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Hudson Institute First Think Tank to Highlight Subprime Crisis CHAIRMAN’S LETTER Continued from page 1 featured a paper (avail able on Hud son’s website) by Joseph Mas on of Drexel University and Joshua Rosner of Graham Fisher and Co. The paper presciently argued that risky mort gages and collateralized debt obligations (CDOs) could experience significant losses due to stagnation in the housing market. It raised con cerns that inadequate transparency in the rapidly-growing private label market—and a credit rating in dustry ill-equipped to recognize the risks of CDOs— might trigger a broader financial crisis. “The subprime market is new, and it has grown very fast. It barely ex isted 20 years ago but ac counted for 20% of mortgage originations last year. And as it grew, it changed,” Weicher wrote in a recent op-ed in the Wall Street Journal. The New York Times covered the Rosner and Mason paper on the front page of its business section in February. The paper has also been widely cited in dozens of publications, including the Washington Post, Wall Street Journal, and the Financial Times. The specific concerns about the credit rating industry have subsequently attracted attention on Capitol Hill. Dear Friend of Hudson Institute: I am pleased to report that the last few months have been very productive at Hudson Institute. Policymakers from Honduras to Lithuania to Japan have called on Hudson Institute scholars for timely briefings on today’s global challenges. We have released major new studies on defense cooperation, radical Islam, and U.S.-Russian and U.S.-Turkish relations, as well as the second annual edition of our highly acclaimed Index of Global Philanthropy, which received media coverage in a variety of news outlets, including the Wall Street Journal and C-SPAN. And months before anyone else, Hudson research warned of a possible crisis in the subprime mortgage market. Our press visibility has never been higher, with opinion articles in such prestigious venues as the Washington Post and the Wall Street Journal. Hudson conferences in New York and Washington have been covered by major media outlets around the world. As you begin to consider your end-of-year giving, I ask that you give serious consideration to contributing to Hudson Institute to provide support for the important research we undertake. You can use the enclosed envelope to send us your tax-deductible donation. Your support will allow us to expand the outreach of our unique, future-oriented approach to the critical policy issues of the day. With best wishes, Allan R. Tessler Chairman of Hudson Institute Board of Trustees 2 HUDSON INSTITUTE / FALL 2007
HUDSON MEDIA HIGHLIGHTS ■ FOX NEWS Richard Miniter on al Qaeda September 7 ■ NTV (Russia) Amy Kauffman interviewed on Fred Thompson’s campaign September 4 ■ CBS News Jonathan Paris on U.S.-Saudi Arabian relations August 1 ■ NewsHour with Jim Lehrer Zeyno Baran interviewed about Turkish elections July 23 ■ CBC TV (Canada) Kenneth Weinstein on President Bush’s Iraq speech - August 20 ■ CNN John Fonte discusses immigration August 20 ■ CNN Christopher Sands featured on the Montebello summit August 20 ■ Today Show Ronald Dworkin interviewed about antidepressants July 30 ■ Washington Post Radio Irwin Stelzer interviewed on Prime Minister Gordon Brown’s visit to the U.S. July 30 ■ CNBC Betsy McCaughey on healthcare costs July 24 ■ Al Jazeera Herbert London on the Middle East July 23 ■ CNN Dennis Avery interviewed on global warming July 21 ■ BBC TV Richard Weitz on Russia’s military August 17 ■ EWTN TV Nina Shea on Christians in Iraq August 3 ■ Fox News Channel Anne Bayefsky cited on the United Nations July 21 FALL 2007 / HUDSON INSTITUTE 3
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