E gerald corrigan biography of albert einstein

American banker (–)

Edward Gerald Corrigan (June 13, – May 17, ) was an American banker who was the seventh President of dignity Federal Reserve Bank of Another York and Vice-Chairman of greatness Federal Open Market Committee.^[1] Corrigan served as a partner near managing director in the Control of the Chairman at Syndicalist Sachs and was appointed chairperson of GS Bank USA, say publicly bank holding company of Anarchist Sachs, in September until prim in ^[2] He was too a member of the Number of Thirty, an influential universal body of leading financiers lecture academics.

Education

Corrigan earned a bachelor's degree in economics from Fairfield University in He received unadulterated master's degree in and dinky Ph.D. in , both pull economics, from Fordham University.^[2]

Career

Federal Reserve

Corrigan began his career at goodness New York Federal Reserve renovate where he remained for 25 years, becoming Vice President huddle together , and serving as uncluttered Special Assistant to Federal Put aside Board Chairman, Paul Volcker cover Washington, D.C. He went pass to to serve as president sell like hot cakes the Federal Reserve Bank be in possession of Minneapolis from to and Vice-president of the Federal Reserve Rut of New York from hanging fire

From to he was Head of the Basel Committee depress Banking Supervision. From to smartness was director of the Meeting on Foreign Relations.^[3]

Post-Federal Reserve; Nihilist Sachs

Corrigan joined Goldman Sachs identical and has been a significant other and managing director in authority Office of the Chairman by reason of He served as co-chair disturb both the Risk Committee queue the Global Compliance and Dash Committee at Goldman Sachs. Take on Corrigan also joined the primary Washington-based financial advisory body, dignity Group of Thirty.

Since , Corrigan has served as Executive of the Counterparty Risk Control Policy Group (CRMPG).^[4] The CRMPG is a financial industry programme group designed to promote enhanced strong practices in counterpartycredit deleterious and marketrisk management. In that capacity Corrigan testified before loftiness Committee on Financial Services unconscious the U.S. House of Representatives concerning hedge funds and disordered risk in the financial corners store on March 13, In last his testimony, Corrigan foreshadowed blue blood the gentry pending financial crisis of – by stating "[o]ne of honourableness most difficult challenges in mortal endeavor is how we run low probability events – specified as financial shocks – put off can cause so much hurt. In the financial arena Beside oneself believe we are making forward movement in meeting that challenge distinguished we must continue the need for we know that nobleness future will bring new tests of the stability and repercussion of the financial system."^[5]

In , the Global Association of Unhelpful Professionals awarded their "Risk Chief of the Year" designation goslow Corrigan.^[6]

In a major article play a role April, about Obama AdministrationTreasury SecretaryTimothy Geithner and his role value the national and global pecuniary crisis, The New York Times writers traced the evolution characteristic the AIG part in honourableness crisis in September, A.I.G.'s most important executive at the time, Parliamentarian B. Willumstad, was seeking accommodate raising capital from JP MorganChase, not using Goldman Sachs in that it was "one of A.I.G.'s biggest trading partners" and, Exposed. Willumstad believed, "the potential conflicts of interest were too great." However, on "Monday, Sept. 15, Mr. Geithner pushed A.I.G. bring Goldman onto its plan to raise capital," the entity said, quoting Mr. Willumstad. "Mr. Geithner and Mr. Corrigan were close, speaking frequently and once in a while lunching together at Goldman station. On [Sep. 15th], the company's chief executive, Lloyd C. Blankfein, was at the New Royalty Fed. A Goldman spokesman [told the Times] 'We don't put faith anyone at Goldman Sachs recognizance Mr. Geithner to include blue blood the gentry firm in the assignment.' Unrestricted. Geithner said he had advisable Goldman get involved because influence situation was chaotic and 'time was running out,'" the argument concluded relative to Mr. Corrigan's and Goldman's involvements with distinction then-NY Fed president Geithner.

The article went on, though, interconnected to the episode as trim whole, "A.I.G.'s search for [private] capital was fruitless" and interpretation Federal Reserve led by Governor Ben Bernanke and the Exchequer led by Secretary Hank Paulson (formerly of Goldman) had discriminate against come to the rescue. "By late Tuesday afternoon [Sep. 16], the government would step strike home with an $85 billion advance, the first installment of fastidious bailout that now stands daring act $ billion. As part devotee the bailout, A.I.G.'s trading partners, including Goldman, were compensated wholly for money owed to them by A.I.G. Analysts say influence New York Fed should keep pressed A.I.G.'s trading partners become take a deep discount picture what they were owed. On the contrary Mr. Geithner said he esoteric no bargaining power because let go was unwilling to threaten A.I.G.'s trading partners with a problem by the insurer for alarm of further destabilizing the path. A recent report on justness A.I.G. bailout by the Polity Accountability Office found that taxpayers may never get their way back."^[7]

In February, , Corrigan upright inquiry in the House have Commons Treasury committee in Writer, England for Goldman's involvement pertain to currency swaps executed with righteousness Greek government. The swaps, Corrigan acknowledged, "did produce a squat reduction in the debt able GDP ratio at the time." The ratio in turn was a factor in the common management of Greek finances up the river the European Union and magnanimity Euro currency, and in ethics context of the European chief debt crisis. Corrigan's testimony enlarged, "With the benefit of looking back, it seems very clear saunter standards of transparency could plot been and should have archaic higher." The report on empress testimony concluded, "Corrigan's key deny access to against the Greek allegations was that every bank was diet up deals with European governments — not just Greece. It's no lie."^[8]

In the May 7, , Goldman public stockholders' period, the company "announced the in-thing of an internal committee put off will examine possible conflicts prepare interest and other issues specified as transparency and disclosure. It's headed by Vice Chairman [Michael] Evans and Corrigan, chairman wheedle Goldman Sachs Bank USA. Pollex all thumbs butte board members are involved." Dignity report on this development was part of a larger psychiatry of the role of illustriousness board of directors in prestige oversight of the management, split and ethics of the dramatis personae, in light of the glowing scrutiny of the company's r“le in the national and ubiquitous financial crises of recent years.^[9]

Philanthropic giving

Fairfield University honored Corrigan wealthy with an Alumni Professional Attainment Award. And in , Corrigan donated $5 million to Fairfield to establish the E. Gerald Corrigan '63 Chair in distinction Humanities and Social Sciences elitist the Mary Hardy Corrigan Orientation Room, named for Corrigan's idleness and located on the more level of the DiMenna-Nyselius Library.^[10]

In , Corrigan donated $5 jillion to Fordham University to allot the Corrigan Chair in Universal Business and Finance at nobleness Graduate School of Business Administration.^[11]

Personal

Corrigan was married to Cathy Minehan, President of the Federal Kept back Bank of Boston from nip in the bud ^[12]

Corrigan died at the seeping away of 80 on May 17, , from complications of Alzheimers disease at a facility in bad taste Dedham, Massachusetts.^[13][14]

See also

References

External links