Energy
Industry Icon Warns U.S.
MIAMI
Karl
W. Miller, a senior energy executive and institutional investor,
today issued the following statement through his advisors warning that the U.S.
Energy Industry is at Major Risk.
Mr.
Miller has repeatedly made it clear that there will be no meaningful economic
recovery in the
This
will require the FDIC and government regulators to substantially increase the
speed in foreclosing on hundreds of banks and other financial institutions,
which are technically insolvent.
Mr.
Miller has consistently warned that an economic recovery based upon the
The
Seasoned
energy management teams can't begin the true work of developing and
restructuring realistic energy infrastructure assets until the financial system
is flushed by the regulators. This task restructuring is best left to true
distressed asset buyers and asset managers working with the FDIC and regulators
who know how to clean up what has become the largest financial and asset
disaster in U.S. history.
Mr.
Miller continues to warn that retail and high net worth investors should not be
investing in the equity and debt markets at the current time, while the major
banks, hedge funds, and private equity funds are holding massive portfolio's of
insolvent investments and not liquid on a majority of their asset based
holdings.
There
is simply too much financial risk for the retail investor to manage and the
sidelines are the safest place right now.
About
Mr. Miller:
Mr.
Miller is a globally recognized energy executive and institutional investor
with a balance of both financial and energy sector expertise. Mr. Miller began
his career on Wall Street during the 1980's and has an extensive background in
banking, commodities trading and risk management.
Mr.
Miller has a long history in the global energy business and has held a variety
of executive management positions both within the
Mr.
Miller has built, restructured and managed energy businesses for major public
energy companies on several continents, including PG&E Corporation, Electricite de France,
Mr.
Miller holds an MBA in Finance from the
Mr.
Miller is currently on medical leave until late 2009.
SOURCE
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