leading decision makers in the industry.
QUANTUM also for the first time also contains articles from QFINANCE, the printed and online financial best practice resource and database launched by the QFC Authority in partnership with Bloomsbury Publishing in September. QFINANCE is available at www.qfinance.com.
The latest issue of QUANTUM is available in print and can be found online at http://www.qfc.com.qa/en-us/Media-center/Publications/Quantum_Magazine.aspx.
Media Contact:
Steve Martin
Head of Corporate Communications and Marketing
Tel +974 4967755 Mob +974 583 1937 e-mail s.martin@qfc.com.qa
Notes to Editors:
QUANTUM
QUANTUM, which is published quarterly, brings a global perspective in its analysis of significant international and regional trends in the financial services industry. It aims to be thought provoking, to encourage debate and enables leading decision makers to present arguments and challenge conventional wisdoms.
The contributors include senior market practitioners, analysts, academics and journalists, all of whom have many years of experience in assessing what is happening now – and forecasting what is likely to happen in the future.
QFINANCE
QFINANCE - The Ultimate Resource is the brand name of Qatar Finance. It is a dynamic and comprehensive financial knowledge base and reference source containing contributions from some 300 of the world's leading financial practitioners, visionaries, writers and educators. Created by Bloomsbury Publishing and the Qatar Financial Centre (QFC) Authority, QFINANCE online will provide finance professionals, academics, students, journalists and writers worldwide with free access to the huge breadth and depth of its content, together with compelling additional daily content updates and functionality. QFINANCE will also be available as a reference book, which will be updated annually, and sold through leading bookshops internationally.
QFINANCE is the most comprehensive original resource of its kind. It has a database of over 2 million words, covering a huge range of finance-related topics, with over 300 best-practice, thought leadership and viewpoint essays that distil and summarise the most important aspects of finance. It includes the thoughts of finance leaders and experts on the crucial issues and challenges facing finance managers, entrepreneurs and business executives.
Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC will operate to international standards and provide a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No. (7) and has been open for business since 1 May 2005.
QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.
Related Items
•Sir Howard Davies blames Financial Crisis on Thin Margins in the latest issue of Quantum - English PDF