Sunday, April 25, 2010
4:00 pm - 8:00 pm
5:00 pm - 7:00 pm
Monday, April 26, 2010
6:00 am - 7:30 pm
6:00 am - 9:00 am
6:30 am - 7:45 am
The convergence between the retail and institutional landscapes is accelerating through the use of liquid, transparent and regulated vehicles, like 40 Act mutual funds, that do not require the investor to be accredited. Plan sponsors now have more dynamic solutions to efficiently manage risk in retirement plans, which can be critical in mitigating losses and meeting asset goals over a multitude of time horizons. This roundtable discusses the emergence of these liquid non-correlated investment options that are increasingly being made available to retail investors.
Moderator
Sanjay Yodh, Managing Director, Security Global Investors
Speakers
Hal Bjornson, Head of Investment Services Group, J.P. Morgan
Charles Ruffel, Managing Partner, Kudu Advisors LLC
Victor Zhang, Managing Director, Head of Investments, Wilshire Funds Management, Wilshire Associates Incorporated
6:30 am - 8:30 am
Moderators
Sarah Lange, Managing Director, Guggenheim
Lorraine Spurge, Managing Director, Guggenheim
Speakers
Kathleen Brown, Senior Advisor, Goldman Sachs
Joan Lamm-Tennant, Global Chief Economist and Risk Strategist, Guy Carpenter & Company LLC
Lauren Tennant, Product Development Analyst, Argo Group International Holdings Ltd.
6:30 am - 7:45 am
The world is changing rapidly, and the BRIC nations (Brazil, Russia, India and China) are at the forefront of this transformation. While the BRICs share several common strands today, perhaps the most profound is their emphasis on nurturing close strategic and commercial ties with Africa in order to maintain their own domestic economic trajectories. Africa's trade with the BRICs has grown as a proportion of its trade with the world, rising from 4.5 percent in 1993 to 20 percent in 2008. The continent's share of world trade has doubled in the last decade, and China, India and Brazil now rank 1st, 6th and 10th among Africa's largest trade partners. Marginalized for so long, Africa is finally claiming its place in the global economy. This session explores the impact of these trends and the fundamental role being played by the BRICs in Africa's resurgence.
Speaker
Goolam Ballim, Group Chief Economist, Standard Bank of South Africa
6:30 am - 7:45 am
The trends are clear: aging baby boomers, a new emphasis on preventative and alternative health care, the need to address a growing obesity epidemic, food safety and quality considerations, and increased awareness of the need for fitness and activity throughout life. And businesses are responding, with a diverse range of new products and services that include significant advances in nutrition, a growing array of fitness and leisure alternatives, and the development of innovative functional/specialty food products for consumers with specific dietary needs. This panel of health and wellness experts speaks to people's desire to live healthier and more active lives as well as the ongoing evolution of the "healthy living" market.
Moderator
Brian Wood, Managing Director, Investment Banking, Consumer Products Group, Imperial Capital
Speakers
Pierre Fitzgibbon, President and CEO, Atrium Innovations
David Heber, Founding Director, Center for Human Nutrition, David Geffen School of Medicine, University of California, Los Angeles; Professor of Medicine and Public Health, Geffen School of Medicine, UCLA
Guru Ramanathan, Chief Innovation Officer and Senior Vice President, GNC
Trevor Tice, Founder and CEO, CorePower Yoga
6:30 am - 7:45 am
Interviewer
Joel Kurtzman, Senior Fellow and Executive Director of SAVE, Milken Institute
Speaker
Afgan Isayev, Executive Director, Azerbaijan Investment Company, Republic of Azerbaijan
8:00 am - 9:15 am
The economy is clearly looker brighter and more stable than it did 12 months ago, but what are the prospects for building real momentum — and finally adding jobs?

The 2010 Global Conference kicked off with a panel focused on finding answers. An audience flash poll indicated some pessimism, with the vast majority of respondents saying it will be 2013 or later before Americans' net worth will return to its mid-2007 peak.

The panelists expressed major concerns about ongoing policy uncertainty, a growing deficit and the increased role of government. You can't keep changing the rules of the game, insisted Kenneth Griffin of Citadel. The mid-term elections will reveal whether Americans are willing to accept greater government control in the long term.

The consensus was for a real recovery in the next year or two, but Steve Forbes predicted it will be at "half-speed." Marc Lasry of Avenue Capital Group pointed to pent-up demand and good investment opportunities over the next 12-22 months. Longer-term issues like unfunded entitlements and a growing deficit will have to be dealt with, but in the short run, he believes assets will continue to perform. Liquidity is still a problem for small and medium-size businesses, but bank lending should return to this sector in the next year or two.

Our experts predicted a slight dip in unemployment by this time next year, but feel the jobless rate will remain unacceptably high. They worry that trend lines point to longer-term structural unemployment. U.S. productivity has been off the charts for two quarters, noted Griffin, but that hasn't translated into real job creation. He believes that the boom in construction during the bubble years masked the erosion of the U.S. manufacturing base. All panelists urged the administration to focus relentlessly on jobs, jobs, jobs.

We're on a bumpy ride to a new destination, and the old paradigm may not hold anymore, said Mohamed El-Erian of PIMCO. (He wondered how European investors are feeling today as they try to wrap their heads around what's gone wrong in Greece.) The old paradigm may not hold anymore. The Obama administration has a window of about a year to strike a balance between job creation and policies that deal with longer-term structural issues like the deficit.

Moderator
Michael Klowden, President and CEO, Milken Institute
Speakers
Mohamed El-Erian, CEO and Co-Chief Investment Officer, Pacific Investment Management Co. (PIMCO)
Steve Forbes, Chairman and CEO, Forbes Media; Editor-in-Chief, Forbes
Kenneth Griffin, Founder and CEO, Citadel
Marc Lasry, Chairman and CEO, Avenue Capital Group
8:00 am - 9:15 am
Health reform legislation is a positive step toward providing more Americans with insurance, but there's a big omission: The law doesn't do enough to promote prevention, innovation and cures. In a session moderated by CNBC's Maria Bartiromo, panelists discussed taking a broader and more holistic approach to what the concept of health care really means.

At least 70 percent of health spending goes toward preventable diseases, most of which are caused or made worse by lifestyle choices. Obesity is linked to several serious medical conditions — from heart disease to cancer — and its consequences are grave.

Every imperative to lose weight is there. But obesity presents an accumulation of complex socioeconomic factors that influence lifestyle choices. For example, in many communities, especially urban neighborhoods, options for healthy choices are limited, not easily affordable, or in some instances, completely unavailable making healthy choices difficult or impossible.

Prevention, said Wayne Gattinella of WebMD, is a "concept without a champion." Health insurers, pharmaceutical companies and even health-care providers are just not incentivized to promote it. Jay Gellert of Health Net said it's time to wage a war against obesity, the same way we fought the war against smoking. According to Gellert, "right now, we are fighting this war with squirt guns."

Ardis Hoven of the American Medical Association called for educating the public in a meaningful way and ensuring that available information is trustworthy and reliable.

Quickly woven into the conversation were the likely suspects of the ever-expanding waistline — Pepsi, Coca-Cola, McDonalds. Are they to take the brunt of the blame? Perhaps. But the larger question remains: Who's in charge of helping Americans improve their lifestyles, make healthier choices, and enhance productivity?

All panelists underscored that collaboration across sectors — health, policy, business — will be key.

The other side of coin is finding real cures for disease, said Michael Milken, chairman of the Milken Institute and FasterCures. Breakthrough cures will pay tremendous dividends, but we will have to channel capital correctly and streamline the process of translating discoveries into treatments. Milken cited the successful management of polio in the 1950s, and urged policymakers to learn from history.

David Brennan, CEO of AstraZeneca said that it's "about the art of what's possible." The pharmaceutical industry has been treatment-oriented, and for most diseases, there's limited understanding of prevention.

America's leadership in medical innovation is now being challenged on a global scale, and the U.S. should look to science parks in China, a biopolis in Singapore and better science and math education in Asian nations to find best practices. Innovation will thrive in an environment where it's appropriately incentivized and rewarded.

Milken noted that if the U.S. continues to misallocate resources significantly, our future in science will be in question. "What are we as a government going to stand for?"

Moderator
Maria Bartiromo, Anchor, CNBC's "Closing Bell With Maria Bartiromo"
Speakers
David Brennan, CEO, AstraZeneca
Wayne Gattinella, President and CEO, WebMD
Jay Gellert, President and CEO, Health Net Inc.
Ardis Hoven, Chair-Elect, Board of Trustees, American Medical Association
Michael Milken, Chairman, Milken Institute
9:30 am - 10:45 am
The financial crisis has provoked a chorus of calls for increased regulation — and in the past, many laws and regulations were, in fact, created as responses to crises. Should new regulations and regulators be introduced in haste, or should we focus on enforcing existing rules? Should the shadow banking system be regulated, as commercial banks are? Is it to blame for what happened in the U.S. credit and mortgage markets, and does it represent a systemic risk in the future? Should the Fed try to identify and repress asset bubbles in the making? What sort of regulation are we likely to get, given the current political realities? How could governments all over the world better coordinate their rescue efforts when a crisis hits? This panel provides insights on how to reduce systemic risks and promote financial stability.
Moderator
Matthew Bishop, U.S. Business Editor and New York Bureau Chief, The Economist
Speakers
Howard Atkins, Chief Financial Officer, Wells Fargo & Company
James Barth, Senior Finance Fellow, Milken Institute; Lowder Eminent Scholar in Finance, Auburn University
William Haraf, Commissioner, Department of Financial Institutions, State of California
James McCaughan, CEO, Principal Global Investors
Carmencita Whonder, Policy Director, Government Relations Group, Brownstein Hyatt Farber Schreck
9:30 am - 10:45 am
What is the appropriate role for government in the economy? That was at the root of the discussion during "Jobs, Jobs, Jobs."

That core question was approached from a few angles. The panelists spent much of the early part of the session debating the effectiveness of the federal stimulus package and whether the government should have bailed out the banks and the automakers.

While Senate candidate Carly Fiorina said inaction wasn′t an option, she added that she would not have voted for the bailouts and would have approached the stimulus differently, focusing more on increasing access to credit for small businesses, the engine of most job growth. Treasury official Ron Bloom defended the administration′s actions as necessary and successful in stabilizing the financial system and the economy.

Then they discussed what should be done going forward. All four seemed to agree that government needs to review its outdated export controls, and they supported making permanent the research and development tax credit that has been allowed to expire.

As Ross DeVol of the Milken Institute put it, "All jobs aren't created equal," and the R&D credit will help stimulate growth in high-paying, high-tech, 21st century jobs.

Moderator
Adam Lashinsky, Senior Editor at Large, Fortune
Speakers
Ron Bloom, Senior Advisor, U.S. Treasury Department; White House Senior Counselor for Manufacturing Policy
Kevin Boyce, Treasurer, State of Ohio
Ross DeVol, Executive Director, Economic Research, Milken Institute
Carly Fiorina, Republican Candidate for U.S. Senate, California; former CEO, Hewlett-Packard
9:30 am - 10:45 am
In an interconnected world, political, social or economic upheaval halfway around the globe can generate major ripple effects. Which hot spots pose the most significant risk in the minds of national security experts — and investors? Is the United States overly focused on terrorism but too slow to take steps toward mitigating climate change? What steps can we take to make the global financial system more stable? How can we best assess risks and their economic impact? How safe is safe enough?
Moderator
Joel Kurtzman, Senior Fellow and Executive Director of SAVE, Milken Institute
Speakers
Shaukat Aziz, Former Prime Minister, Pakistan
Renee Haugerud, Founder, Chief Investment Officer and Managing Principal, Galtere Ltd.
Shouky Oren, Accountant General, Israel
Peter Schwartz, Co-Founder and Chairman, Global Business Network
Komal Sri-Kumar, Group Managing Director and Chief Global Strategist, TCW Group Inc.; Senior Fellow, Milken Institute
9:30 am - 10:45 am
From serving on presidential commissions to handling sensitive Agent Orange litigation, Kenneth Feinberg is no stranger to emotionally charged negotiations. An impartial and skilled mediator, he was presented with the defining challenge of his life when he agreed to take on the harrowing task of determining compensation for the survivors and families who lost loved ones in the 9/11 attacks. The compensation fund was set up with a clear-cut goal in mind: dissuading the families from suing. But its messy reality presented Feinberg with the agonizing and infinitely complex responsibility of calculating a dollar amount for each victim. In this riveting interview, Feinberg shares a deeply personal account of what it really means to place a value on an individual human life.
Interviewer
Peter Passell, Senior Fellow, Milken Institute; Editor, The Milken Institute Review
Speaker
Kenneth Feinberg, Founder and Managing Partner, Feinberg Rozen LLP; Special Master, TARP Executive Compensation
9:30 am - 10:45 am
Investment in renewable energy dropped in 2009 due to the overall downturn, but what's the outlook for the year ahead? How are projects and start-ups getting financed today? Are low electricity and natural gas prices driving down the sector's appeal? Which technologies are emerging as winners, and which are still a long way from maturity? Did Recovery Act funding change the dynamic? This panel provides insight into the best opportunities in the green energy sector.
Moderator
Paul Deninger, Vice Chairman, Jefferies & Company Inc.
Speakers
Rex Northen, Executive Director, Cleantech Open
Alan Salzman, CEO and Managing Partner, VantagePoint Venture Partners
Tulsi Tanti, Chairman and Managing Director, Suzlon Energy Ltd.
Trond Unneland, Vice President and Managing Executive, Chevron Technology Ventures
John Woolard, President and CEO, BrightSource Energy
9:30 am - 10:45 am
Amid the recession, traditional models of poverty alleviation (charitable giving and government aid) are being supplemented (and in some cases, supplanted) by innovative partnerships and novel blends of public, private and philanthropic capital. A new generation of social entrepreneurs and financiers is demonstrating that their investments can generate financial returns and social impact simultaneously, spurring real economic growth that creates sustainable prosperity. Program- and mission-related investing strategies, for example, provide foundations alternate tools to advance their goals; loan guarantees facilitate the flow of additional capital to urgent needs; public-private partnerships help stretch the funds to meet the demand. During this session, leaders in social finance describe how they are weathering the economic downturns and what tools enable them to do well while doing good.
Moderator
Betsy Zeidman, Director, Center for Emerging Domestic Markets, and Research Fellow, Milken Institute
Speakers
Frank Baxter, Former U.S. Ambassador to Uruguay; Chairman Emeritus, Jefferies & Company Inc.
Shari Berenbach, President and CEO, Calvert Social Investment Foundation
Alexander Friedman, Managing Partner, Asymmetry LLC
Maureen Harrington, Director, Corporate and Investment Banking, Standard Bank, New York
9:30 am - 10:45 am
A panel of experts from across the medical research spectrum said that one of the biggest hurdles on the path to faster medical cures is a growing disconnect between academia and industry.

Moderator Debra Lappin of the Council for American Medical Innovation set the stage by outlining the tectonic shifts in medical research — from new and emerging interdependence of sectors, to flattening of federal funds through the National Institutes of Health, to a newly risk-averse environment in which high-risk, high-reward research is the first to be cut.

In addition, the "easy" achievements have already been accomplished, so moving the needle becomes that much more complicated, said Chris Coburn of Cleveland Clinic Innovations.

Technology is the linchpin that will decentralize industry, empower consumers and encourage innovation, said Usama Malik of Pfizer. He called open innovation - which assumes that firms can and should use external ideas and paths to market as well as their own - as the model of the future because it allows the system to pick innovations early on that are likely to have the most impact.

Among the factors that have led to an unclear regulatory pathway is a lack of understanding of the relevance of science in commercial marketplace, said Lesa Mitchell of the Ewing Marion Kauffman Foundation. Bridging that gap is crucial to turning innovations at universities into commercial products.

Scott Johnson of the Myelin Repair Foundation said that academic models must be reframed to produce results that are more relevant to commercial industry. More than 800,000 academic medical papers are published each year, and industry has a hard time wading through them to find gems, he said.

Private-public partnerships are key, the experts agreed.

"Top-down solutions won′t work," Johnson added. "You can′t force progress through policy, but you can (incentivize) collaboration."

Moderator
Debra Lappin, President, Council for American Medical Innovation
Speakers
Christopher Coburn, Executive Director, Cleveland Clinic Innovations
Scott Johnson, President and Founder, Myelin Repair Foundation
Usama Malik, Vice President of Worldwide Innovation, Pfizer Inc.
Lesa Mitchell, Vice President, Advancing Innovation, Ewing Marion Kauffman Foundation
9:30 am - 10:45 am
We all know that China's economy is undergoing a massive transformation, with profound ramifications for the rest of the world. But what is the real story behind the numbers? This session features a one-on-one interview with Zhouwei Liu, founder and editor-in-chief of the 21st Century Business Herald, China's leading business newspaper. Liu has enjoyed an unparallel vantage point from which to observe the changes taking place in China's economy. In this candid conversation, he addresses a host of issues and trends: What are the current roles of state-owned enterprises, and are they wielding new influence in policymaking? Are real estate markets dangerously overheated in China's major cities? As the private sector grows, how is China's corporate culture evolving? How do businesses and the public view corporate social responsibility and business ethics? And what do all these economic changes really mean for the average Chinese citizen?
Interviewer
Perry Wong, Director, Regional Economics, Milken Institute
Speaker
Zhouwei Liu, Editor-in-Chief, Founder, 21st Century Business Herald
9:30 am - 10:45 am
9:30 am - 10:00 am
11:00 am - 12:00 pm
Ted Turner didn't mince words: "We've gotta get off the Titanic before it sails." He and T. Boone Pickens argued passionately that America has to start weaning itself off foreign oil imports — and do it now.

