THE SENIOR MEN'S CLUB OF NEW CANAAN
Minutes of the Regular Meeting of June 24, 2005
President Clancy Fauntleroy opened the meeting with 117 members present. Membership is 509 with one application pending.
ANNOUNCEMENTS. Memorial services for Bill Mackie and Charley Smith were today at the Congregational Church. Bridge, tennis and racquetball as usual. 4F's meeting today at the Woodway Beach Club. Bob Moylan reviewed the recent Richter Park golf outing where most entrants could have qualified for the U.S., Open. Skyblazers are off till Fall. Trailblazers will be walking the Saugatuck Reservoir on 7/19.
COUTH The NYC trip was a big success. Sign-up for the local production of "Midsummer Nights Dream" in progress. Still room on the Jazz Festival trip on 7/30. Tanglewood trip leaves 10:00 AM on 8/14. Need checks for the CIA trip on 10/13, $65.00 PP. September 20 trip to Yale will be $50.00PP.
NO MEETING on 7/1, next meeting on 7/8 with First Selectperson, Judy Neville speaking.
HUMORIST Joe Sweet told us about the drastic misunderstanding of the word "blind" by two naked nuns.
SPEAKER: Lance Cunha spoke about "The Many Faces of Global Risk".
Lance's extensive experience in global banking have shown him the various forms of risk to watch and prepare for. These are: 1) Political, 2) Credit, 3) Market, 4)Systemic,Operational, and Structural, 5)Natural/Environmental, 6)Regulatory, Tax and Legal, 7) Reputational, 8) Demographic, 9) Terrorism/Criminal, 10) Energy/Nuclear.
Lance detailed each of these risks, giving his experience and interpretation of each. For example, while trying to start a leasing program to areas such as Latin America. Finding ways to insure and reinsure these projects where even Lloyd's of London would not participate, was quite a challenge. A project In Mexico ran into terrorism, kidnap & ransom problems, etc. In Saudi Arabia, he had to deal with a religion which does not believe in interest payments.
Lance closed with a brief report on his e4xperience with Arthur Anderson and the Enron debacle where a few individuals ruined the careers of many thousands of good and honest workers.
(Here is the text of his talk)
Harry Hitch, Assistant Secretary