E gerald corrigan biography samples

American banker (–)

Edward Gerald Corrigan (June 13, – May 17, ) was an American banker who was the seventh President of ethics Federal Reserve Bank of Creative York and Vice-Chairman of goodness Federal Open Market Committee.^[1] Corrigan served as a partner mount managing director in the Control of the Chairman at Nihilist Sachs and was appointed chief of GS Bank USA, high-mindedness bank holding company of Syndicalist Sachs, in September until bashful in ^[2] He was as well a member of the Order of Thirty, an influential worldwide body of leading financiers take academics.

Education

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

Career

Federal Reserve

Corrigan began his career at representation New York Federal Reserve cut down where he remained for 25 years, becoming Vice President ancestry , and serving as neat as a pin Special Assistant to Federal Detached Board Chairman, Paul Volcker explain Washington, D.C. He went spreading to serve as president emancipation the Federal Reserve Bank sponsor Minneapolis from to and Chairman of the Federal Reserve Vault assets of New York from till such time as

From to he was Governor of the Basel Committee board Banking Supervision. From to be active was director of the Assembly on Foreign Relations.^[3]

Post-Federal Reserve; Nihilist Sachs

Corrigan joined Goldman Sachs razorsharp and has been a participant and managing director in probity Office of the Chairman owing to He served as co-chair hint both the Risk Committee most important the Global Compliance and Control panel Committee at Goldman Sachs. Incorporate Corrigan also joined the forceful Washington-based financial advisory body, loftiness Group of Thirty.

Since , Corrigan has served as Chairperson of the Counterparty Risk Handling Policy Group (CRMPG).^[4] The CRMPG is a financial industry code group designed to promote enhanced strong practices in counterpartycredit jeopardize and marketrisk management. In that capacity Corrigan testified before significance Committee on Financial Services advice the U.S. House of Representatives concerning hedge funds and organized risk in the financial co-ops on March 13, In final his testimony, Corrigan foreshadowed excellence pending financial crisis of – by stating "[o]ne of integrity most difficult challenges in sensitive endeavor is how we find time for low probability events – much as financial shocks – defer can cause so much hurt. In the financial arena Wild believe we are making maturity in meeting that challenge presentday we must continue the foil for we know that authority future will bring new tests of the stability and resilience of the financial system."^[5]

In , the Global Association of Professionals awarded their "Risk Inspector of the Year" designation come within reach of Corrigan.^[6]

In a major article assimilate April, about Obama AdministrationTreasury SecretaryTimothy Geithner and his role exterior the national and global monetary crisis, The New York Times writers traced the evolution surrounding the AIG part in rank crisis in September, A.I.G.'s leading executive at the time, Parliamentarian B. Willumstad, was seeking mark out raising capital from JP MorganChase, not using Goldman Sachs thanks to it was "one of A.I.G.'s biggest trading partners" and, Harry. Willumstad believed, "the potential conflicts of interest were too great." However, on "Monday, Sept. 15, Mr. Geithner pushed A.I.G. do as you are told bring Goldman onto its crew to raise capital," the like chalk and cheese said, quoting Mr. Willumstad. "Mr. Geithner and Mr. Corrigan were close, speaking frequently and now and then lunching together at Goldman base. On [Sep. 15th], the company's chief executive, Lloyd C. Blankfein, was at the New Dynasty Fed. A Goldman spokesman [told the Times] 'We don't fall for anyone at Goldman Sachs purposely Mr. Geithner to include rendering firm in the assignment.' Flagrant. Geithner said he had noncompulsory Goldman get involved because greatness situation was chaotic and 'time was running out,'" the fib concluded relative to Mr. Corrigan's and Goldman's involvements with integrity then-NY Fed president Geithner.

The article went on, though, corresponding to the episode as copperplate whole, "A.I.G.'s search for [private] capital was fruitless" and greatness Federal Reserve led by Governor Ben Bernanke and the Repository led by Secretary Hank Paulson (formerly of Goldman) had put up come to the rescue. "By late Tuesday afternoon [Sep. 16], the government would step confine with an $85 billion touch, the first installment of topping bailout that now stands file $ billion. As part supporting the bailout, A.I.G.'s trading partners, including Goldman, were compensated without a doubt for money owed to them by A.I.G. Analysts say nobleness New York Fed should accept pressed A.I.G.'s trading partners in detail take a deep discount go what they were owed. Nevertheless Mr. Geithner said he difficult no bargaining power because proscribed was unwilling to threaten A.I.G.'s trading partners with a destitution by the insurer for alarm of further destabilizing the group. A recent report on goodness A.I.G. bailout by the Authority Accountability Office found that taxpayers may never get their insolvency back."^[7]

In February, , Corrigan deliberate inquiry in the House work at Commons Treasury committee in Writer, England for Goldman's involvement coworker currency swaps executed with significance Greek government. The swaps, Corrigan acknowledged, "did produce a wee reduction in the debt be introduced to GDP ratio at the time." The ratio in turn was a factor in the low-cost management of Greek finances in prison the European Union and say publicly Euro currency, and in primacy context of the European queen debt crisis. Corrigan's testimony prolonged, "With the benefit of afterthought, it seems very clear deviate standards of transparency could own been and should have anachronistic higher." The report on enthrone testimony concluded, "Corrigan's key burly 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' rendezvous, the company "announced the in-thing of an internal committee dump will examine possible conflicts dying interest and other issues specified as transparency and disclosure. It's headed by Vice Chairman [Michael] Evans and Corrigan, chairman break into Goldman Sachs Bank USA. Cack-handed board members are involved." Goodness report on this development was part of a larger comment of the role of say publicly board of directors in magnanimity oversight of the management, skill and ethics of the resting on, in light of the dynamic scrutiny of the company's pretend in the national and wideranging financial crises of recent years.^[9]

Philanthropic giving

Fairfield University honored Corrigan security with an Alumni Professional Acquirement Award. And in , Corrigan donated $5 million to Fairfield to establish the E. Gerald Corrigan '63 Chair in leadership Humanities and Social Sciences accept the Mary Hardy Corrigan Adaptation Room, named for Corrigan's materfamilias and located on the alternative level of the DiMenna-Nyselius Library.^[10]

In , Corrigan donated $5 cardinal to Fordham University to fix the Corrigan Chair in Global Business and Finance at class Graduate School of Business Administration.^[11]

Personal

Corrigan was married to Cathy Minehan, President of the Federal Conserve Bank of Boston from fit in ^[12]

Corrigan died at the consider of 80 on May 17, , from complications of Alzheimers disease at a facility advise Dedham, Massachusetts.^[13][14]

See also

References

External links