Their session began with a recap of how president after president has pledged to achieve energy independence, while the percentage of U.S. oil imported from foreign sources in volatile regions has continued to climb. Today the nation imports some two-thirds of its oil.

"We're paying for both sides of the war," said Pickens, insisting that oil money sent to the Middle East is paying for terrorists and the Taliban. He expressed optimism that President Obama has pledged to end oil imports from the Middle East within 10 years, but was quick to add: "We have to remind him." Pickens pointed out that the U.S. represents about 4 percent of world's population but consumes 25 percent of the world's oil, an equation that's just not sustainable. He called for transitioning the nation's fleet of 18-wheelers to natural gas immediately.

The big question of the day is whether Washington has the political will to effect a fundamental change in America's energy consumption. Turner expressed worry about the influence of special interests and argued that the U.S. has to end oil and coal subsidies to level the playing field for renewables.

Pickens pointed out that China is already moving to ensure its energy independence, and the United States can, too. He believes strongly that we will see a strong energy bill passed this year or next, noting how many millions had signed onto the Pickens Plan online. He believes the grassroots effort can make something happen — and "scare the hell out of those politicians."

Both men agreed that time is of the essence and acting is crucial to our children's livelihoods and lives. Reducing America's reliance on foreign oil, transitioning to natural gas and turning to renewable sources will be a win all around, in terms of national security, economic stability, jobs, cleaning up the environment and fighting climate change.

"We have to go to wind and solar eventually," said Turner. "Why not now? . . . Let's do the right thing and we'll all get rich!"

Moderator
Michael Milken, Chairman, Milken Institute
Speakers
T. Boone Pickens, Entrepreneur and Philanthropist; Founder, BP Capital
Ted Turner, Chairman, Turner Enterprises Inc.
11:00 am - 12:15 pm
Boards of directors in corporate America, having failed to stop companies such as Enron and Lehman Bros. from self destructing, will emerge from the financial crisis with enhanced clout, independence and diversity - and a new mandate to really use their new new role to stop abuses and recklessness. "We're entering into an environment where boards are going to be more accountable," said Clifton Robbins, CEO of Blue Harbour Group.

Governance changes are being fueled in part by popular anger over large payouts to bank executives who received federal funding to stay afloat, said Kenneth Feinberg, who on behalf of the Treasury Department determines compensation for the top 25 executives at the seven major financial institutions bailed out by the government. "One of the important lessons of the last two years," he said, is that "the American people want stronger executive compensation reform and regulatory reform to give government institutions more authority over how these corporations manage themselves."

Panelists agreed that boards have fallen short because they are often chosen by CEOs and because shareholders have few means to demand more effective management. Major problems include CEO compensation that is unrelated to performance, directors whose financial interests are not sufficiently aligned with those of the company, a lack of diversity and industry knowledge. Even after the financial crisis, the percentage of directors on bank boards with financial backgrounds rose from 32 percent in 2007 to only 46 percent in 2010, noted Christopher Ailman, chief investment officer of CalSTRS.

In addition to say-on-pay rules that would give shareholders a voice on executive compensation, a major change could come from majority voting rules that would require that a director receive a majority, rather than a plurality, of shareholder votes.

Moderator
Andrew Ross Sorkin, Columnist, The New York Times; Author, Too Big to Fail
Speakers
Christopher Ailman, Chief Investment Officer, California State Teachers' Retirement System (CalSTRS)
Kenneth Feinberg, Founder and Managing Partner, Feinberg Rozen LLP; Special Master, TARP Executive Compensation
Richard Ferlauto, Deputy Director, Policy, Office of Investor Education and Advocacy, Securities and Exchange Commission
Clifton Robbins, Founder and CEO, Blue Harbour Group
James Robinson III, General Partner, RRE Ventures
11:00 am - 12:15 pm
Since their debut in 1993, exchange-traded funds (ETFs) have become a staple portfolio holding for retail investors and institutional investors alike, with worldwide holdings topping the $1 trillion mark. The darling of personal finance pundits, ETFs offer the average investor diversification, transparency and tax efficiency — not to mention greater liquidity and lower management fees than mutual funds. Capitalizing on this new popularity, firms have launched a wave of new product offerings in recent years, including ETFs focused on regions, sectors, dividends, currencies and commodities. We've even seen the advent of actively managed, leveraged and inverse ETFs. This session explores the evolution (and growing pains) of the ETF industry, its ongoing impact on the mutual fund market and future trends for this fast-growing product.
Moderator
Steve Baffico, Senior Managing Director, Head of U.S. Retail Distribution, Claymore Securities/Guggenheim
Speakers
David Hall, Senior Managing Director, Wilshire Associates Incorporated
David Kastner, Market Strategist, Charles Schwab Investment Advisory Inc.
David Morton, Chief Research Officer and Co-Chief Investment Officer, Foxhall Capital Management
Jonathan Steinberg, CEO, WisdomTree Investments Inc.
Raman Suri, Managing Director, Head of Product, U.S. iShares
11:00 am - 12:15 pm
As the recent financial turmoil swept the globe, the world's emerging economies braced themselves, with memories of the 1997 Asian financial crisis still fresh in everyone's mind. But this time, despite a few bumps and bruises along the way, Asia's up-and-coming economies weathered the storm far better than the U.S. economy did. How did they pull off this feat? Part of the answer lies in diversification: Where these nations were once heavily dependent on exporting to the U.S., they have branched out and deepened trade relationships with each other. Huge supply chains have formed in support of Chinese manufacturing; growth in both China and India has opened vast markets for components and consumer goods. What are the new patterns of innovation and investment flow? What is Japan's role in defining the region's economy? What are the rivalries, opportunities and geopolitical changes sweeping through nations such as Thailand, Malaysia, Vietnam, South Korea and Singapore?
Moderator
Mary Kissel, Editorial Page Editor, Wall Street Journal Asia
Speakers
William McCahill Jr., Vice Chairman, JLM Pacific Epoch
Koji Omi, Founder and Chairman, STS forum; former Minister of Finance, Japan
William Overholt, Senior Research Fellow, John F. Kennedy School of Government, Harvard University
John Pattullo, CEO, CEVA Logistics
Vachara Phanchet, Thailand Trade Representative, Office of the Prime Minister
11:00 am - 12:15 pm
Long marginalized, many Native American tribes across the country have amassed substantial assets in recent years. This panel takes an in-depth look at their sources of wealth, from gaming operations to lucrative land rights, and examine how these income streams can be used to improve infrastructure and educational opportunities. When significant wealth comes to a particular tribe, how does it alter the fabric of the community? The discussion also explores how tribes are preparing for the future as they attempt to diversify and invest to create independence.
Moderator
Shawn Baldwin, Chairman, Capital Management Group
Speakers
Joseph Callahan, Assistant General Manager and Chief Financial Officer, River Rock Casino
David Greendeer, Executive Administrative Officer, Ho-Chunk Nation
Bill Lomax, President, Native American Finance Officers Association
Stephen Manydeeds, Division Chief, Indian Affairs, U.S. Department of the Interior
Chris McNeil Jr., President and CEO, Sealaska
11:00 am - 12:15 pm
Even before the economic crisis, some 20 million to 40 million Americans lacked full access to banking services. Why do these people turn to alternatives such as pre-paid cards, check-cashing stores and payday lenders? Are traditional banks too expensive for these consumers, or do they not offer the right products and services? Why do private equity investors see opportunity in this market? What could be the emerging business models?
Moderator
Mark Bremer, Chief Operating Officer, Stax Inc.
Speakers
Roger Dean, Chief Financial Officer, Axcess Financial
Mark Ernst, Deputy Commissioner for Operations Support, Internal Revenue Service
Daniel Henry, CEO, NetSpend
Dan Tarantin, President and CEO, Direct General Corp.
Stephen Vogel, CEO, Grameen America
11:00 am - 12:15 pm
Education delivery is no longer solely "brick and mortar" — today's reference to a teacher standing in front of 25 students in a traditional school setting. As technology expands exponentially, so is education around the globe. Now, with online learning, that same great teacher educating 25 students has the power to educate millions. Ron Packard, CEO of K12 Inc. education provider services, notes not only the increasing numbers of students who can be reached, but also the ease of bringing in teachers at any time. K12 currently involves 3,000 teachers across the nation, all trained online.

Teachers and students around the world are benefitting from education technology of all types — from traditional computers and whiteboards to mobile phones. A cost-effective high-quality Spanish class? There may just be an app for that. If not, there′s a good chance there soon will be.

But the panelists cautioned that while technology is making huge strides in educational access, it is not a panacea. Every corner of the globe may not have a phone line, but every community has people. It will take human capital to educate students and continue efforts over the long term.

High-quality teachers and teacher training are core ingredients of Singapore's successful education system. Before the government made a significant investment in the country's education, half of Singapore's population was illiterate, according to Duriya Aziz, general manager of Singapore Education Publishing. Recognizing that people represented Singapore's strongest resource in a country with a minimal starting point, the government now invests 22 percent of its budget in education (second to defense). Education is perceived as more than job training; it represents hope and opportunities for people to lead better lives.

In Singapore, teacher candidates comprise the top 10 percent of college graduates, compared to the bottom third in the U.S. All teachers go through training at the National Institute of Education. To complement rigorous training, they undergo at least 100 hours of professional development per year. Some teachers participate in up to 200 hours. "The greatest challenge," Aziz notes, "is getting enough teachers."

Although its efforts are in the earlier stages, the government of India has made education a priority with the Right to Education Act. The challenge now, says Ryan Pinto of the Ryan International Group of Institutions, is to implement mechanisms to attract teachers and train them effectively. Pinto's group is implementing programs in house. It is important to incentivize teachers in order to "prepare global citizens and help them do what they do best," says Pinto.

Moderator
Chas Edelstein, Co-CEO, Apollo Group Inc.
Speakers
Duriya Aziz, General Manager, Marshall Cavendish International, Singapore Education Publishing
Joe Blumenfeld, Vice President, Communications, Houghton Mifflin Harcourt
Ronald Packard, CEO and Founder, K12 Inc.
Ryan Pinto, CEO, Ryan International Group of Institutions
11:00 am - 12:15 pm
Water is essential to sustaining life, good health, agriculture — and business. According to the World Health Organization, water scarcity affects one in three people on every continent. But most environmental debate about climate change and green jobs ignores the integral role of water. While there is growing awareness that water scarcity poses a business risk, the hard fact remains that economic growth without water is impossible. This panel brings together business leaders, policymakers and experts to preview the most creative solutions being attempted to meet the water challenge in the United States and around the world.
Moderator
Jonathan Greenblatt, Lecturer, Anderson School of Management, University of California, Los Angeles
Speakers
David Henderson, Founder and Managing Director, XPV Capital Corp.
Alexander Kovaler, CEO, Aquanika LLC
Kevin McGovern, Chairman and CEO, The Water Initiative
Jeffrey O'Hara, Senior Economist, Chicago Climate Exchange
Stella Thomas, Founder and President, Global Water Fund
11:00 am - 12:15 pm
Where will the capital come from to spur innovation in medical research? This session explores solutions to funding gaps and the evolution of collaborative financing models that involve industry, investors and philanthropy. It also discusses the changing role of VCs, prospects for biotechs in the IPO market and where investors see the best short- and long-term opportunities. Can incentives align to attract and sustain sufficient levels of capital to support R&D and bring new therapies and technologies to patients?
Moderator
Margaret Anderson, Executive Director, FasterCures / The Center for Accelerating Medical Solutions
Speakers
Craig Courtney, Special Advisor, Innovative Finance, Global Alliance for Improved Nutrition (GAIN)
Ora Dar, Head of the Life Sciences Sector, Office of the Chief Scientist, Ministry of Industry & Trade, Israel
Stephan Gutzeit, Executive Director, Stiftung Charit
Glenn Yago, Executive Director, Financial Research, Milken Institute
11:00 am - 11:30 am
12:15 pm - 2:15 pm
Ten years ago Mexico′s economy was bigger than Brazil's. A decade later, they've swapped positions.

Asked what Brazil has done right, Mexico′s former president, Vicente Fox, said during the "Global Overview" session that President Luiz Inacio Lula da Silva is the reason Brazil has seen such explosive growth and progress.

Under Lula, Brazil has improved the consistency and permanency of public policy, a key to increased investment from both domestic and foreign sources, Fox said.

In addition, Lula's government has "found a formula" to finance development and get out of the "middle-income trap" - that is, countries that are not technology-savvy enough to compete with rich nations and are not cheap enough to compete with countries like China.

Calling education the "forgotten issue" in South America, Fox said, Brazil has made a conscious effort to focus on developing human capital.

While Fox praised Brazil′s success, he couldn′t help but fly his country′s flag. "The BRIC countries should really be called MBRIC," Fox said with a slight smile.

Moderator
Paul Gigot, Editorial Page Editor and Vice President, The Wall Street Journal
IntroductionBy
Michael Klowden, President and CEO, Milken Institute
Speakers
Vicente Fox, Former President, Mexico
Michael Froman, Deputy National Security Advisor for International Economic Affairs, White House
Jonathan Slone, Chairman and CEO, CLSA Asia-Pacific Markets
Chris Viehbacher, CEO, Sanofi-Aventis
12:30 pm - 1:00 pm
2:30 pm - 3:45 pm
The commercial real estate market has taken a major punch; delinquencies and vacancies have risen across all property sectors. Falling prices have prevented owners from being able to refinance, while the recession has hit the retail sector hard and dampened tenant demand for office space. When will we see CMBS issuance revive? Will investors approach the CMBS market any differently in the future? Will banks create financing incentives for landlords to hold on to their properties? Should the government intervene in the commercial market to the same degree it has in the residential market? Are there opportunities to snap up newly distressed properties that were once overvalued?
Moderator
Lewis Feldman, Partner/Los Angeles Office Chair, Goodwin Procter LLP
Speakers
Harvey Green, President and CEO, Marcus & Millichap Real Estate Investment Services
Richard LeFrak, Chairman, President and CEO, LeFrak Organization
Peter Lowy, Group Managing Director, Westfield Group
Barry Sternlicht, Chairman and CEO, Starwood Capital Group
D. Michael Van Konynenburg, President, Eastdil Secured
2:30 pm - 3:45 pm
Even as the financial industry remains roiled by the tumultuous events of the past two years, a panel of leading investors reckons the fortunes of Wall Street firms will soon be reshuffled again by financial reform legislation, which is expected to become law next month. A more aggressive and risk-averse regulatory and legal environment will transform business models. While the risks are huge, so are the opportunities — especially for global firms with heft and smaller outfits offering more personal services.

Panelists were guardedly optimistic that the final legislation will succeed in its most crucial task: ending a regulatory framework that has allowed financial institutions that are implicitly or de facto government-backed entities to speculate with borrowed money. That is the gist of the Volcker Rule, the plan proposed by former Federal Reserve chairman Paul Volcker, now the chair of President Obama's Economic Recovery Advisory Board.

"I think the wiser heads will prevail and we will see a system with higher capital requirements which are more closely correlated to risk," said H. Rodgin Cohen, a Partner at Sullivan & Cromwell, the Washington, D.C. law firm that is defending Goldman Sachs against the SEC's allegations of financial fraud. The risk, however, is that legislation will be too restrictive, driving activities deemed high risk to the least regulated areas of the marketplace. "That could be the prescription for the next financial crisis," he added.

Big hedge funds will likely gain share as reform legislations forces banks out of the hedge fund game and investors seek firms with sufficient scale to handle a growing asset base and have the ability to provide institutional integrity, transparency and liquidity, said James Dinan of York Capital Management. "In a post-Madoff world, nobody wants to be surprised the money's gone," he said. "The bigger firms will gather more market share. Regulation is expensive and a pain in the neck. But it always favors the big guys."

Even as big firms gain share, smaller firms will have the ability to compete by doing business the old-fashioned way. "Wall Street has gotten away from what many of us [did] in those days," said Kenneth Moelis of Moelis and Company. "Investors want transparent, unconflicted investment advice, so there's a huge opportunity to provide that."

Moderator
Robert Shafir, CEO of Asset Management, CEO of the Americas Region, Credit Suisse
Speakers
H. Rodgin Cohen, Partner, Sullivan & Cromwell LLP
James Dinan, Founder, Chairman and CEO, York Capital Management
Kenneth Moelis, CEO, Moelis and Company
2:30 pm - 3:45 pm
What's the meaning of yes? For Stephen J. Cloobeck, Chairman and CEO of Diamond Resorts International, it translates into a relentless commitment to customer service. It's a principle that's crucial in the hospitality industry, but it applies to businesses of all stripes. In an era when too many firms offer an impersonal, lackluster or unhelpful customer experience, your company can build a formidable brand by developing a culture of service excellence. In this session, Cloobeck details how to give customers the experience and satisfaction they deserve; how to empower your work force to take an active role in this effort; and how to use "The Meaning of Yes" philosophy to achieve a powerful impact on performance.
IntroductionBy
Michael Milken, Chairman, Milken Institute
Interviewer
Frank Luntz, Founder and President, The Word Doctors
Speaker
Stephen J. Cloobeck, Chairman and CEO, Diamond Resorts International
2:30 pm - 3:45 pm
CNBC tech editor Dennis Kneale asked five professionals in the mobile phone industry to name the next cool feature they would like to see on the next generation of handsets. Their replies?

David Owens of Sprint said his favorite feature will be available in July: A phone that shoots video, then streams it to a computer. "I could be at my kids′ soccer game, shoot video, it streams it, and my parents who live 2,000 miles away can watch it on the PC. It′s really cool in that my parents can share and see the kids′ activities live as it′s happening."

