• I would first like to thank His Highness Shaikh Salman bin Hamad Al-Khalifa, Crown Prince and Chairman of the Economic Development Board for hosting this event. Thank you also to His Excellency, Rasheed bin Mohammed Al-Maraj, Governor of the Central Bank of Bahrain, Mr. Mayank Malik, Chairman of the Bahraini Association of Banks and Mr. Robert Ainey, its CEO, for inviting me to be here with you this evening. • I would also like to welcome all of our distinguished guests, including [names TBD] • It is an honor to be here tonight. • Over the past eighteen months, we have experienced the most profound global economic shock of our lifetimes. One year ago, we were in the midst of a crisis of immeasurable proportions, with markets, prices and demand in free fall and liquidity all but non-existent. • Today, following aggressive actions by worldwide authorities , the U.S. Federal Reserve, and the U.S. Treasury with-etheF-autheFities-wecldwitler pFineipal-equity exeltanges-prices have risenaFe-up, spreads and volatility have declined, and credit is once again starting to flowing-again. • If indeed;. as some say, we are a quarter or two away from an economic recovery, it is Fight-te-now time to begin to focus on lesseensthings that we may have learned and what we should-de may need to do differently neret-tirne7in the future • In this context, I would like to share with you some of my thoughts on topics that are central to how at least we intend need-to approach the enenheus challenges that lie ahead. • These issues can be broken into three categories. -ace. Systemic Risk, Regulation, and Reward. Unfortunately Fattest -any of the world's citizens have learned ef—"Systemic Risk" the hard way. They have experienced first hand the financial devastation that Systemic Risk can sow/Feal-eensequenees-ef-persenal-finaneial-less-that-ean happen-quiekly-when-eenfitlenee-in4he-werld-finaneial-ntathets-falteFs: • The near failure of our Fannie Mae