How to Predict the Next Financial Crisis
Tuesday, February 12, 2013
7th and Arch St
How to Predict the Next Financial Crisis
Richard Vague, President of the Governor’s Woods Foundation and Managing Partner, Gabriel Investments and Steve Clemons, Washington Editor-At-Large, the Atlantic and Senior Fellow at the American Strategy Forum at the New American Foundation will discuss the findings from their recent paper, “How to Predict the Next Financial Crisis”. An article based on the paper appeared in “the Atlantic” in which they argued that “The highly tempestuous debates between Keynesians and deficit hawks distract from the real causes of the Great Recession and from the solution.” and ”…that to stimulate jobs and economic growth, financial houses should take phased write downs of assets and give loan holders relief and debt forgiveness” The full article is available on line at: www.theatlantic.com/business/archive/2012/07/economic-growth-idea-forgive-or-restructure-debt-us-citizens-hold/260155/
Anthony Santomero, Senior Advisor to McKinsey& Co. and former President of the Federal Reserve Bank of Philadelphia, and Paul McCulley, Retired PIMCO Senior Partner and Chair, GIC Global Society of Fellows, will serve as discussants commenting on the issues raised by Richard Vague and Steve Clemmons. Peter Burns, GIC Board Member and Senior Payments Advisor, Heartland Systems, will moderate the discussion with panelists and our audience.
Richard W. Vague
Richard Vague is a managing partner of Gabriel Investments, an early stage investment fund. He is also Chairman of The Governor’s Woods Foundation, a non-profit philanthropic organization, and managing director of The Miletos Group. Previously, he was co-founder, Chairman and CEO of Energy Plus, an electricity and natural gas supply company operating in states throughout the U.S. that was sold to NRG Energy in 2011. Vague was also co-founder and CEO of two credit card companies – First USA, which grew to be the largest Visa issuer in the industry and was sold to Bank One in 1997, and Juniper Financial, the fastest growing credit card issuer of the past decade, which was sold to Barclays PLC in 2004.
Steve C. Clemons
Steve Clemons is Washington Editor-At-Large for The Atlantic and Editor-in-Chief of AtlanticLIVE and QuartzLIVE. He is also Editor-at-Large for Quartz. At AtlanticLIVE, The Atlantic’s premium events division, Clemons develops concepts and editorial content and leads programs as an interviewer, moderator, and host.
Anthony M. Santomero, Ph.D.Senior Advisor to McKinsey & Company
Anthony M. Santomero is a senior advisor to McKinsey & Company. In this role, he works closely with McKinsey clients and partners globally in the financial institutions and risk management practices.
Paul McCulleyChair, GIC Global Society of Fellows
Paul McCulley is chairman of the Global Society of Fellows of the Global Interdependence Center (GIC). The Society, founded in late 2010, had its inaugural event at the Bank of France in March 2012: Re-Examining Central Bank Orthodoxy for Un-Orthodox Times.
Peter P. Burns
Peter Burns is the senior payments advisor at Heartland Payment Systems Inc, working with the company CEO on industry policy issues and internal strategies. He also serves as a director of Barclays Bank Delaware and chairs its audit committee. Additional board and advisory roles with Consumer Credit Counseling Services of the Delaware Valley, the National Foundation for Consumer Credit Counseling Services, the Global Interdependence Center and the advisory Board of the Boston Fed’s “Survey of Consumer Payment Choice”.
From 2000 to 2009 he served as vice president and founding director of the Payment Cards Center of the Federal Reserve Bank of Philadelphia. He was responsible for the establishment of the Center and its continuing development as a recognized source of expertise and policy insight on issues related to consumer credit and payments. He continues to serve on the Center’s industry advisory council.
From 1996 to 2000 he was managing director of the Financial Institutions Center at the University of Pennsylvania’s Wharton School and continues to serve on its advisory board of directors. Mr. Burns has an extensive background in the financial services industry, having held a number of senior management positions during a 25-year career with CoreStates Financial Corporation and its predecessor, The Philadelphia National Bank.
Mr. Burns received an AB degree from Lehigh University and an MBA in finance from the University of Chicago’s Graduate School of Business (now the Booth School of Business).