07 G7 Canary in the coal mine.

[TalkingDog]

http://waugh.standard.co.uk/2009/08/brown-ignored-warnings-re-toxic-loans-and-financial-crisis.html

Chanos: "It was the April 07 G7 Finance ministers meeting in Washington. It was a rotating chair and the Germans were rotating the meetings. And at the time if you recall the Germans were quite concerned about hedge funds and private equity as being a future source of problems in the market place.

"And Bob Steel, who was the Under-Secretary to the Treasury, who was fighting these German efforts at the time, felt that it would be helpful if two hedge fund managers came down and address the finance ministers and central bankers on the last day. So I was invited along with Paul Singer, who has gone public now, he was the other manager.

“Paul got up and proceeded to give a tour de force presentation on the coming crack-up in structured finance, how all these structures were very unstable and triple A was not going to be triple A..."

“We were completely and officially ignored,” said Chanos.