Anthony Lewis of Verizon Wireless: Lewis would focus on health care and the ability of an app or device to provide a sick person with the kind of freedom they have when they are well. Whether it′s wearable, carried in your pocket or implanted, it would improve your quality of life, he said.

Irv Henderson of Yahoo Mobile and Local: "Imagine a future where you can use augmented reality." For instance, Henderson said, say you want to buy a car. You could notify five car dealers that you intend to buy in the next two hours and arrange a reverse auction that has them bidding for your business.

Sue Forbes of Motorola: Her fantasy feature would be something that helps the user strengthen their relationships. As the lines between work and home continue to blur, the device would improve your ability to connect with the people you care about, she said.

Anand Chandrasekher of Intel Corp.: Chandrasekher sees great possibilities for multiplayer online gaming.

"Call of Duty," anyone?

Moderator
Dennis Kneale, Media and Technology Editor, CNBC
Speakers
Anand Chandrasekher, Senior Vice President; General Manager, Ultra Mobility Group, Intel Corp.
Sue Forbes, Vice President of Apps and Experiences, Motorola
Irv Henderson, Vice President of Product Development, Yahoo Mobile and Local
Anthony Lewis, Vice President, Open Development, Verizon Wireless
David Owens, Vice President, Marketing, Sprint
2:30 pm - 3:45 pm
The U.S. high-yield markets represent more than $2 trillion in investable assets for institutional and retail investors worldwide. High-yield bond and leveraged loan markets have been the preferred source of financing for many of the largest, most high-profile LBOs and acquisitions over the past decade. But they've also served as sources of income and total return for pension fund beneficiaries, endowments and foundations, insurance companies, family offices and mutual funds. One of the best-performing asset classes of 2009, high yield remains an attractive investment option for institutional investors and a unique source of financing for corporate borrowers. Mark Shenkman, CEO of Shenkman Capital and a pioneer in high yield, weighs in on the past, present and future of leveraged finance. What does the future hold, given our country's current economic and sociopolitical challenges? What opportunities and pitfalls still exist for high-yield investment in the near term? What role will high yield play among institutional investors?
Moderator
Mark Shenkman, President and Chief Investment Officer, Shenkman Capital Management Inc.
2:30 pm - 3:45 pm
Despite its abundance of natural gas, oil and precious metals, Russia has always been considered the riskiest of the BRIC countries for foreign investors. Seeking to change this image, Russian President Dmitry Medvedev has laid out an ambitious plan of modernization that includes cleaning up the nation's pervasive corruption. Medvedev insists that Russia must end its overreliance on commodities, and indeed, its economy contracted sharply in 2008 as oil prices fell. Can Russia diversify and prosper by creating a more knowledge-based economy? Will the recent uptick in foreign investment gain momentum? As oil prices surge once again, is Russia in for another boom-and-bust cycle? What lies ahead for the ruble? What are the risks for foreign corporations doing business in Russia? Ruben Vardanian, chairman and CEO of Troika Dialog and a key figure in Russia's capital markets, sits down for a one-on-one interview that sheds new light on the changes under way in the Russian economy.
Interviewer
Michael Intriligator, Senior Fellow, Milken Institute; Professor Emeritus of Economics, Political Science and Public Policy, University of California, Los Angeles
Speaker
Ruben Vardanian, Chairman and CEO, Troika Dialog Group
2:30 pm - 3:45 pm
Even in good times, emerging domestic markets are often ignored by mainstream banks that wrongly consider them too risky. Today many moderate- and low-income areas have been disproportionately hit by the recession - but investment in these areas could spark significant job creation and a path toward recovery. This session looks at short-term measures, such as supporting community development financial institutions lending to small businesses, along with more ambitious paradigm shifts, such as creating green jobs and truly sustainable communities. Panelists discuss recent initiatives and the importance of emerging domestic markets to our nation's overall economic growth.
Moderator
Betsy Zeidman, Director, Center for Emerging Domestic Markets, and Research Fellow, Milken Institute
Speakers
Frank Altman, President and CEO, Community Reinvestment Fund, USA
Nancy Andrews, President and CEO, Low Income Investment Fund
Austin Beutner, First Deputy Mayor and Chief Executive for Economic and Business Policy, City of Los Angeles
Alicia Glen, Managing Director, Urban Investment Group, Goldman Sachs
Nancy Pfund, Managing Partner, DBL Investors
2:30 pm - 3:45 pm
The federal government has pumped $100 billion into the stimulus to promote innovation and change in the way the nation′s schools are doing business. The effective infusion of education technology can make a significant difference, especially in an age when students are opting for Twitter over the telephone. Are states and districts ready to take the plunge? And do they have enough resources to instill meaningful technological change?

Leslie Conery of the International Society for Technology in Education (ISTE) said the stimulus provides good opportunities, but it is not enough to scale successful programs. ISTE estimates that it would cost $11,695 to transform a middle-school classroom into a 21st century, technology-rich learning environment and nearly $4.9 billion to transform middle schools nationwide. As technology and training go hand-in-hand, these funds would pay for the professional development, training and support, as well as the computer hardware, software, digital curricular resources and other technology devices.

Virtual learning has led to impressive gains in student achievement for both reading and math, but "a challenge," said Ron Packard of K12 Inc., is "getting the district on board with a revolutionary shift to online learning." Without altering leadership structure, the change is a significant adjustment.

The federal Race to the Top competition has created a surge of incentive for states to make necessary education reform changes. Although there were only two winners in the first round, Tennessee and Delaware, the competition prompted states like California to have conversations about bold reform that they would not have otherwise had.

California also changed state laws, which might have been the biggest takeaway, said Rick Miller, deputy superintendent of the California Department of Education. It will continue to be necessary to work with unions throughout the process. Marco Petruzzi, president and CEO of Green Dot Public Schools and a supporter of California's Race to the Top application, noted progress with unions across the U.S. Important to unions will be implementing change gradually as well as ensuring that teacher performance pay and evaluations will be fair and measured by value-added achievement growth.

As the support and quality of teachers are critical to the success of any education reform, Petruzzi was quick to connect educators and technology. "If we improve the level of rigor for teachers," he said, "then technology can really flourish."

Moderator
Thomas Boysen, Chief Learning Officer, GlobalScholar
Speakers
Joe Blumenfeld, Vice President, Communications, Houghton Mifflin Harcourt
Leslie Conery, Deputy CEO, International Society for Technology in Education
Rick Miller, Senior Partner, California Education Partners; Principal, Capitol Impact
Ronald Packard, CEO and Founder, K12 Inc.
Marco Petruzzi, President and CEO, Green Dot Public Schools
2:30 pm - 3:45 pm
Philanthropic investment accounts for only 3 percent of overall medical research spending, a small fraction of government and industry funding. But philanthropy plays an outsized role in catalyzing high-risk research and building new momentum in neglected disease areas. It can also help to bridge the widening "valley of death" in research, enabling innovations to make the transition from basic discovery to later-stage development. How can we encourage more philanthropists to invest — and invest effectively — in the medical research enterprise? How do you measure impact when the bottom line is curing disease?
Moderator
Melissa Stevens, Director of Strategic Initiatives, FasterCures / The Center for Accelerating Medical Solutions
Speakers
Susan Axelrod, Founder and Chair, Citizens United for Research in Epilepsy (CURE)
Melanie Schnoll Begun, Managing Director, Morgan Stanley Smith Barney Philanthropic Services
Matthew Bishop, U.S. Business Editor and New York Bureau Chief, The Economist
Jane Wales, President and CEO, World Affairs Council of Northern California and the Global Philanthropy Forum; Vice President, The Aspen Institute
Anne Wojcicki, Co-Founder, 23andMe Inc.
2:30 pm - 3:45 pm
The volatility of the past two years has forced many high-net-worth families to reconsider how their wealth is managed. Faced with a diverse range of holdings and a complex, fast-changing marketplace, many family offices were unable to move on investment decisions as quickly as events demanded during the financial crisis. As a result, investors who adopted the single-family-office management model are taking a hard look at whether they have the right infrastructure in place. Can economies of scale offer a solution? How can they attract the best talent? This session addresses the broader trends in the wealth management industry and looks at how family offices can adapt to serve their clients going forward.
Moderators
Matthew Eby, Chief Investment Officer, JAWS Estates Capital
Lorraine Spurge, Managing Director, Guggenheim
Speakers
Timothy Berry, Partner, Private Advisors LLC
Patricia Soldano, President, Southern California, GenSpring Family Offices
4:00 pm - 5:15 pm
Can education be improved by throwing money at it? It depends on whom you ask.

Gov. Linda Lingle of Hawaii told a panel of her peers that money isn′t a magic pill for fixing the nation′s schools. Lingle pointed to data that shows spending on education has doubled since 1970 yet reading scores have remained flat in that period of time.

"There is no correlation between the amount of money that′s spent in education in America and the results that are achieved. Absolutely none," she said.

At the same time, Lingle bemoaned the fact that Hawaii's schools were forced to furlough students and teachers 17 days this past school year, and she expects the same next school year.

Wisconsin Gov. Jim Doyle, while conceding that accountability and efficient use of funding are important, gave an impassioned defense of spending on education.

"I would like to respectfully disagree with Gov. Lingle. It IS about money. When you′re talking about having 17 days of furloughs because you don′t have enough money, it′s about money," he said.

Doyle said Wisconsin has held education spending level, and the state hasn′t had furloughs or layoffs. The state spends 13 percent of its budget on higher education and has more students in the university system than at any time in Wisconsin′s history.

"I often say, you can′t tell a second-grader, 'Come back next year when we don′t have a recession, and we′ll give you a good education.' And you can′t tell a kid who's worked all his or her life to earn their way their way into the university system, to tell them, 'I′m sorry, you made all the grades, you did everything expected and you've been a good kid, but we don′t have a place for you in our university system.' "

Moderator
Michael Milken, Chairman, Milken Institute
Speakers
Jim Doyle, Governor, State of Wisconsin
Linda Lingle, Governor, State of Hawaii
Arnold Schwarzenegger, Governor, State of California
4:00 pm - 5:15 pm
Just a year after taking the helm of America's largest public pension portfolio, Joseph Dear said the California Public Employees' Retirement System (CalPERS) is radically rethinking the way it allocates its $213 billion portfolio. Dear told a panel of institutional investors Monday that by year-end Calpers aimed to allocate its assets according to risk factors instead of traditional categories such as stocks and bonds.

"Classic asset allocation uses assumptions that have little evidence supporting them. We're looking to decompose risk to various factors such as interest rates and growth," CalPERS' chief investment officer said.

CalPERS' board will decide its new asset allocation in December. If it adopts the risk-factor approach, CalPERS would be the first major U.S. public pension fund to follow the example set by the Ontario Teachers' Pension Plan (OTTP) more than 10 years ago. "It's hard to move away from (the classic approach), but it's so important after the crisis that we don't continue what we've done in the past," Dear said.

CalPERS has already made progress in its campaign to reduce fees it pays to alternative asset managers - although it has a long way to go to match the operational costs of Ontario's system. Its in-house private equity operation, which employs 55, generates annual returns in excess of 500 basis points compared with investments made as a limited partner, Eroz Uzemeri, senior vice president of OTTP's private capital division, told the panel.

On April 19, CalPERS said that its private equity partner Apollo Global Management had agreed to trim $125 million in fees over the next five years. CalPERS, in tandem with the Institutional Limited Partner Association, is working to rank private equity firms in accord with how well their interests align with those of investors.

"We want limited partners and general partners to make money at the same time," Dear said. "It drives me nuts when managers are making money off the management fee."

Dear, though, should be under no illusion that a risk-factor approach is the magic bullet that will close CalPERS' gaping funding shortfall. "It's not perfect," Uzemeri said. "It depends on assumptions, data and judgment."

Moderator
Liam Kennedy, Editor, Investment & Pensions Europe
Speakers
Robin Claessens, CEO, Invensys Pension Scheme
Janet Cowell, Treasurer, State of North Carolina
Joseph Dear, Chief Investment Officer, California Public Employees' Retirement System (CalPERS)
Scott Minerd, Chief Investment Officer, Guggenheim
Erol Uzumeri, Senior Vice President, Teachers' Private Capital, Ontario Teachers' Pension Plan Board
4:00 pm - 5:15 pm
The events of the past 24 months, especially in the capital markets, have rocked the lives of many investors. They're concerned not only about their capital but also about the structures of their family offices, where to turn for advice and which institutions will be around in the long term (or even the short term). This panel explores the best practices utilized today - by family offices and others - regarding such disparate issues as family governance, succession planning, choosing and retaining top talent (whether in-house or outsourced), and oversight/supervision of all of their varied interests (financial and otherwise).
Moderator
Timothy Lappen, Founder and Chairman, Family Office Group, Jeffer, Mangels, Butler & Marmaro LLP
Speakers
John Duffy, Vice Chairman, J.P. Morgan U.S. Private Bank
S. Alexander Haverstick II, Founder and CEO, Boxwood Strategic Advisors
Anthony Pritzker, Managing Partner, The Pritzker Group
4:00 pm - 5:15 pm
Without a doubt, the United States needs to get serious about managing and reducing its carbon footprint. While the goal may be clear, implementation will be a tall order. What's the best way to get this done: a cap-and-trade system or a carbon tax? Which would be most effective at reducing emissions? Which is most practical? And perhaps most important, is it possible to pass either one given the current political climate? What would be the effect on businesses? What are other countries doing?
Moderator
Richard Saines, Partner, Baker & McKenzie LLP
Speakers
Martina Aufiero, Vice President, Principal Strategic Investments, Goldman Sachs
Daniel Braun, Managing Director, Head of Carbon Trading, Knight Capital Group, Inc.
Chris Hunter, Former Vice President, Carbon Finance, Climate Change Capital
Joel Kurtzman, Senior Fellow and Executive Director of SAVE, Milken Institute
4:00 pm - 5:15 pm
Today technology firms need fresh strategies for specific segments of the global marketplace. Markets are maturing throughout the developed world; the ability to keep sales thriving in North America, Europe, Japan and South Korea hinges on pushing the boundaries of rich multimedia experiences, super-fast broadband and new ways to interact with computing and integrate it into daily life. Meanwhile, there are vast new markets to tap in the developing world, but these consumers demand products with low costs and heightened durability and reliability under more adverse conditions. The tech firms that maintain an edge are focusing on developing new products tailored to today's media-savvy consumer — from on-demand content and online software, richer multimedia and changing interfaces to computing functions that are integrated into cars and homes behind the scenes. At the same time, these companies must find ways to package more established products to appeal to customers in China, India, Latin America and the Middle East. Whether it's mobility, pervasive computing or graphics, what are the most exciting emerging technologies? How will they impact the future of computing? How are the key players adapting to the demands of various global markets?
Moderator
Ernest Wilson III, Dean, Annenberg School for Communication & Journalism, University of Southern California; Chairman, Corporation for Public Broadcasting
Speakers
Laurent Gil, President and CEO, Viewdle
Michael Gough, Vice President of Experience Design, Adobe
Hal Varian, Chief Economist, Google
4:00 pm - 5:15 pm
For security experts, Pakistan looms large as a major hot spot. The Obama administration has dramatically increased economic and military aid in hopes of stabilizing the country and enlisting greater cooperation in the fight against Taliban insurgents and terrorists. But most Westerners don't know much about this vast, complex and multicultural nation beyond the headlines. How has the security situation affected the Pakistani economy? Could growth and modernization effectively counter extremism? Can the nation overcome its infrastructure challenges and deliver the energy needed to power commerce and trade? What are the prospects for improved relations with India? In a candid conversation, Husain Haqqani, Pakistan's ambassador to the United States, provides valuable cultural and political context, and discusses the prospects for bringing stability to one of the world's most volatile regions.
Moderator
Parag Khanna, Director, Global Governance Initiative, New America Foundation
Speaker
Husain Haqqani, Ambassador to the United States, Pakistan
4:00 pm - 5:15 pm
This year's conference highlighted the vital need for creativity and innovation in our thinking about how to fund medical R&D targeting diseases of the developing world.

Moderator Hannah Kettler of The Bill & Melinda Gates Foundation laid the groundwork by invoking the late C.K. Prahalad, who shaped the world's thinking about the market at the bottom of the wealth pyramid. Although Prahalad, who died last week, did not focus specifically on health, Kettler drew the connection between his broader concept and the market for new medical tools that target diseases disproportionately affecting the poor in developing countries. The question is how to attract more investment of resources, financial and otherwise, from a broader set of actors to help meet the health needs of these vast populations.

Holly Wong of the International AIDS Vaccine Initiative pointed to a proposed product development partnership (PDP) that would rely on a donor-backer bond issue to generate upfront funding while reinvesting some of the proceeds from product sales into the development of new products. The idea, according to Wong, would build more sustainability into the model and allow for cross-subsidization by directing proceeds from one disease area to potentially fund R&D in another.

Eric Easom, Program Leader for Neglected Diseases at Anacor Pharmaceuticals, represented the perspective of a small, privately-held biotechnology company that is collaborating with several PDPs. Easom said that, for smaller companies, "push" funding, which provides capital to companies looking to invest in R&D for developing country needs, is preferable to "pull" funding, which rewards companies for their successful investments.

Perhaps the investment climate for neglected diseases should look more like the one for orphan diseases, which are very attractive to investors because of preferential payment and taxation environments and active patient populations. That was the perspective from Stephen Sands of Lazard Healthcare, who felt that the credit markets and venture philanthropy models could provide a source of capital that is better aligned with the high risk nature of investment in medical research than debt instruments such bonds.

