Executive Chairman:The Unreflected Risks

Three to four weeks ago,it just seemed to me the macro environment seemed to be stabilising,but now it seems a series of old and big question marks have returned,said Roger Altman,co-founder and Executive Chairman of Evercore Partners.These are 1.Europe;2.a weak U.S. recovery;and 3.the fiscal cliff in the U.S.Perception in so many cases is reality.Today the perception is,the Euro crisis is again front and center,with the political tumult in France and the Netherlands,and the PMI out this morning.The crisis is boiling up again.At the same time,the U.S. GDP continues to be profoundly weak.There are two exogenous factors that could be destabilising:1.Iran;and 2.an outright implosion in Europe.Neither one is playing through the markets right now,but they are big risks,Mr.Altman believes. Mr.Altman was an Assistant Secretary of the Treasury from 1977-81 and Deputy Secretary from 1993-95.He has an MBA from the University of Chicago,and serves as a trustee of New York-Presbyterian Hospital and Vice-Chairman of the Board of the American Museum of Natural History. Evercore Partners is a global independent investment banking advisory and wealth management firm. Evercore Partners(EVR)