The Institutional Risk Analyst

As we told Daniela Cambone last week, the collapse of private equity and credit could be one of the biggest busts we've ever seen on Wall Street. Why? Because the world of private equity and credit is entirely illiquid, something that retail and even institutional investors cannot tolerate in times of market stress.

As a practical matter, no Fed chairman or governor can function without the support of the White House and the US Treasury.