Moderator
Hannah Kettler, Senior Program Officer and Economist, Global Health Policy and Finance, Bill & Melinda Gates Foundation
Speakers
Eric Easom, Program Leader, Neglected Diseases, Anacor Pharmaceuticals Inc.
Stephen Sands, Vice Chairman of Investment Banking and Global Co-Head, Healthcare Group, Lazard
Holly Wong, Vice President, Public Policy, International AIDS Vaccine Initiative
4:00 pm - 5:15 pm
Mexico has been coping with a wave of violence, raising red flags about the instability brewing just south of the U.S. border. What's really driving the drug wars? And what does it mean for relations with the United States? Few observers can put Mexico's growing list of challenges into sharper perspective than Vicente Fox, who served as the nation's president from 2000 to 2006. In addition to addressing issues of law and order, he discusses the need for sustainable, long-term economic development in Mexico, which can build on a number of significant advantages to fuel its recovery. Will the key lie in the country's robust manufacturing base? Or its strong trading ties with the U.S. and Canada? Could increased competition be the answer? What reforms are still needed?
Interviewer
John Gapper, Associate Editor and Chief Business Commentator, Financial Times
Speaker
Vicente Fox, Former President, Mexico
4:00 pm - 5:15 pm
This session convenes leaders in the real estate industry and the capital markets for an off-the-record roundtable discussion. It has been a grueling two years for real estate — but as we emerge from the Great Recession, many avenues for opportunity are presenting themselves, from buying distressed CMBS to purchasing FDIC assets to executing on loan-to-own strategies. Participants discuss these and other approaches, and analyze new capital market paradigms for real property investing.
Moderator
Lewis Feldman, Partner/Los Angeles Office Chair, Goodwin Procter LLP
Speakers
Joseph Azrack, Managing Partner, Real Estate, Apollo Global Management
Neil Bluhm, Managing Principal, Walton Street Capital LLC; Founder and President, JMB Realty Corp.
Richard Blum, Chairman, Blum Capital Partners
Bobby Turner, Managing Partner, Canyon Partners LLC
4:00 pm - 4:30 pm
5:30 pm - 6:45 pm
5:30 pm - 6:45 pm
5:30 pm - 6:45 pm
5:30 pm - 6:45 pm
5:30 pm - 6:45 pm
5:30 pm - 6:00 pm
5:30 pm - 6:45 pm
6:45 pm - 8:30 pm
Continuing the discussion that began last year on "Meet the Press" as part of NBC's award-winning special report series on the landmark study "The Shriver Report: A Woman's Nation Changes Everything," Maria Shriver and David Gregory pick up where they last left off. This conversation takes a deeper look at a topic with profound implications for the future of business in America: how the workplace has evolved, which policies really work and how much change is still needed to keep pace with today's 21st-century workforce.
Moderator
David Gregory, Moderator, "Meet the Press," NBC
Speakers
Cathy Benko, Vice Chairman and Chief Talent Officer, Deloitte LLP; Author, The Corporate Lattice: Achieving High Performance in the Changing World of Work
Maria Shriver, Best-Selling Author, Journalist and California First Lady
Anne Sweeney, Co-Chair, Disney Media Networks; President, Disney / ABC Television Group
Saadia Zahidi, Director and Head of Constituents, World Economic Forum; Co-Author, "The Global Gender Gap Report"
8:30 pm - 10:00 pm
Interviewer
Michael Milken, Chairman, Milken Institute
Speakers
Brian Grazer, Producer and Partner, Imagine Entertainment
Sumner Redstone, Executive Chairman, Viacom Inc. and CBS Corp.
Tuesday, April 27, 2010
6:00 am - 8:00 pm
6:00 am - 9:00 am
6:30 am - 7:45 am
Having shown remarkable resilience during the global downturn, Australia offers a compelling story of long-term growth potential, given its strategic location and trade relationships with the United States and Asia's fast-growing economies. In this roundtable, panelists examine the current investment climate and pinpoint the opportunities in a variety of sectors, from energy and mining to real estate.
Moderator
Joel Kurtzman, Senior Fellow and Executive Director of SAVE, Milken Institute
Speakers
Grame Barty, Regional Director for the Americas, Australian Trade Commission
Jim Berson, Mining Executive and President, Colowyo Coal Company, Rio Tinto
Tim Shanahan, Director, Energy and Minerals Initiative, The University of Western Australia
6:30 am - 7:45 am
What is sustainability? It's a word that's frequently used but it's become a catch-all term with many interpretations. Businesses use it to describe their efforts at more socially responsible practices, while advocates for the environment and other important causes use it to establish expectations for others to live up to. But without a clear set of metrics, a benchmark and the proper context, how does anyone know what's really sustainable? How can we compare levels of sustainability from one business, one industry or one community to the next? This off-the-record session will solicit frank discussion among participants. It will thoroughly explore the challenges that limit the wider adoption of sustainable practices and focus on how proper measurement and comparability can facilitate a common understanding.
6:30 am - 7:45 am
8:00 am - 9:15 am
The U.S. government took extraordinary measures in late 2008 and early 2009 to stabilize the economy. With the benefit of hindsight, panelists in the U.S. Overview session were asked what worked and what they would have done differently.

Donald Marron of Marron Economics: The bank bailout worked well, especially in concert with the stress test for institutions that restored confidence in the financial system, he said. But better capital controls could have prevented the crisis in the first place.

David Simon of Simon Property Group: The bank bailouts stabilized the financial system, and commercial real estate saw residual benefits from that. But the effects will be short-lived if governments can′t raise more revenue, he said. Simon advocated taxing Internet sales as a way to increase government coffers while also leveling the playing field for brick-and-mortar businesses.

John Engler of the National Association of Manufacturers: He supported the stimulus package′s focus on infrastructure investment, though he′s not certain the chosen projects will have the most impact. Speaking as the former governor of Michigan, Engler said the recovery act helped stabilized state economies, but he is concerned with what will happen post-stimulus. In retrospect, he thinks more of the package should have gone to infrastructure.

Ron Bloom of the U.S. Treasury: He agreed that more infrastructure spending could have been beneficial, and that not all "shovel-ready" projects that were funded were ideal. However, he said, the economy has clearly improved since the bottom, and the administration will continue its efforts.

Moderator
Ross DeVol, Executive Director, Economic Research, Milken Institute
Speakers
Ron Bloom, Senior Advisor, U.S. Treasury Department; White House Senior Counselor for Manufacturing Policy
John Engler, President and CEO, National Association of Manufacturers
Donald Marron, President, Marron Economics LLC
Michael McCallister, President and CEO, Humana Inc.
David Simon, Chairman and CEO, Simon Property Group Inc.
8:00 am - 9:15 am
Commodity trading definitely isn't for the faint of heart — but it can offer dramatic rewards. The past few years have been nothing short of a roller-coaster ride. What's the outlook going forward? Can gold continue its amazing run? What are the prospects for global commodity demand and supply? Will we see spikes in food prices as we did in 2008? Panelists discuss price trends, the most promising sectors and the impact of China's growing appetite for energy and materials.
Moderator
Robert Bucklin, Chief Corporate Banking Officer, Executive Vice President, Rabobank International
Speakers
Carole Brookins, Managing Director, Public Capital Advisors
Paul Fribourg, Chairman and CEO, Continental Grain Company
Andrew Halle, Chairman of the Managing Board, ECOM Agroindustrial Corp. Ltd.
Joshua Harris, Senior Managing Director, Apollo Global Management LLC; Managing Partner and Co-Founder, Apollo Management LP
C. Larry Pope, President and CEO, Smithfield Foods Inc.
8:00 am - 9:15 am
In a panel that gathered several giants in the world of philanthropy, tennis great Andre Agassi spoke movingly of why he dedicated himself to transforming the lives of children that society has written off.

"There's a child out there that literally doesn't know where the poverty line is, but they definitely know they're beneath it. This child is living in circumstances that I can't even imagine. I don't know what he sees . . . maybe he sees a small apartment, maybe he sees bars on the window. I'm not sure what he thinks . . . maybe he thinks confusion or anger, or maybe he thinks hope. Maybe he feels that if he was given the chance, he could be competitive . . . Education is the only way to make systemic change in a child's life. It's by giving them the tools."

Agassi has done that, all right. His charter school academy, located in an underperforming school district in Las Vegas, recently celebrated its first graduating class — and every single one of those kids is headed to college.

Moderator
Michael Milken, Chairman, Milken Institute
Speakers
Andre Agassi, Tennis Champion; Founder, Andre Agassi Charitable Foundation
Eli Broad, Founder, The Broad Foundations; Founder, KB Home and SunAmerica
Alan Schwartz, Executive Chairman, Guggenheim; Chairman, Robin Hood Foundation
Ruben Vardanian, Chairman and CEO, Troika Dialog Group
8:00 am - 9:15 am
It's been a rocky road for commercial real estate, and especially so for the hospitality sector. The height of the boom brought a wave of overbuilding — and when you combine that with a pullback in spending by business and leisure travelers alike, this sector seems poised for a shakeup. Hotel occupancy rates are ticking up, but is this the start of real improved momentum? How are hotels — especially in the luxury category — changing their marketing strategies and pricing structures? Is the cruise industry faring any better? Which brands are successfully weathering this rough patch, and how are they doing it? Are consumers finally starting to spend again on travel and dining? Are value-oriented chains profiting from a new mindset? Which travel destinations have been hard hit, and which are well positioned? What are the prospects (and risks) for investors looking at distressed properties?
Moderator
Steve Kantor, Executive Managing Director and Global Head of Investment Banking, Cantor Fitzgerald & Co.
Speakers
Stephen J. Cloobeck, Chairman and CEO, Diamond Resorts International
Tilman Fertitta, Chairman, President and CEO, Landry's Restaurants Inc.
Gary Loveman, Chairman, CEO and President, Harrah's Entertainment Inc.
Kevin Sheehan, CEO, Norwegian Cruise Line
Barry Sternlicht, Chairman and CEO, Starwood Capital Group
8:00 am - 9:15 am
In 1990, there were no charter schools. Now there are 5,000 across the country, gaining attention as a viable option for parents. What's more, they are succeeding in some of the nation's toughest neighborhoods. But with their unique freedoms relating to the management of staff and delivery of curriculum, can they have a significant impact on improving the K-12 educational landscape? Can these "pockets of innovation" be scaled up? Should they be?

"If the time is not ripe, then you ripen the time," says Kent Amos of the Dorothy I. Height Community Academy Public Charter School, quoting Height herself. "The charter school movement is essential to the [education] transformation."

The self-proclaimed "father on a mission" (he has fathered or taken in 85 children over the years) works tirelessly behind the belief that all children have the ability to succeed if given the right tools. The idea is not necessarily to scale up one, such as charter schools, but to embrace all effective options and work collectively to help raise student achievement. "What's scalable is success," Amos notes, "wherever you can find it."

Michelle Rhee, chancellor of D.C. Public Schools, agrees. One-third of DCPS students attend charter schools. "D.C. charter schools are a 'proof point' that even in the toughest neighborhoods, students can achieve," she says. "This gives us leverage at the school district to push for innovative reforms."

Impressive charter school data seem to be speaking louder than numbers. And since the time seems to be ripe for education innovation across the country, people are listening carefully.

Moderator
Caprice Young, CEO, KC Distance Learning
Speakers
Kent Amos, Founder and CEO, Community Academy Public Charter School
Jeff Clark, President and CEO, National Heritage Academies
A.J. Duffy, President, United Teachers Los Angeles
John Fisher, President, Pisces Inc.
Michelle Rhee, Chancellor, District of Columbia Public Schools
8:00 am - 9:15 am
Last spring, President Obama visited Cairo and delivered a landmark address to the Arab world. A crucial part of his strategy to launch a new era of engagement was the announcement of a multi-million-dollar technology fund for Muslim-majority countries, designed to jumpstart a new knowledge economy and forge business ties that can bridge cultures. Indeed, the Arabic-speaking world represents a vast untapped customer base of more than 325 million people, with a global market size of $5 billion and a steep forecasted growth rate. Entrepreneurs, investors and representatives from multinational corporations convene in this panel to discuss high-tech opportunities in the Arab world and the most promising new media and IT ventures that are already under way.
Moderator
Omar Wohabe, Partner, Wohabe Law Offices LLP
Speakers
Alaya Bettaieb, Director, Arab Academic Technology Transfer Project, Arab Science & Technology Foundation
Mark Cutis, Chief Investment Officer, Special Situations, Abu Dhabi Investment Council
Barbara Day, Acting Vice President, Investment Funds, Overseas Private Investment Corp.
Neveen El-Tahri, Chairperson, Delta Holding for Financial Investments
Gisel Hiscock, Director, New Business Development, Google Inc.
8:00 am - 9:15 am
A massive transformation is under way in many of the world's largest global industries — in energy generation, management and transmission, as well as lighting, building materials, transportation and water. Clean tech is bringing about rapid modernization through technological innovation and will fundamentally reshape these industries for the 21st century — giving rise in the process to a new set of pioneering companies that will emerge as powerhouses. This private meeting was designed to help major institutional investors understand how to best identify and participate in clean-tech opportunities — and how to prepare for the risks as the status quo is shaken up. In addition to outlining the size and expected growth rates of the key sub-sectors within clean tech, this invitation-only session addressed the fundamental drivers behind the transformation and identified which technologies and markets are approaching near-term maturity and are capable of delivering attractive returns over the coming decade.
Moderator
Joel Kurtzman, Senior Fellow and Executive Director of SAVE, Milken Institute
Speakers
Alan Salzman, CEO and Managing Partner, VantagePoint Venture Partners
John Woolard, President and CEO, BrightSource Energy
9:30 am - 10:45 am
The economy may have entered a slow recovery, but the market for private equity has snapped back so dramatically that buyout firms are struggling to find bargains. "There are still opportunities, but a lot of the low-hanging fruit is gone," said Leon Black of Apollo Management.

Unlike a year ago, when uncertainty was rampant, Black and other industry leaders were bullish on the U.S. and global economies: "The market is telling us things will get a lot better," said David Bonderman of TPG Capital. "Leverage is back in a significant way, at least for good companies, and the bond markets are white hot."

Still, panelists were dubious about the outlook for conventional buyouts. Traditionally, these have been based on an attractive investing environment characterized by low prices, robust financing and stable economic growth. "I posit that we're really missing all three of those today in the U.S.," said Black. Instead, he saw "a lot of good opportunity" in selected distressed real estate investments.

Ted Virtue of MidOcean Partners, a middle-market buyout specialist, said growing government intervention in the economy had become a new risk. "Our industry likes certainty, and the government has now become an event-risk," he said, adding that "wacky" and "populist" legislation is creating uncertainty.

Bonderman cautioned his colleagues "not to be too U.S.-centric." There's a mini-boom underway in almost every Asian economy, he noted, though he warned that China was "on the edge of a bubble again." Black added that he was adopting a more flexible strategy that would allow Apollo to diversify away from plain vanilla buyouts to different areas of credit, such as mezzanine finance, distressed real estate loans and commodities.

Ironically, the downturn in traditional stock and bond markets is a good omen for fundraising. Public pension funds, the backbone of the private equity industry, will be compelled to invest more in the asset class to achieve the high rates of return necessary to prevent government and employee contributions from rising.

"Equity returns over the past decade were effectively zero," noted Bonderman. "But they know that if they want to hit their bogey's, they'll have to shift more funds away from fixed income. In time, it will turn out to be a good thing for private equity and other asset classes which tend to outpeform, especially if you believe inflation is coming."

Moderator
Maria Bartiromo, Anchor, CNBC's "Closing Bell With Maria Bartiromo"
Speakers
Leon Black, Managing Partner, Apollo Management LP
David Bonderman, Founding Partner, TPG Capital
Scott Sperling, Co-President, Thomas H. Lee Partners
Ted Virtue, CEO, MidOcean Partners
9:30 am - 10:45 am
With the health reform law in place, leaders in the industry had more questions than answers about its implications.

"Cost comes from price [of health care] and utilization," said Ceci Connolly who covers health policy for The Washington Post. Measures are in place to curb the soaring cost of health-care services, like lowering readmission rates by addressing preventable underlying causes. But, "we have a lot to do" when it comes to utilization, she said. The law starts to modify behavior by changing incentives, but it requires broader public engagement.

Michael McCallister of Humana Inc. said the great power of consumers can be leveraged with the right incentives, accurate information and transparency throughout the health system. The law puts measures in place that will move the country toward "outcomes-driven care," said Billy Tauzin of the Pharmaceutical Research and Manufacturers of America (PhRma).

Tauzin said the law contains protections for biopharmaceutical research if implemented right. Connolly said the issue of 12-year exclusivity for biosimilars is one of the ongoing arguments among policymakers.

Tauzin said the law does not address the litigation system to stop "defensive medicine." The fear of liability encourages health-care providers to overutilize unnecessary health-care services, which leads to rising costs that do not necessarily bring better care.

Sandy Beaty of Pfizer Inc. said implementing this complex health reform law is a five- to 10-year process. But Tauzin said had Congress and the president not taken action, it would have taken 10 more years to revisit the issue.

Moderator
Sage Kelly, Managing Director and the Global Head of Healthcare Investment Banking, Jefferies & Company Inc.
Speakers
Sandy Beaty, Senior Vice President, Public Affairs, Pfizer Inc.
Ceci Connolly, Staff Writer, The Washington Post
Michael McCallister, President and CEO, Humana Inc.
J. Michael Pearson, Chairman and CEO, Valeant Pharmaceuticals International
Billy Tauzin, President and CEO, Pharmaceutical Research and Manufacturers of America (PhRMA)
9:30 am - 10:45 am
Even after decades of significant investments in education, the U.S. has made little progress in raising student achievement levels and attracting the right numbers of talented educators to do the job, Milken Family Foundation Chairman and TAP Founder Lowell Milken told a packed ballroom of leaders in education, business, policy and the community-at-large.

