How to Predict the Next Financial Crisis
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Event Details
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.
Event Location
Date: Tuesday, February 12, 2013
Time: 11:45 AM
- 04:00 PM
City: Philadelphia
Federal Reserve Bank of Philadelphia
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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.
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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.
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Anthony M. Santomero
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.
He holds the title of Richard K. Mellon Professor Emeritus of Finance at the Wharton School of the University of Pennsylvania, and is on the Boards of Citicorp, Citibank, Renaissance Reinsurance Company Ltd, the Penn Mutual Life Insurance Company, and the Columbia Funds mutual fund complex.
Dr. Santomero was the ninth President of the Federal Reserve Bank of Philadelphia from July 2000 to April 2006. Before joining the Federal Reserve System, Dr. Santomero was the Richard K. Mellon Professor of Finance at the University of Pennsylvania’s WhartonSchool. During his 30-year tenure at Wharton, he held a number of academic and managerial positions, including Deputy Dean of the School.
Dr. Santomero received an A.B. in economics from Fordham University in 1968 and a Ph.D. in economics from Brown University in 1971. He also holds an honorary doctorate from the Stockholm School of Economics in Sweden, received in 1992, and an honorary degree from the University of Rome, awarded in 2003.
Paul McCulley
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.
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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).