Securities Industry and Financial Markets Association

• Renovaro recently announced a definitive agreement to combine with the advanced AI Company GEDi Cube Intl Ltd. GEDiCube intends to rebrand as Renovaro AI, as announced on September 29, 2023 .
• Both Leni and Ruud bring extensive, high-level experience in finance and business.
• She also holds several advisory roles, including the Capital Market Committee of the Dutch regulator, the Authority for the Financial Markets.
• Ruud Hendriks brings over 35 years of experience in the asset management industry, having held senior roles at some of the most established financial institutions.

• LOS ANGELES, Oct. 5, 2023 /PRNewswire/ -- Workplace equity technology company Trusaic announces the appointment of eminent pay equity expert Gail Greenfield to Executive Vice President of Pay Equity and Total Rewards Strategy and Solutions.
• "There is no one better suited to help our clients advance their pay equity and DEI strategies than Gail," says Robert Sheen, CEO, Trusaic.
• Greenfield comes to Trusaic from Oracle, where she served as U.S. Pay Equity Program Director.
• "I look forward to helping our clients achieve their pay equity and DEI goals, and innovating with the talented teams across Trusaic to support its industry-leading PayParity software," says Greenfield.

• Appen Limited (ASX:APX), a global leader in providing data services for deep learning and generative artificial intelligence (AI) systems, today announced the appointment of Fab Dolan as Chief Marketing Officer (CMO), effective 12 June 2023.
• View the full release here: https://www.businesswire.com/news/home/20230612434362/en/
  Fab Dolan joins Appen as CMO (Photo: Business Wire)
  Fab joins Appen with over 15 years of experience building iconic global brands such as Android, Google, YouTube, and Cheerios.
• “Fab is an exceptional marketing leader with over a decade of experience building high performing marketing teams for one of the biggest companies in the world,” said Armughan Ahmad, CEO of Appen.
• “As Appen’s first chief marketing officer, Fab will be instrumental in helping to lift Appen’s brand awareness globally, across all industry verticals and markets.

• Convening war rooms, planning speedy bailouts and raising house-on-fire alarm bells: Those are a few of the ways the biggest banks and financial regulators are preparing for a potential default on U.S. debt.
• “You hope it doesn’t happen, but hope is not a strategy – so you prepare for it,” Brian Moynihan, CEO of Bank of America, the nation’s second-biggest lender, said in a television interview.
• What happens if a default occurs is an open question, but economists – including me – generally expect financial chaos as access to credit dries up and borrowing costs rise quickly for companies and consumers.
• But how do you prepare for an event that many expect would trigger the worst global recession since the 1930s?

Preparing for panic

• The meetings are likely to become more frequent as June 1 – the date on which the U.S. might run out of cash – nears.
• “I don’t think it’s going to happen — because it gets catastrophic, and the closer you get to it, you will have panic,” he said.
• That’s when rational decision-making gives way to fear and irrationality.
• The value of Treasurys is likely to plunge in the case of a default, which could weaken bank balance sheets even more.
• And a default would only make that problem worse, with close to 190 banks at risk of failure as of March 2023.

Keeping the financial plumbing working

• Financial industry groups and financial regulators have also gamed out a potential default with an eye toward keeping the financial system running as best they can.
• The Securities Industry and Financial Markets Association, for example, has been updating its playbook to dictate how players in the Treasurys market will communicate in case of a default.
• And the Federal Reserve, which is broadly responsible for ensuring financial stability, has been pondering a U.S. default for over a decade.
• Ultimately, Republicans capitulated and raised the limit one day before the U.S. was expected to run out of cash.
• If that happens, the government would have to use its cash on hand to pay back investors who hold maturing debt.

A self-imposed catastrophe

• Ultimately, I hope that Congress does what it has done in every previous debt ceiling scare: raise the limit.
• Going back to my original question, how do you prepare for such a self-imposed catastrophe?