The new Race to the Top and Investing in Innovation Fund — coupled by an increased commitment to the Teacher Incentive Fund — are signals that the federal government is taking action to reverse this course. The competitive funds have sparked states and districts to think differently about educating their students. But given the resistance to changing the status quo, can the American K-12 system be reformed?

The general consensus of the panelists was yes, but there is still work to be done. Philanthropist Eli Broad and former U.S. Secretary of Education Margaret Spellings say that the Elementary and Secondary Education Act was a good start. Its reauthorization will be critical in moving forward. "Rather than tinkering around the edges," said Spellings, "we need to use time, people and money in smarter ways." And there is no doubt that the end result must be increased student achievement.

"Effective reform boils down to student achievement," Sacramento Mayor Kevin Johnson said. "Anything short of that is unacceptable." Johnson offered four key factors in achieving reform: changing the culture of a school, increasing accountability, prohibiting excuses and having great people. This not only means teachers, but also principals and school board members.

Kevin Guitterrez made great people the core of education strategy while serving as chief academic officer of the Algiers Charter Schools Association (ACSA) in New Orleans. He is now continuing his work as deputy superintendent of the state's Recovery School District. At ACSA, Guitterrez's team adopted TAP: The System for Teacher and Student Advancement, embedding it into the charter. TAP is a powerful, comprehensive school reform that offers educators career advancement, ongoing data-driven professional development, rigorous teacher accountability based on clearly defined teaching standards, and performance-based pay. With TAP, ACSA is able to get the right people to become teachers, develop them into effective instructors and ensure that the system can deliver the best possible instruction.

Tony Miller, U.S deputy secretary of education, highlights this ultimate goal of an aligned approach. He notes that an instructional system that aligns teacher and principal preparation to high standards and accountability will be productive. When it comes to evaluation, the system must take student achievement into account. In his conversations with teachers, they say that they welcome evaluation if it is done fairly. "Evaluation systems must be based on clear standards, provide regular monitoring, ongoing feedback and intervention in the form of professional development, and be delivered by trained evaluators," Miller said.

Other critical factors in effective sustainable school reform are selecting talented principals, motivating students, engaging parents with user-friendly information and creating public/private partnerships.

-- Jana Rausch, Senior Manager of Media and Public Affairs, Milken Family Foundation

Moderator
Lowell Milken, Co-Founder, Knowledge Universe Education; Founder, TAP: The System for Teacher and Student Advancement
Speakers
Eli Broad, Founder, The Broad Foundations; Founder, KB Home and SunAmerica
Kevin Guitterrez, Deputy Superintendent, Louisiana Recovery School District
Kevin Johnson, Mayor, City of Sacramento
Anthony Miller, Deputy Secretary, U.S. Department of Education
Margaret Spellings, President and CEO, Margaret Spellings and Company; former U.S. Secretary of Education
9:30 am - 10:45 am
Having an effective infrastructure is crucial to any nation's ability to compete in the world economy. Facilitating the movement of people and goods can spark growth and recovery. Here in the United States, many observers have been calling for a greater focus on infrastructure maintenance and investment, especially while nations like China are embarking on ambitious building projects. For emerging nations, infrastructure development takes on critical importance — not only to improve transportation and trade, but also to deliver water, electricity, communications, education and health care to growing populations. The ability of rising powers such as India and Brazil to fulfill their potential will be directly linked to their ability to modernize aging and inadequate infrastructure. Which nations are taking the lead in infrastructure development, and which ones are falling behind? How are they absorbing the huge costs? How quickly will these projects pay off? What are the opportunities for investors?
Moderator
Daniel Casse, President, G100; Managing Partner, High Lantern Group
Speakers
Pierre Beaudoin, President and CEO, Bombardier Inc.
Martin Koffel, Chairman and CEO, URS Corp.
Steven Loranger, Chairman, President and CEO, ITT Corp.
Robert McCord, Treasurer, State of Pennsylvania
Michael Ward, Chairman, President and CEO, CSX Corp.
9:30 am - 10:45 am
In a world of instant information and nonstop media messages, it's more vital than ever for businesses to have a compelling and well-defined online presence. Tapping into social media networks is now indispensible: Facebook has grown to 400 million users (including 120 million out of a possible 180 million total Internet users in the U.S.). Friendcasting (friends uploading a link to content or a website on their Facebook page) is driving even more traffic across the Internet than Google. The way that businesses of all sizes penetrate the Internet, mobile and social media can spell the difference between success and failure. Analysts predict that companies will be spending an additional $50 billion to advertise in these mediums in the next few years. This panel reveals the ins and outs of attracting and building an online and mobile audience — and doing so in a way that sharpens your brand and makes it more competitive in the global marketplace.
Moderator
Mike Zapolin, Author, "Internet Warrior"
Speakers
John Battelle, Founder, Chairman and CEO, Federated Media
David Liu, Managing Director and Head of Digital Media and Internet, Jefferies & Company Inc.
Andrew Miller, Entrepreneur and Founder, Internet Real Estate Group LLC
Michael Steib, Director of Emerging Platforms and TV Ads, Google
9:30 am - 10:45 am
Children are increasingly exposed to a complicated digital world — one that involves integrated marketing, sponsorship and peer-to-peer networks. Many governments and civic groups seek to regulate or limit the volume and type of digital marketing available to kids, hoping to protect them from everything from consumerism to exploitation. Companies are facing increasing pressure to devise clear policies on their marketing activities as they attempt to reach this almost $2 trillion market of young consumers. Using a partnership approach involving business, government and nonprofits, the risks and benefits of digital technology in children's lives could be balanced. This private meeting discussed how such a partnership could educate and empower Next Gen consumers to make more informed choices. What are the available tools for children, students and parents? What are the incentives for the business community to play a responsible and active role in achieving this goal? How can parents bridge the digital divide with their more Web-savvy children to keep them protected?
9:30 am - 10:45 am
U.S. policymakers are taking a hard look at ways to diversify the nation's energy portfolio, and biofuels hold tremendous appeal as an energy source that could be produced domestically, generating jobs and creating major opportunities for the U.S. agricultural sector. But despite their promise, biofuels must overcome considerable hurdles, from tight credit markets and skittish investors to a lack of retail outlets. What are the primary barriers to funding — and what are the solutions? Does corn deserve another chance? What can subsequent generations of biofuels learn from the ethanol industry's experience? How close are we to developing potentially game-changing end molecules? What role should the government play in launching this fledgling industry, and how can federal efforts attract private capital?
Moderator
Joel Kurtzman, Senior Fellow and Executive Director of SAVE, Milken Institute
Speakers
Alan Boyce, President and Chairman, Adecoagro
Desmond King, President, Chevron Technology Ventures
Steve McCorkle, Founder and CEO, Agricultural Waste Solutions Inc.
Joel Velasco, Chief Representative in North America, Brazilian Sugarcane Industry Association (UNICA)
9:30 am - 10:45 am
It's the mother lode of all potential markets: China's sheer size and its sizzling growth rate are powerful attractions for businesses of all types. But it pays to look before you leap. This year the World Bank ranked China only 89th in the world for general ease of doing business — and a dismal 151st for the ease of starting a business. Which strategies really work for gaining a foothold in China? What hurdles and potential pitfalls do business owners and investors need to be aware of? Why do some companies grow and prosper in China while others fail to achieve critical mass?
Moderator
Joseph Kahn, Deputy Foreign Editor, The New York Times
Speakers
Janet Cowell, Treasurer, State of North Carolina
Stephen Dover, Managing Director and International Chief Investment Officer, Franklin Global Advisors, Franklin Templeton Companies LLC
Paul Fribourg, Chairman and CEO, Continental Grain Company
Zachary Karabell, President, River Twice Research; Fellow, Milken Institute
Donald Tang, Founder and CEO, CITIC Securities International Partners
9:30 am - 10:45 am
As the foiled Christmas Day bombing, the attack at Fort Hood and other recent incidents show, terrorism is still a very real concern for the United States. Meanwhile, terrorist strikes continue to claim lives around the world, especially in the Middle East, Pakistan and Afghanistan. This session considers how we are changing our tactics in fighting terrorists, what's working, what's not and what's next. Here at home, the TSA's screening of passengers has been criticized as ineffective, heavy-handed and invasive — and yet the effort to screen air cargo still lags behind. Is it time to shift our priorities? Has the U.S. overemphasized airport security while leaving other important potential targets vulnerable? Should Yemen be the new focus of anti-terrorism efforts? Should we change our whole approach to terrorism? Is there a smarter way to enhance our security while maintaining individual privacy and civil liberties?
Moderator
Michael Intriligator, Senior Fellow, Milken Institute; Professor Emeritus of Economics, Political Science and Public Policy, University of California, Los Angeles
Speakers
Wesley Clark, Army General (ret.) and former Supreme Allied Commander, NATO; Chairman, Rodman & Renshaw
Brian Jenkins, Senior Advisor, Rand Corp.
Erroll Southers, Associate Director, Center for Risk and Economic Analysis of Terrorism Events, and Adjunct Professor, University of Southern California
9:30 am - 10:45 am
Situated at the strategically important crossroads where Europe meets Asia, Georgia has undergone almost a decade of reforms aimed at modernizing and privatizing its economy. The World Bank's "Doing Business" report named Georgia as the world's top reformer in 2006, and ranked it 11th globally for ease of doing business in 2010. How did this transformation come about in a nation once mired in poverty, corruption and crime? In a one-on-one interview, President Mikheil Saakashvili discusses his drive to streamline regulation and taxation with the goal of making Georgia more business-friendly and more attractive to foreign investors. In this candid conversation, he evaluates Georgia's progress as it seeks to build a democratic society and continue on a path to prosperity.
Interviewer
Jeffrey Gedmin, President and CEO, Radio Free Europe/Radio Liberty
Speaker
Mikheil Saakashvili, President, Georgia
9:30 am - 10:45 am
The longevity market represents an opportunity for institutional investors to access an alternative asset class largely uncorrelated to the broader markets. The fastest-growing sector of this market involves micro-longevity (longevity-linked assets underwritten on an individual basis). These assets include life settlements, structured products, indices and other investments based on longevity that offer multiple risk/return profiles enabling institutions to engage in transactions tailored to their individual goals. The panel discussed opportunities for institutional investors that are becoming available as the micro-longevity market continues to expand.
Moderator
Scott Willkomm, Senior Vice President, Business Development, Coventry
Speakers
Michael Goodman, Founding Partner, CQ Solutions
Daniel Passage, Partner, O'Melveny & Myers LLP
Jessie Puchon, Principal, Patpatia & Associates Inc.
11:00 am - 12:00 pm
Everybody talks about innovation, but these people actually do something about it.

Each of these innovators has a great story to tell, and the tales are far more compelling coming from the source. If you have time, watch the panel video from start to finish. If you don't, the clips below will give you the flavor.

Frank Gehry is charming and self-effacing as he tells how a simple ceramics class led to his groundbreaking career in architecture. Stick around long enough to hear him talk about the "curtain building" in Manhattan. It starts about eight minutes into the video.

Biz Stone talks about his previous career as a book-cover designer and how he watched Twitter become a tool for social change. It′s about 20 minutes into the video.

Anthony Atala, a researcher in regenerative medicine, shows how organs can be made on a ... desktop inkjet printer! "But instead of using ink, we use cells." This must be seen to be believed. Start at 36:30 in the video.

Majora Carter, a pioneer in urban sustainability, says her green jobs project in the South Bronx is transferable to all regions with high unemployment and few resources that don′t match the traditional profile of a ghetto. "Ghettos come in many, many, many different colors around this country." It's around 5:15 into the video.

Moderator
Richard Sandler, Executive Vice President, Milken Family Foundation; Partner, Law Offices of Maron & Sandler
Speakers
Anthony Atala, Director, Wake Forest Institute for Regenerative Medicine; Chair, Department of Urology, Wake Forest University School of Medicine
Majora Carter, President, Majora Carter Group LLC
Frank Gehry, Architect, Gehry Partners LLP
Biz Stone, Co-Founder, Twitter
11:00 am - 12:15 pm
CDS. CDO. CLO. ABS. MBS. CMBS. ETC.

It's one of the fallouts of the financial crisis. Acronyms for financial products have gotten a bad name. "All acronyms are evil in today's world, but not all are," Tony Ressler of Ares Management said Tuesday. Structured products, as they're called, are "just assets in a box," said Todd Boehly of Guggenheim. The key is looking beyond the acronym to the credit quality of the assets in that box. "We've lost sight of that in this country," he said.

It's a dangerous trend, according to panelists discussing the crucial role lending plays in job creation. Although large companies are once again enjoying easy access to credit, small- and mid-size business that are the engines of job creation continue to have difficulty borrowing money. In the U.S., just 500 companies are judged to be investment grade, said moderator Michael Milken. Between 1970 and 2000, these companies shed a total of 4 million jobs. In contrast, non-investment-grade firms generated 62 million jobs.

Yet when put together by non-banks such as loan funds and business development corporations, securities backed by receivables from loans, a.k.a. collateralized loan obligations, or CLOs, are disadvantaged by accounting rules that differ from those of larger banks. During the financial crisis, for instance, financial institutions had to mark down the value of CLOs based on values in the secondary market, unlike larger financial institutions which could continue to value the assets at their original price.

"When people needed lending the most, we were restricted by accounting," said Milken, adding that regulatory change was essential to enable lending that would support companies that would generate jobs.

Moderator
Michael Milken, Chairman, Milken Institute
Speakers
Todd Boehly, Managing Partner in the Office of the Chief Executive, Guggenheim
Andy O’Brien, Managing Director and Co-Head of Syndicated and Leveraged Finance, J.P. Morgan
Tony Ressler, Founding Partner, Ares Management LLC
James Zelter, CEO, Apollo Investment Corp.
11:00 am - 12:15 pm
Is nuclear disarmament a pie-in-the-sky goal? It's a task that's been made all the more complicated by the specter of terrorism — and all the more urgent by the prospect of a nuclear Iran.

The Global Conference gathered a panel of leading policy experts to debate the Obama administration's recent moves to reduce stockpiles in concert with the Russians and to evaluate the threats posed by Iran, North Korea, terrorist groups and even lone actors.

James Woolsey, former CIA director and currently of counsel at Goodwin Procter LLP, disagreed with Obama's willingness to take a nuclear strike off the table in case a U.S. ally undergoes a biological attack but the perpetrator nation is abiding by the terms of the nonproliferation treaty. Woolsey is not one for utopian dreams of a nuclear-free world; he urged a more hard-nosed approach of thinking like the bad guys and suspecting the worst. His major worry is a nuclear Iran, and he highlighted the radical nature and unpredictability of the current regime.

Far more supportive of the current administration's stance was former U.S. national security advisor Brent Scowcroft. He and Scott Sagan of UCLA maintained that good-faith reduction efforts are crucial, along with developing better verification methods. But all concurred that the Iran problem is looming, and the window for heading off a major confrontation is closing fast.

Don't miss the video of this intense policy discussion.

Moderator
Albert Carnesale, Chancellor Emeritus and Professor, University of California, Los Angeles
Speakers
Scott Sagan, Caroline S.G. Munro Professor of Political Science and Co-Director, Center for International Security and Cooperation, Stanford University
Brent Scowcroft, President, The Scowcroft Group, Inc.; former U.S. National Security Advisor
R. James Woolsey, Venture Partner, VantagePoint Venture Partners; Of Counsel, Goodwin Procter LLP; former Director, Central Intelligence Agency
11:00 am - 12:15 pm
Thanks to increased longevity and falling fertility rates, the work force in the developed world is aging rapidly. Yet many governments, companies and individuals alike are financially unprepared as the baby boomer generation hurtles toward retirement. National and local governments rely on public pension systems, many of which are underfunded. Some private pension plans are also falling short of their obligations, while the recent recession has eroded individual retirement plans. All of this raises the question: How will we pay for everything that retirees expect? What are the realistic prospects for bringing public and private obligations in line with revenues? Can we create new incentives for future retirees to increase their own savings? Will we have to adjust our entire notion of what it really means to retire?
Moderator
Bradley Belt, Chairman, Palisades Capital Advisors LLC; former Executive Director, Pension Benefit Guaranty Corp.
Speakers
David Blitzstein, Special Assistant for Multiemployer Funds, Collective Bargaining Department, UFCW International Union
Jill Cuniff, President, Edge Asset Management
Robert Kleine, Treasurer, State of Michigan
Robert Reynolds, President and CEO, Putnam Investments
Jeb Spaulding, Treasurer, State of Vermont
11:00 am - 12:15 pm
What if students looked up to the world's greatest scientists and engineers just like they do our star athletes? Shelly Esque of Intel thinks that this shift in mindset would go a long way toward improving STEM (science, technology, engineering and mathematics) education and increasing the numbers of U.S. scientists and engineers.

That's not to say that all students should be transformed into "Science Guys," but if math and science are presented in more fun and relevant ways in the early stages, there's a good chance that students would gravitate towards those fields. That's why Intel has created programs such as the Intel Computer Clubhouse Network. The after-school program utilizes students' interests in music, art, graphics and even video games to help them develop a love for math and science. Knowledge Universe created a hands-on camp called Champions Science Adventures, which, according to Strategic Initiatives Senior Vice President Nina Rees, has helped increase student test scores by 12 percent. This year's program will allow students to build a robot, become mini-astronauts, solve an Egyptian mystery and leap into a wild animal adventure.

Work is also being done at the federal level to improve math and science education. "The world today is defined by science and technology," said Michael Lach, special assistant for science, technology, engineering and mathematics Education at the U.S. Department of Education. "We have two main objectives in improving math and science: to prepare the next generation of scientists and engineers and to improve the overall understanding of science and math. With the president's commitment and federal resources, we are at a remarkable time now that we can do it."

President Obama has launched the "Educate to Innovate" campaign to increase STEM literacy so that all students can learn deeply and think critically in science, math, engineering, and technology. He hopes to move American students from the middle of the pack to top in the next decade and expand STEM education and career opportunities for underrepresented groups, including women and girls. National Lab Day was launched last year, which joins students and educators with volunteers, university students, scientists, engineers and others to bring real-world science experiences into the classroom. This year's National Lab Day will be celebrated on May 12.

"It's important for everyone to become part of the solution," Lach said.

Moderator
Nina Rees, Senior Vice President, Strategic Initiatives, Knowledge Universe Education
Speakers
Shelly Esque, Vice President, Legal and Corporate Affairs Group, and Director, Corporate Affairs, Intel Corp.; President, Intel Foundation
Michael Lach, Special Assistant for Science, Technology, Engineering and Mathematics Education, U.S. Department of Education
Koji Omi, Founder and Chairman, STS forum; former Minister of Finance, Japan
Vivek Wadhwa, Director of Research, Center for Entrepreneurship and Research Commercialization, Duke University
11:00 am - 12:15 pm
Diversity - or better yet inclusion - has become a major issue in global corporations and companies of all sizes as businesses seek to recruit, retain and motivate workforces that are competitive worldwide. No longer viewed as a program designed simply to meet ethnic or gender employment goals or quotas — nearly all Fortune 100 companies have chief diversity officers - inclusion is an important component businesses use to meet an increasingly wide range of employees with differing professional and personal objectives and needs. This panel discusses innovative initiatives that leading global companies have developed to recruit and groom top executives, as well as retain talent throughout the organization. How can social media be used to attract younger generations of employees? Can an inclusive workforce position a company to capture larger market share? What are the lessons learned of a vigorous diversity initiative?
Moderator
Fran Durekas, Founder and Chief Development Officer, Children's Creative Learning Centers Inc.
Speakers
Deepika Bajaj, Founder and President, Invincibelle
Steve Bell, Executive Vice President of Global Human Resources, Diamond Resorts International
Randall Lane, Senior Leader, Global Inclusion & Diversity, Cisco Systems Inc.
Debra Nelson, Vice President, Corporate Diversity and Community Affairs, MGM Mirage
Alicia Winckler, Chief Human Capital Officer, Chicago Public Schools
11:00 am - 12:15 pm
Within the emerging markets universe, Africa has recently established itself as an increasingly attractive destination for investment. FDI flows to Africa reached an all-time high of $88 billion in 2008, while 2008 donor flows to Africa as reported by the OECD were just over $44 billion in official development aid. But the shifting of global financial markets has dramatically altered the continent's profile; although it is expected that total flows dropped in 2009, it's clear that the most efficient African economies will outperform and keep attracting investment flows as risk appetite continues to return. This panel explores how Africa as a whole can benefit from the international competition to secure resources. Is it a case of the old world (represented by Europe and the U.S.) versus the new world (the BRIC economies)? What are the dangers and opportunities associated with this race for resources? How do we connect Africa to the world without the world simply stripping Africa of its assets? How can Africa make better use of development assistance? How can financial institutions, African governments and development institutions themselves work more closely to maximize the benefits of their investments in Africa?
Moderator
Dipak Patel, Global Head, Transactional Products and Services, Corporate and Investment Banking, Standard Bank, South Africa
Speakers
Jonathan Bloom, Deputy Vice President, Compact Implementation, Millennium Challenge Corp.
Hans Humes, President and CEO, Greylock Capital Management
Lesetja Kganyago, Director–General, National Treasury, South Africa
11:00 am - 12:15 pm
11:00 am - 12:15 pm
It has become painfully apparent that U.S. infrastructure is strained and aging: The American Society of Civil Engineers estimates it would take $2.2 trillion over the next five years to fix all of the nation's infrastructure issues. Infrastructure investment offers a particularly compelling solution for immediate job creation — and it cannot be neglected if the U.S. is to remain competitive on the global stage. But spending on vast public works is a daunting prospect in a time of soaring federal deficits. Policymakers are increasingly coming around to the idea of public-private partnerships (PPPs) as the new paradigm for economic development. The PPP model for accomplishing major public infrastructure projects is well-established in Europe and Canada, but has been slow to take hold in the United States. Has its moment finally arrived? Panelists with a wide range of expertise exchange views with domestic stakeholders on the possible pros and cons of applying this approach to meet the tremendous capital needs for investment in U.S. infrastructure.
Moderator
James Guidera, Managing Director, Crdit Agricole Americas
Speakers
Joseph Aiello, CEO and Partner, Meridiam North America Corp.
Dale Bonner, Secretary, Business, Transportation & Housing Agency, State of California
Robert Dove, Managing Director, The Carlyle Group
Nancy Kopp, Treasurer, State of Maryland
11:00 am - 11:30 am
12:15 pm - 2:15 pm
Just like you wouldn't have only one stock in a portfolio, said Jay Pryor of Chevron, America needs to diversify its energy sources. His solution? "Invest, baby, invest."

A Global Conference panel on energy brought home the growing national security concerns surrounding U.S. reliance on oil imported from volatile regions. Gen. Wesley Clark, who works today as an energy investor, noted that the U.S. is sending billions of dollars every year to autocratic states just to purchase oil. Changing this dynamic will require a major focus on the transportation sector.

We're on the brink of a major shift, however. Biofuels are gaining momentum, we've just figured out how to extract huge stores of natural gas from shale and electric cars are being rolled out. Major oil companies like Chevron are branching out, too. Investors just need clear policy signals. As Clark put it, the technology is ready and the capital just waiting is on the sidelines.

But panelists cautioned against having the government pick winners and losers. Instead we need to concentrate on diversifying our options. Anne Korin of the Institute for the Analysis of Global Security was adamant that we need to develop flex-fuel cars that give consumers choices and "hedge our bets in every direction."

This wide-ranging policy discussion — deftly moderated by the entertaining Brian Sullivan of Fox Business Network — covered everything from the role of nuclear energy to the vulnerabilities of the current electric grid. Don't miss the video.

Moderator
Brian Sullivan, Anchor, Fox Business Network
Speakers
Aris Candris, President and CEO, Westinghouse Electric Company
Wesley Clark, Army General (ret.) and former Supreme Allied Commander, NATO; Chairman, Rodman & Renshaw
Anne Korin, Co-Director, Institute for the Analysis of Global Security; Chair, Set America Free Coalition
Jay Pryor, Vice President, Corporate Business Development, Chevron
R. James Woolsey, Venture Partner, VantagePoint Venture Partners; Of Counsel, Goodwin Procter LLP; former Director, Central Intelligence Agency
2:30 pm - 3:45 pm
Economic models were a casualty of the subprime collapse. How could the frameworks used by Wall Street's tech whizzes discount the possibility that home prices might fall? When markets collapsed, ostensibly uncorrelated asset classes fell in tandem and liquidity dried up.

A panel of financial economists contended that economic models are necessarily imperfect depictions of reality. But models failed miserably this time because quants too often built models in isolation, without a broad understanding of markets. The models' failure also revealed two fundamental problems — their inability to account for liquidation values and the dynamics that result when traders make similar bets.

Even though financial models proved inadequate, society's need for them has only increased. "We need more skill, more modeling and more technology, not less, to run our modern financial institutions," said Myron Scholes, who won the Nobel prize in 1997 for a new way to value derivatives.

Bruce Tuckman, who heads financial markets research for the Center for Financial Stability, said models have two main blind spots. One is that values given to portfolios often fail to account for the difficulty of liquidating them. This is especially the case with large portfolios. Whereas the price of a marginal trade in a $10 billion portfolio of assets can be determined, the ability to unload a huge portfolio at marginal prices doesn't exist. If liquidation values were taken into account by regulators, institutions with larger portfolios would be required to have higher capital ratios than they do, Tuckman said.

A related modeling problem is the inability to assess risks related to "crowded trades." That's the dynamic that occurs when a lot of investors are in exactly the same trade and exiting at the same time. "Tails in distributions in financial markets are created by crowded trades," Tuckman said. "We have to model this in trading."

The subprime meltdown underscores the essentially chaotic essence of financial markets. Models require continual calibration; risk cannot be avoided. Yet that presents a conundrum to policymakers keen to instill confidence in consumers and financial markets. "Politicians are saying we'll be safe after passing financial reform, but this is actually the last thing we want them to say," Tuckman said.

Moderator
Glenn Yago, Executive Director, Financial Research, Milken Institute
Speakers
Aaron Brown, Risk Manager, AQR Capital Management; Author, The Poker Face of Wall Street and A World of Chance
Colin Camerer, Robert Kirby Professor of Behavioral Finance and Economics, California Institute of Technology
Stacy-Marie Ishmael, Reporter, Financial Times
Myron Scholes, Nobel Laureate, 1997; Chairman, Platinum Grove Asset Management
Bruce Tuckman, Director of Financial Markets Research, Center for Financial Stability
2:30 pm - 3:45 pm
U.S. consumers spent most of the last decade engaged in a debt-fueled shopping binge. Life just didn't seem complete without a flashy SUV, spa treatments, a big-screen TV and granite countertops. But the recession brought all that to a screeching halt. Today it's all about getting back to basics and saving for a rainy day. Consumers are skipping their morning lattes, cooking dinner at home and choosing cotton over cashmere. This new mind-set may herald a welcome shift toward a less materialistic society and greater personal responsibility, but how will the U.S. economy revive without its traditional engine of consumer spending? Are there products, services and new technologies that people simply won't deny themselves? Will the recession permanently shape the spending habits of the next generation? Is the new frugality a temporary phenomenon - or have Americans really learned that you can't always get what you want?
Moderator
Jim D'Aquila, Managing Director, Investment Banking, Consumer Products Group, Imperial Capital
Speakers
Martin Franklin, Chairman and CEO, Jarden Corp.
Diane Hessan, President and CEO, Communispace
Gary Loveman, Chairman, CEO and President, Harrah's Entertainment Inc.
Lynda Resnick, Owner, POM Wonderful, FIJI Water and Teleflora
Stephen Roach, Chairman, Morgan Stanley Asia
2:30 pm - 3:45 pm
A leading pollster for multiple television networks and a language guru for more than a dozen Fortune 100 companies, Frank Luntz digs deep into his research and language vault to explore the hopes and fears of the American people. He offers insights that hold the key for helping political, business, legal and cultural communities communicate more effectively. In this session, Luntz unveils his brand-new "21 Words for the 21st Century" list and presents the top business and political ads for 2010 thus far.
Speaker
Frank Luntz, Founder and President, The Word Doctors
2:30 pm - 3:45 pm
Post-crisis, it's clear that the landscape for banks and other financial institutions has been fundamentally altered. What are the critical issues for operating successfully in this new and rapidly changing environment? What are the types of investment opportunities arising from this dislocation and how are some firms capitalizing on the market dislocation while others are on the sidelines? Will firms stick to their core competencies going forward? This panel explores the dramatic changes that are transforming the financial sector and the current investment environment, with an eye toward learning from the past and preparing for the future.
Moderator
Duncan Goldie-Morrison, Senior Advisor, Crdit Agricole; Chairman, Newedge
Speakers
Israel Englander, Chairman and CEO, Millennium Partners
Daniel Loeb, CEO, Third Point LLC
Erol Uzumeri, Senior Vice President, Teachers' Private Capital, Ontario Teachers' Pension Plan Board
Barry Volpert, Chairman and Co-Founder, Crestview Partners
2:30 pm - 3:45 pm
As we learned once again during the market downturn of the past two years, the capital structure of a company matters — a lot. It affects both value and risk. But there is no single structure that fits all companies or industries. At times, a certain amount of debt makes sense; at other times, even a dollar of debt may be too much. Creating the right capital structure has been a matter of survival for the hospitality industry, which has been particularly hard hit by the recent recession. In this private session, industry experts talked about how they've dealt with the issue of leverage, and how the right capital structure has set some companies up to achieve a rapid expansion of assets. What is the secret to success in this difficult environment? What lessons can other executives learn about knowing when to leverage and when to deleverage?
Moderator
Todd Boehly, Managing Partner in the Office of the Chief Executive, Guggenheim
Speaker
David Palmer, Executive Vice President and Chief Financial Officer, Diamond Resorts International
2:30 pm - 3:45 pm
College students have been protesting tuition hikes for decades. But now it's not just a matter of rising fees and the burden of student loans — the budget crunch is forcing many universities to reduce class offerings and limit admissions, while others struggle to retain their strongest faculty and to protect their economic impact. What actions are needed in order to fulfill America's promise of opportunity for the next generation? How should we address these spiraling costs? Can we create alternative options for families to cover higher education expenses? Can online universities or the expanded use of technology pick up the slack? This panel examines practical strategies for keeping the doors of higher education open to talented and motivated students from all socioeconomic groups, maintaining quality outcomes that are in the nation's best interest.
Moderator
Barry Munitz, Chair, California P-16 Council; Trustee Professor, California State University, Los Angeles
Speakers
Andrew Benton, President, Pepperdine University; Chair, Board of Directors, American Council on Education (ACE)
Joan Marshall, Executive Director, College Savings Plans of Maryland
C. L. Max Nikias, Executive Vice President, Provost and President-Elect, University of Southern California
2:30 pm - 3:45 pm
More than 1 billion people around the world go hungry every day. Erasing this tragedy is one of the great moral imperatives of our time — and finance can play a pivotal role. In 2009, the G-8 nations put forth a three-pronged strategy for improving food security, focusing on strengthening long-term agricultural development, emergency food assistance, and safety-net and nutrition programs. Panelists discussed the best mechanisms to improve food security, the strategies that are working and how financial tools can help.
Moderator
James Moglia, Executive Managing Director, BMO Capital Markets
Speakers
Mary Chambliss, Former Deputy Administrator, USDA Foreign Agricultural Service
Michael Klein, Special Advisor, U.N .World Food Programme
Ejnar Knudsen, Co-Portfolio Manager of the Agriculture Fund, Passport Capital
Vijaya Ramachandran, Senior Fellow, Center for Global Development
2:30 pm - 3:45 pm
The muni market is an integral part of the capital markets, giving state and local governments an efficient means to raise capital for infrastructure. This formerly staid field has been transformed by a series of dramatic events: the monoline bond insurance meltdown, the American Reinvestment and Recovery Act of 2009 (which included the Build America Bond Program), and the creation and issuance of tax credit bonds. At the same time, tax receipts have declined, several municipal bonds have defaulted and some issuers have publicly threatened to file bankruptcy. The situation has become more tenuous as the gap between revenues and obligations grows increasingly unsustainable. This session addresses the changes that have reshaped municipal finance and how the various participants are adapting, with special emphasis on the new relationship between the municipal issuer and the federal government.
Moderator
Scott Minerd, Chief Investment Officer, Guggenheim
Speakers
Robert Kleine, Treasurer, State of Michigan
J. Timothy Romer, Managing Director, Goldman Sachs
J. Ben Watkins, Director, Division of Bond Finance, State of Florida
George Wolf, Partner, Orrick, Herrington & Sutcliffe LLP
2:30 pm - 3:45 pm
Embedded within each patient is information — from a unique medical history to tissue, blood and DNA — that is crucial to understanding and managing disease. But too often that information remains unavailable to researchers. What are some of the strategies to unlock this information? How can we get patients more actively involved in the cure process?
Moderator
Margaret Anderson, Executive Director, FasterCures / The Center for Accelerating Medical Solutions
Speakers
Jack Cochran, Executive Director, The Permanente Federation
James Heywood, Chairman and Co-Founder, PatientsLikeMe
Susan Love, President, Dr. Susan Love Research Foundation; Co-Founder, LLuminari
John Wilbanks, Vice President for Science, Creative Commons; Executive Director, Science Commons
3:00 pm - 3:30 pm
4:00 pm - 5:15 pm
Bernie Madoff continues to cast a shadow over the hedge fund industry. "The presumption is of guilt, not innocence," said Anthony Scaramucci of SkyBridge Capital. He and other experts at a panel on hedge funds said investors are stepping up their due diligence, scouring the finances and personal histories of hedge funds and their managers as never before.

Scaramucci, for instance, routinely hires private investigators to check out people his firm hires to manage money. Recently, he learned that a well-regarded manager had lied about having graduated from UCLA. "Money will corrupt. Greed will corrupt. If we haven't learned that in the 2008 financial crisis, when are we going to learn that?"

Hans Hufschmid of GlobeOp Financial Services, which provides independent verification of the existence and pricing of assets hedge funds manage, said that business jumped 30 percent in 2009. "Hedge funds lost money through markets, a crook and bad credit," he noted. "The focus is on who the manager is doing business with, the firm's credit exposure and how it's all managed."

To gain more control over their assets, many investors are trying to set up managed accounts with hedge funds. Unlike pooled investments, assets in managed accounts are segregated from the hedge fund's main account. Investors control the account, leaving no doubt as to how the assets are performing. Yet few institutions have successfully converted to managed accounts because of the hassles involved in negotiating trading agreements and setting up risk-measurement systems, Hufschmid said.

Without a doubt, the relative immaturity of the hedge fund industry has contributed to investor jitters. Firms are typically small, with only one or two individuals calling the strategic shots. Derivatives and other instruments that hedge funds commonly trade also are not transacted openly, although that may change with financial reform legislation now pending in Congress.

Still, the lesson of Madoff is that there's no substitute for hard work. "We're always learning," said John Claisse of Albourne America, a firm that specializes in due diligence of hedge funds.

Moderator
James Williams, Vice President, Chief Investment Officer and Treasurer, The J. Paul Getty Trust
Speakers
Harold Bradley, Chief Investment Officer, Ewing Marion Kauffman Foundation
Alan Buerger, Co-Founder and CEO, Coventry
John Claisse, Head of Portfolio Group, Albourne America
Hans Hufschmid, CEO, GlobeOp Financial Services
Anthony Scaramucci, Managing Partner, SkyBridge Capital
4:00 pm - 5:15 pm
Venture capitalists were treading lightly in 2009, with deal volume down sharply from 2008 levels. But the VC industry is showing signs of a rebound. With entrepreneurs clamoring for capital, will this glimmer of momentum continue throughout 2010? Which green technologies are investors betting on? To what extent do VCs now help to drive the R&D process for breakthrough medical treatments? When will the serious money start flowing again? Will these funds be invested in the U.S. or will more go to China, India and other overseas locations? Has the recession created a greater focus on company building? A panel of experienced venture capitalists shares insights and predictions.
Moderator
Alec Ellison, Global Head of Technology Investment Banking, Jefferies & Company Inc.
Speakers
John Albright, Managing Partner, JLA Ventures and BlackBerry Partners Fund
Brook Byers, Partner, Kleiner Perkins Caufield & Byers
Lisa Lambert, Vice President; Managing Director, Software and Services; Intel Capital
Kate Mitchell, Managing Director, Scale Venture Partners; Chairman-Elect, National Venture Capital Association
4:00 pm - 5:15 pm
This session on the Eurozone seemed ripped from the headlines, coming on the same day that Greek debt was sharply downgraded, setting off concern throughout not only Europe but the world's capital markets.

A panel of experts convened to analyze the scope of the problem. Europe is staring down the unpleasant prospect of a major bailout — and perhaps further bailouts to come if the crisis spreads to throughout the PIIGS. Panelists focused on what kind of response is needed, the political pressures, the likelihood of peripheral countries enacting sufficient structural reforms and prospects for the long-term viability of Europe's monetary union. Jim McCaughan of Principal Global Investors praised Angela Merkel's handling of the crisis to date.

Time is of the essence, as the markets are losing patience. Roubini highlighted the urgency, noting the contagious effects of a disorderly collapse of the Eurozone or even Greece alone would be huge. The debt crisis has to be contained, one way or the other.

"While Greece is not too big to be allowed to fail — it's only 3 percent of Eurozone GDP — it′s too interconnected to fail," said Roubini. "Lehman was a $160 billion debt problem; Argentina was a $100 billion debt problem. But Greece is a $400 billion debt problem, three-quarters of which is held by non-residents, and therefore the contagious effects would be greater than Lehman."

Don't miss the video of this discussion — it captures the context needed to understand the implications of this week's rapidly unfolding events.

Moderator
Komal Sri-Kumar, Group Managing Director and Chief Global Strategist, TCW Group Inc.; Senior Fellow, Milken Institute
Speakers
Bo Lundgren, Director General, Swedish National Debt Office; former Minister for Fiscal and Financial Affairs
James McCaughan, CEO, Principal Global Investors
Nouriel Roubini, Professor of Economics and International Business, Stern School of Business, New York University
4:00 pm - 5:15 pm
Businesses long ago realized that going green is not just a smart P.R. move — it's good for the bottom line as well. But how far have most corporations really gone? Has the business community lost any of its resolve, or has the imperative to go green reached critical mass? How can major corporations lead the way to create positive changes throughout their supply chains? How does a commitment to sustainability affect employees and the community at large? This panel identifies which companies are leading the way, outlines the practical steps they've taken and measures the reaction from customers along with the costs and cost savings.
Moderator
Nancy McFadden, Senior Vice President and Senior Advisor to the Chairman and CEO, PG&E Corp.
Speakers
Terry Kellogg, CEO, 1% for the Planet
Rich Lechner, Vice President, Energy and Environment, IBM
Arthur Rubinfeld, President, Global Development, Starbucks
Andrew Shapiro, Founder and President, GreenOrder
Olivier Weber, President, South America Foods, PepsiCo Inc.
4:00 pm - 5:15 pm
Ants aren't very smart. But when thousands merge together in a swarm, they can build amazing things. So what happens when you take thousands of intelligent human beings and link them together with social networks? You unleash the power of the digital swarm. We've all seen how information, jokes, media clips, slang and style cues can go viral in a matter of days, powered by highly connected communities on YouTube, Facebook and Twitter. Is there greater collective intelligence when digital users aggregate, or does the herd mentality produce unintended consequences? How do you attract and influence a swarm? Just how impressionable are audiences? Can you harness this phenomenon to catalyze offline behavior — whether it's donating to a cause, promoting social justice, flocking to an event or buying your product? How are social networks rewriting the rules of effective marketing and branding? What sort of responsibility do both corporations and nonprofits have in this new world, both to their own identities and to their audience?
Moderator
Marcia Stepanek, Founder and Publisher, Cause Global; Author, Swarms
Speakers
Jack Leslie, Chairman, Weber Shandwick
Kevin Long, Co-Founder, Justmeans
Chris Miller, Manager of Corporate Consciousness, Seventh Generation
Brent Schulkin, Founder, Carrotmob
4:00 pm - 5:15 pm
Everyone talks a good game: We need electric and biofuel-powered cars to cut emissions and reduce our dependence on oil. But change has been a long time coming. Cars are getting smaller and more efficient, and some hybrids are making inroads. But how can we achieve truly game-changing progress? How close are we getting to revolutionary technology changes that can be taken to scale? What will the cars of the future look like? Hear the answers from representatives from some of the most innovative car companies in the business.
Moderator
Robert "Steve" Miller, Chairman, MidOcean Partners; former Chairman and CEO, Delphi Corp.
Speakers
Susan Cischke, Group Vice President, Sustainability, Environment and Safety Engineering, Ford Motor Company
Henrik Fisker, Co-Founder and CEO, Fisker Automotive
Michael Granoff, Head of Oil Independence Policies, Better Place
Josh Wolfe, Co-Founder and Managing Partner, Lux Capital Management
4:00 pm - 5:15 pm
China's rapidly growing middle class is living, breathing proof of the nation's astonishing progress. More than half a billion people have been lifted out of poverty in one of the greatest economic success stories the world has ever seen. This panel examines what this massive demographic shift means for China's future development — and for the global economy. How will Chinese society cope with growing income inequality? Can crowded cities handle the infrastructure needs of a new urban middle class? What goods and services do these new consumers want? Will consumer demand be met domestically, or can foreign companies successfully tap this vast market? What are the environmental consequences of increased household consumption? And most important of all: Can the government bridge the development gaps so the other half of China's population can share in the gains?
Moderator
Mary Kissel, Editorial Page Editor, Wall Street Journal Asia
Speakers
Catherine Cai, Managing Director, Vice Chairman of China Investment Banking, Bank of America Merrill Lynch
Matthew Crakes, Managing Partner, Greenheart Capital Partners
Stephen Roach, Chairman, Morgan Stanley Asia
Gary Shilling, President, A. Gary Shilling & Co.
Perry Wong, Director, Regional Economics, Milken Institute
4:00 pm - 5:15 pm
It's way past time to increase resources and build scientific capacity at the FDA. That was the consensus of a Tuesday panel, which noted that the FDA suffers from an almost scandalous lack of resources. The agency that regulates 25 cents of every dollar spent by U.S. consumers has a budget that is half what Americans spend every year on potato chips.

Scientific capacity at the agency is very weak and is inhibiting the agency's ability to evaluate new therapies moving through the pipeline. Panelists agreed that the FDA badly needs to be able to collaborate meaningfully with other sectors — what some refer to as the "triple helix" of government, academia and industry — without being constantly "demonized" for conflict of interest.

Garry Neil of Johnson & Johnson detailed the risky, unpredictable and costly pathway to new drug approval, a process that hasn′t changed substantially in 50 years. He reiterated that it costs well over $1 billion to develop an approved drug, and despite exponential increases in investment by government and industry, the number of new therapies approved every year has declined.

Many patients find the FDA impenetrable, said Ellen Sigal of Friends of Cancer Research. She said the patient voice is not being heard on Capitol Hill and concerns (many of them legitimate) about safety are all but drowning out patients' appetite for innovation and willingness to risk-share.

Jonathan Simons of the Prostate Cancer Foundation called for an "honest broker knowledge exchange" within FDA that would facilitate collaboration among stakeholders, evaluate data and create value through transmission of knowledge. He also proposed that the FDA develop a sort of "amicus curiae" process, as in the court system, to allow meaningful input by stakeholders other than regulated industry.

Gail Cassell of Eli Lilly held up a success story: the development of 29 new anti-retroviral therapies for HIV, approved in a relatively short time as stakeholders worked together across sectors with optimal speed. Simons noted that a significant reason for this success was leadership. Can this success be replicated? "It happened with HIV, it can happen again," Neil said.

Moderator
Margaret Anderson, Executive Director, FasterCures / The Center for Accelerating Medical Solutions
Speakers
Gail Cassell, Vice President, Scientific Affairs, Eli Lilly & Co.
Garry Neil, Corporate Vice President, Corporate Office of Science and Technology, Johnson & Johnson
Ellen Sigal, Chair and Founder, Friends of Cancer Research
Jonathan Simons, President and CEO, Prostate Cancer Foundation
4:00 pm - 5:15 pm
The investment story of the past decade has been the phenomenal growth posted by China and India. While most global investors are gravitating toward the seemingly limitless opportunities presented in these up-and-coming Asian markets, one notable name bucked the trend when prominent Chinese entrepreneur Richard Li looked to the West for his most recent acquisition of a major asset-management company. Born and raised in Hong Kong and educated in North America, Li first came to prominence by delivering cutting-edge communications and information technology to Asia. Today, as president and CEO of Pacific Century Group, his holdings also encompass real estate and financial services as well. In a candid conversation with CNBC's Maria Bartiromo, Li discusses his latest contrarian investment move and sheds light on how Asian investors view growth trends in the West.
Interviewer
Maria Bartiromo, Anchor, CNBC's "Closing Bell With Maria Bartiromo"
Speaker
Richard Li, President and CEO, Pacific Century Group
4:00 pm - 5:15 pm
Could it be that the best way to find the next emerging asset class is to look beneath the ground? In communities from Peru to Italy to Israel, the potential financial return from assigning a real value to archaeological heritage is vast — and yet thus far untapped. From tourism to infrastructure to education, investing in preservation represents a unique opportunity to promote local community development, generate job creation and rescue fragile cultural assets that bridge thousands of years of human history.
Moderator
Glenn Yago, Executive Director, Financial Research, Milken Institute
Speakers
Larry Coben, Founder and Executive Director, Sustainable Preservation Initiative
Maureen Miskovic, Former Chief Risk Officer, State Street Corp.
Charles Stanish, Director, Cotsen Institute of Archaeology, University of California, Los Angeles
4:00 pm - 4:30 pm
4:30 pm - 5:00 pm
4:45 pm - 6:45 pm
Interviewer
Daniel Casse, President, G100; Managing Partner, High Lantern Group
Speaker
Gary Loveman, Chairman, CEO and President, Harrah's Entertainment Inc.
5:30 pm - 6:45 pm
5:30 pm - 6:45 pm
5:30 pm - 6:45 pm
5:30 pm - 6:45 pm
5:30 pm - 6:00 pm
5:30 pm - 6:45 pm
7:00 pm - 9:00 pm
The topics at this political panel were potentially incendiary, but it was one of the more civil political discussions of the past 12 months.

Go watch the video for this wide-ranging discussion of Arizona's immigration law, the just-concluded grilling of Goldman Sachs executives on Capitol Hill, the financial bailout and the Tea Party phenomenon, among others.

Here's a sample to whet your appetite:

Minnesota Gov. Tim Pawlenty on why Tea Partiers are so angry: "They are concerned about a government that they feel is too large. They note that we now have state-sponsored companies that are supposedly too big to fail. We have a federal government that is too big to succeed. We have a federal debt that's too big to pay off. And they see that we have leaders who are too small to do anything about it."

Radio host Matt Miller on why they will continue to be angry: "The Tea Party folks have no anchoring in any sort of policy reality, and as soon as anybody who tried to lead them proposed any actual measures it would take to do what they say they want, they would be just as upset with the proposals of their leaders as they are now. ...We're going to be In a cycle of anti-establishment and anti-incumbency maybe for the foreseeable future because nothing that's on the horizon in terms of what our leaders are offering is going to change the fundamental trajectory of their economic status."

Moderator
Campbell Brown, Anchor, "Campbell Brown," CNN
Speakers
David Frum, Editor, FrumForum.com
Matt Miller, Columnist, The Washington Post; Host, "Left, Right & Center"
Tim Pawlenty, Governor, State of Minnesota
Brian Schweitzer, Governor, State of Montana
9:00 pm - 10:30 pm
The laughs don't stop when Jerry Weintraub and Carl Reiner take the stage to recount two landmark careers in show business. Weintraub — the self-made, Brooklyn-born, Bronx-raised impresario, Hollywood producer, deal-maker, and friend to countless politicians and stars — is a celebrated storyteller. He's amassed a lifetime's worth of adventures, from hitting the road with Elvis and Colonel Tom Parker, to swinging with Sinatra and the Rat Pack, to creating a string of blockbuster hits as a movie producer. Weintraub is joined by Carl Reiner, a director/writer/actor/producer whose career spans from "Your Show of Shows" to "The Dick Van Dyke Show," the 2,000-Year-Old Man and "Ocean's Eleven."
Speakers
Rich Cohen, Author and Contributing Editor, Vanity Fair
Carl Reiner, Director/Writer/Actor/Producer
Jerry Weintraub, Film Producer
Wednesday, April 28, 2010
6:00 am - 4:00 pm
6:00 am - 9:00 am
6:30 am - 7:45 am
As the economy slowly starts to recover, investment opportunities in small and medium-sized businesses (those with $5 million to $1 billion in annual revenues) are emerging. Providing capital to these companies can provide attractive risk-adjusted returns to investors while helping to rebuild a critical segment of the U.S. economy. The credit crunch has definitely increased the challenge for these firms in accessing conventional debt and equity capital, but innovative strategies are providing new structures and sources of capital that engage institutional investors in small and medium-sized businesses. This interactive session explores fresh solutions, including specific products - such as revenue participation certificates, and partnerships that leverage institutional, public and philanthropic capital - and ideas contributed by attendees.
Moderator
Betsy Zeidman, Director, Center for Emerging Domestic Markets, and Research Fellow, Milken Institute
Speakers
John Bohn, Commissioner, California Public Utilities Commission
Wally Hunter, Managing Partner, EnerTech Capital Canada Ltd.
Rafael Pastor, Chairman and CEO, Vistage International
Stephen Watkins, Chairman and CEO, Entrex Inc.
6:30 am - 7:45 am
As the world economy continues to recover, building new trade and investment relationships is essential — especially for an export-dependent nation like Canada. There is a direct link between Canada's economic recovery and the efforts of its businesses, investors and innovators to create new partnerships around the world. In this session, Canada's deputy minister of trade joins some of the nation's most forward-thinking financial experts to analyze current trends within the broader context of Canada's economic, trade and productivity performance over the last decade. The panel also highlights how the Canadian banking system successfully navigated the economic downturn, and the many programs and initiatives in place to help Canada successfully compete in the world economy.
Moderator
Louis Lévesque, Deputy Minister of International Trade, Canada
Speakers
Philip Haggerty, Vice President of Corporate Development, Ontario Municipal Employees Retirement System (OMERS)
David Henderson, Founder and Managing Director, XPV Capital Corp.
Mark McQueen, President and CEO, Wellington Financial LP
Edward Waitzer, Partner, Stikeman Elliott LLP
6:30 am - 7:45 am
8:00 am - 9:15 am
The balance sheets of large American banks are weaker than advertised, and the institutions are at serious risk of losing market share in key business lines, a leading bank analyst said.

"They're not dealing with their problem loans," Meredith Whitney of Meredith Whitney Advisory Group said. "They're at serious risk of atrophying."

Whitney said problem loans were impeding bank lending. Banks also suffered from unprofitable core operations, notably credit cards, where the market is "shrinking dramatically." "It's just like Japan's banking crisis. Banks stopped lending, and the predatory lenders came in," she said.

While major banks are focusing on lending to those with the lowest risk profiles — mostly the elderly — Whitney said a generation of young people, with no loyalty to banks, are receptive to new technologies such as mobile payments and prepaid cards.

"The business of finance is changing," she said, adding that there's an "amazing opportunity for periphery players ... to gain market share." She projected that the number of Americans with no banking relationship would jump from 26 percent to 35 percent over the next four years.

Her comments prompted panel moderator Maria Bartiromo of CNBC to ask Whitney: "Why do you hate the banks?"

Panelists generally agreed that the economic recovery — and the rally in stocks — was vulnerable to high consumer debt and constricted credit, problems that would ease only with job growth. "Unless the job situation improves ... it will be hard to sustain consumer spending," said Patrick Edsparr of Citadel Securities.

Another threat: the budget crunches impacting the majority of state and local governments, which employ 15 percent of the U.S. work force, forcing them to cut jobs and raise taxes. "It seems to me that confidence and markets have gotten a little bit ahead of themselves," Edsparr said.

Still, panelists were cautiously optimistic about the economy and the stock market. Many of those who toiled in the housing sector — the single biggest driver of jobs during the past 15 years and a sector that now faces 20 percent unemployment — could find work building clean energy and infrastructure projects.

They also expected fast growth in emerging markets to provide a new source of demand for U.S. exports. But investors need to be cautious because growth in Asia and elsewhere would fuel a bubble in financial assets and commodities.

Foreigners also would continue to finance America's budget deficit, if only because U.S. markets remain the deepest and most liquid. "I don't think the holders of our debt are going to be as irritable as everyone expects them to be," said Thomas Joyce, CEO of Knight Capital Group, Inc.

Moderator
Maria Bartiromo, Anchor, CNBC's "Closing Bell With Maria Bartiromo"
Speakers
Nick Calamos, President of Investments and Co-Chief Investment Officer, Calamos Investments
Patrik Edsparr, Global CEO, Citadel Securities
Thomas Joyce, Chairman and CEO, Knight Capital Group, Inc.
Meredith Whitney, CEO, Meredith Whitney Advisory Group LLC
8:00 am - 9:15 am
We all want to live past our 100th birthdays. But unless we take care of ourselves, the quality of life in our later years is destined to be compromised. This panel of experts outlines the real facts on nutrition, longevity and the prevention of disease, including evidence-based outcomes research on nutritional strategies and supplements. Separating truth from myth, their discussion reveals the secrets of living much longer — and living well.
Moderator
Howard Soule, Executive Vice President and Chief Science Officer, Prostate Cancer Foundation; Senior Fellow, Milken Institute
Speakers
William Aronson, Professor, UCLA Department of Urology; Chief of Urology, Olive View UCLA Medical Center
Luigi Fontana, Research Associate Professor of Medicine and Associate Director of the Longevity Research Program, Washington University in St. Louis School of Medicine
David Heber, Founding Director, Center for Human Nutrition, David Geffen School of Medicine, University of California, Los Angeles; Professor of Medicine and Public Health, Geffen School of Medicine, UCLA
8:00 am - 9:15 am
The International Monetary Fund projects that India's economy will grow between 7 and 8 percent this year — second only to China and vastly outstripping most of the developed world. The Indian government's short-term stimulus packages seem to have paid off. But major hurdles remain, including a shortage of reliable power, plus road and rail transportation networks that are heavily stressed. Did the government start withdrawing stimulus funds soon enough to avoid driving up inflation? Will a spiraling budget deficit threaten economic growth? Can the nation's bureaucracy be reformed to encourage innovation and entrepreneurship? Is India a short- or long-term investment?
Moderator
Komal Sri-Kumar, Group Managing Director and Chief Global Strategist, TCW Group Inc.; Senior Fellow, Milken Institute
Speakers
Martha Béjar, President, Global Sales and Operations, Wipro Technologies
Sabeer Bhatia, Co-Founder and Chairman, Sabse Technologies
Naren Gupta, Co-Founder, Nexus Venture Partners
Tulsi Tanti, Chairman and Managing Director, Suzlon Energy Ltd.
8:00 am - 9:15 am
More than 262 million students worldwide will be seeking higher education by 2025, according to UNESCO. This influx presents enormous challenges for education systems, especially in emerging economies where higher learning is seen as a critical driver of economic growth, social development and prosperity. How can higher education systems in these economies accommodate such rapid and extensive growth while meeting the needs of a diverse student population? This panel explores how the growing prevalence of digital interactions and more personalized Web experiences can enhance educational delivery. It also analyzes the potential of data and mass cloud computing infrastructure to provide richer, more relevant interactions and better assessment capabilities to help address the needs of growing student populations across the world.
Moderator
Gregory Cappelli, Co-CEO, Apollo Group Inc.
Speakers
Marc Clement, Vice-Chancellor and Chief Executive, University of Wales
Stephen Fireng, President and CEO, Embanet ULC
Michael Horn, Co-Founder and Executive Director, Education, Innosight Institute
Gary McCullough, President and CEO, Career Education Corp.
8:00 am - 9:15 am
This year the Milken Institute's SAVE initiative has continued its focus on alternative energy initiatives, culminating in the founding of the new Center for a Sustainable Energy Future. This annual roundtable discussion highlights the center's projects, which include developing financing solutions that will pave the way toward retrofitting homes and businesses for increased energy efficiency, launching a large-scale biofuels industry and building the smart grid.
Moderator
Joel Kurtzman, Senior Fellow and Executive Director of SAVE, Milken Institute
Speakers
G. Chris Andersen, Founder and Partner, G.C. Andersen Partners LLC
Roger Conway, Chief Economist, Growth Energy
Gary Dirks, Director, LightWorks, Arizona State University
James McDermott, Managing Partner, US Renewables Group
9:30 am - 10:45 am
Providing credit to small and medium-size business would go a long way toward boosting the economy and the housing market. Small firms generate most new jobs. Yet their ability to raise capital and expand remains crimped, unlike large corporations for whom credit is plentiful.

"The credit markets are not working for most of the companies outside the Fortune 500," said Colin Fan, Global Head of Credit Trading and Head of Emerging Markets Debt Trading at Deutsche Bank.

With large banks reluctant to lend, a panel of experts urged investors to support alternative means to channel funds to small firms. One idea is the business development company, or BDC, a publicly traded equity that operates similar to a real estate investment trust. "These have terrific potential," said Steven Shenfeld, President of MidOcean Credit Partners. Another idea is to have cash-rich outfits such as Intel and Cisco go into the finance business.

Although rich in potential, both approaches face challenges. Equity investors have yet to warm to BDCs, which are restricted from using leverage and have no access to government subsidies. And large companies entering the lending business would create a regulatory mess.

"Companies with less than $1 billion outstanding debt haven't been able to participate in this economy," Shenfeld said. "What we really need is innovation."

Moderator
Michael Milken, Chairman, Milken Institute
Speakers
Colin Fan, Global Head of Credit Trading and Head of Emerging Markets Debt Trading, Deutsche Bank
Steven Shenfeld, President, MidOcean Credit Partners
David Solomon, Managing Director and Co-Head of the Investment Banking Division, Goldman Sachs
Steven Tananbaum, CEO and Chief Investment Officer, GoldenTree Asset Management
David Warren, Chief Investment Officer, Brevan Howard Credit Catalysts Master Fund
9:30 am - 10:45 am
Who knew this question would provoke such fireworks?

In one of the more freewheeling and contentious debates of the conference, a panel of experts wrestled with one of the biggest questions looming over the global economy: Is China's growth sustainable? Or do we need to wary of a giant bubble?

As the video shows, things got pretty heated between the bulls and the bears . . . but the panelists did agree that the best way for investors to play China is to do so indirectly, concentrating on U.S. companies that do business with China, Australian currency and commodities from both Australia and Brazil.

Moderator
Dennis Kneale, Media and Technology Editor, CNBC
Speakers
Zachary Karabell, President, River Twice Research; Fellow, Milken Institute
Burton Malkiel, Chemical Bank Chairman's Professor of Economics, Princeton University
Peter Navarro, Professor of Economics and Public Policy , The Paul Merage School of Business, University of California, Irvine
Gary Shilling, President, A. Gary Shilling & Co.
9:30 am - 10:45 am
Small businesses are the lifeblood of the U.S. economy: They've generated 64 percent of net new jobs over the past 15 years, accounting for more than half of nonfarm private GDP. The United States needs to focus on the small-business sector in order to achieve a broad-based and sustainable recovery. While credit markets have thawed, providing a boon for the corporate bond market, and venture capitalists are slowly reentering the market, capital remains scarce for most small enterprises; even home equity loans and credit cards are increasingly harder to tap. As long as capital access remains restricted, these firms are unable to hire — and yet, with fewer employees on board, they still have to deal with increased federal regulation and stiffer competition from overseas. Our panel explored how small businesses are navigating the recession by doing more with less. What's still clogging the credit pipeline? What are the pros and cons of pending small-business legislation? And what practical strategies can help smaller companies thrive in tough times?
Moderator
Rick Newman, Chief Business Correspondent, U.S. News & World Report
Speakers
Mitch Jacobs, Founder and CEO, On Deck Capital
Ginger Lew, Senior Advisor, White House National Economic Council
Rafael Pastor, Chairman and CEO, Vistage International
Chris Reilly, President, CIT Small Business Lending Corporation
Brian Reynolds, Founder and Managing Partner, Chatham Capital
9:30 am - 10:45 am
Batman had the Joker. Leonidas had King Xerxes. And Spider-Man had the Green Goblin. Comic-book blockbusters are as much about the villains as the heroes, according to a panel of directors, producers and studio executives.

The villain introduces the conflict, said director Bryan Singer ("X-Men," "X-2" and "Superman Returns").

"The smarter the villain, the stronger the villain, the more ahead of everyone else the villain is, the more suspense you have," Singer said. The viewer knows rationally that the hero will survive, so the film has to create an "illusion of jeopardy," he said. "In a movie about heroes, where you know the hero is going to win, you need to be constantly thrown that maybe that's not going to happen."

Singer said what's important is how the villain affects the hero. Though these stories traditionally trade on a battle between good and evil, the best of them acknowledge that the characters are fighting the same battle internally, panelists said. As Matt Tolmach of Columbia Pictures (the Spider-Man franchise) put it, "You need an actor who can present the hero with a viable, albeit wrong choice."

Avi Arad of Arad Productions ("Spider-Man," "X-Men" and "Iron Man" movies) said Spider-Man could have been the biggest jewel thief in the world. Conversely, most villains could have been heroes, he said.

"They come from a different point of view. Sometimes it's philosophical, a chip on their shoulder, sometimes it's childhood," Arad said. "And that's what makes them more than a villain. It makes them damaged goods, and maybe they're going to turn around in the end."

Moderator
Kevin Klowden, Managing Economist and Director, California Center, Milken Institute
Speakers
Avi Arad, Chairman, Arad Productions Inc.
Bryan Singer, Film Director
Matt Tolmach, President, Columbia Pictures
Thomas Tull, Chairman and CEO, Legendary Pictures
9:30 am - 10:45 am
The stars seem to be aligned for a major reconsideration of public policy toward illicit drugs. Thirteen states have approved access to medical marijuana, several fiscally strapped states are looking to drugs as a source of revenue and the Obama administration has shifted the focus of federal drug initiatives from criminal deterrence to treatment. Meanwhile, the consequences of illicit trafficking in Afghanistan, Mexico and Burma are forcing a rethinking of priorities in coping with drugs. This panel assesses the benefits and costs of policy-as-usual, and analyzes the likely consequences of varying degrees of liberalization ranging from selective decriminalization to outright legalization.
Moderator
Peter Passell, Senior Fellow, Milken Institute; Editor, The Milken Institute Review
Speakers
Andrea Barthwell, CEO, EMGlobal LLC; former Deputy Director for Demand Reduction, Office of National Drug Control Policy
Martin Iguchi, Professor and Chair, Department of Community Health Sciences, UCLA School of Public Health; Adjunct Senior Behavioral Scientist, Rand Drug Policy Research Center
Ethan Nadelmann, Founder and Executive Director, Drug Policy Alliance
Peter Reuter, Professor, School of Public Policy and the Department of Criminology, University of Maryland
9:30 am - 10:45 am
Much more than just simple forgetfulness, Alzheimer's disease is a complex neurodegenerative illness causing not only great emotional stress for patients, families and caregivers, but also a serious economic burden for the health-care system. The Alzheimer's Association reported 5.3 million cases in the United States as of 2009; the disease affects 13 percent of those over age 65 and 40 percent of those over age 85. The total costs of treating Alzheimer's and other dementias to Medicare, Medicaid and businesses amount to more than $148 billion each year. As the American population continues to gray, the disease prevalence (and the associated financial burden) will correspondingly swell. How can we respond and prepare? Pharmaceutical executives, economists, employers and other stakeholders discuss the magnitude of the challenge and strategies for containing the personal, social and economic damage caused by this insidious disease.
Moderator
Greg Simon, Senior Vice President, Worldwide Policy, Pfizer Inc.
Speakers
Harry Johns, President and CEO, Alzheimer's Association
Jeff Morby, Chairman and Co-Founder, Cure Alzheimer's Fund
9:30 am - 10:45 am
Winning the hearts and minds of local populations can be key to the success of a military operation — and ensuring that a conflict zone returns to sustainable economic growth as quickly as possible is a crucial part of re-establishing stability. Expeditionary economics is a new "proto-field" in economics and in conflict planning that tackles these issues and seeks to prevent war-torn areas from becoming failed states. This session delves into the thesis that the most effective way to quickly heal an economy in conflict is to focus on the formation of new firms. This is not the conventional wisdom among economists or U.S. government aid officials, but our panelists argue that it should and eventually will be. This session further explores why the U.S. military urgently needs to develop a strategy for achieving post-conflict growth, and why this strategy must necessarily differ from country to country. How can the military invent the requisite expertise itself rather than outsourcing the task to private-sector contractors or other parts of the U.S. government?
Moderator
Robert Litan, Vice President, Research and Policy, Ewing Marion Kauffman Foundation
Speakers
Clare Lockhart, Director, Institute for State Effectiveness
Jeffrey Peterson, Colonel, U.S. Army; Professor of Economics, West Point Military Academy
Kori Schake, Research Fellow, Hoover Institution
9:30 am - 10:45 am
Europe has surpassed the U.S. as the largest producer of wind turbines. China is No. 1 in manufacturing photovoltaic solar cells. Brazil leads the world in ethanol. But the United States has been slow out of the starting gate. What policy changes do we need to take the lead in going green? What are other nations doing right? Is meeting this challenge also the key to jumpstarting job growth?
Moderator
Raymond Wood, Managing Director and Co-Head, U.S. Power Group and The Global Alternative Energy Group, Credit Suisse
Speakers
Jim Barry, Chief Executive, NTR
Moray Dewhurst, Vice Chairman and Chief of Staff, FPL Group Inc.
Tulsi Tanti, Chairman and Managing Director, Suzlon Energy Ltd.
Daniel Weiss, Co-Founder and Managing Partner, Angeleno Group
Thomas Werner, CEO, SunPower Corp.
9:30 am - 10:45 am
While the print media is struggling, online financial news outlets have reached a new level of maturity and depth. Today a host of well-respected analysts and pundits — many with advanced degrees in economics or extensive industry experience — provide detailed, sophisticated analysis of business news and economic trends. In fact, the leading online sites and blogs frequently scoop the mainstream media, reacting faster and going deeper on breaking news stories. Every day they host opinionated and dynamic discussions on regulation, policy moves, and the triumphs and failures of today's financial industry. How do online journalists stack up against their print and broadcast counterparts? Has online journalism gained the ability to influence the direction of the mainstream news providers? Where are they outdoing the traditional media, and where do they need to improve? What does it take to emerge as a thought leader in the rough-and-tumble world of the financial blogosphere?
Moderator
Paddy Hirsch, Senior Editor, "Marketplace"
Speakers
John Carney, Independent Financial Journalist
Stacy-Marie Ishmael, Reporter, Financial Times
Heidi Moore, Contributer, The Big Money
Felix Salmon, Financial Blogger, Reuters
9:30 am - 10:00 am
11:00 am - 12:00 pm
Where are single-family housing prices headed one year from now?

Experts on the housing overview panel made this and several other predictions. View the video for their opinions on financial regulation, what will happen with home sales in the coming years, how immigration will affect the market and whether the next generation will see housing as shelter or an investment.

As for home prices, here′s what the panelists said.

Larry Mizel of MDC Holdings Inc.: For new homes, "flat to trending down, with a slight degree of inflation for those products that are creating real value to the consumer when they buy it."

Donald Brownstein of Structured Portfolio Management: "I′m going to use a quote, I think it was J.P. Morgan, who was asked about what′s going to happen to the stock market. It′s going to fluctuate.′ ... That′s what prices should do, right?"

Mark Buckland of City Ventures: In the urban parts of the United States, "flat to slightly up."

Lewis Ranieri of Hyperion Private Equity Funds: It will depend on the region. As much as 6 percent to 7 percent higher in some areas and as much as 6 percent lower in others.

Ross DeVol of the Milken Institute: Up in some places, down in others, but overall up 2 percent.

Moderator
Gordon Crovitz, Co-Founder, Journalism Online; former Publisher, The Wall Street Journal
Speakers
Donald Brownstein, CEO and Chief Investment Officer, Structured Portfolio Management LLC
Mark Buckland, President and Co-Founder, City Ventures
Ross DeVol, Executive Director, Economic Research, Milken Institute
Larry Mizel, Chairman and CEO, MDC Holdings Inc.
Lewis Ranieri, Chairman, Ranieri Partners LLC; Founder, Hyperion Private Equity Funds
11:00 am - 12:15 pm
Struggling companies in any sector can be held hostage by inflexible capital structures (especially when liquidity dries up), obsolete lines of business and antiquated organization. But the restructuring process can reduce losses and realize value, relieving distressed balance sheets. In the current climate, when cash flow and competitiveness can make all the difference in a firm's survival, it's become crucial to understand when corporate restructuring is needed and how to manage the process. How will value be created in the year ahead? This panel of financial practitioners identified and discussed the opportunities in the year ahead as well as the risks of investing in distress across a variety of sectors and companies of various sizes. Which sectors are likely to see the most significant bankruptcies, breakups and buyouts?
Moderator
Irwin Gold, Co-Chairman and Co-Head of the Financial Restructuring Group, Houlihan Lokey
Speakers
Christopher Jacobs, Senior Analyst, Western Asset Management Company
Marc Rowan, Co-Founder and Senior Managing Director, Apollo Global Management LLC
Alan Schwartz, Executive Chairman, Guggenheim; Chairman, Robin Hood Foundation
Doug Teitelbaum, Managing Partner, Bay Harbour Management
11:00 am - 12:15 pm
Some 1,500 Americans die every day from cancer. One out of two men and one out of three women will be diagnosed with cancer in their lifetimes. Despite these staggering statistics, a panel of scientists and cancer survivors said today that they've never been more hopeful.

A profound transformation is taking place in the cancer research field. Recent game changers include the identification of molecular pathways driving tumor growth, which provide new targets for drug development. Howard Soule of the Prostate Cancer Foundation and the Milken Institute described this approach as the "molecularization" of oncology. In addition to these so-called molecularly targeted therapies, treatments are in development that will allow the immune system to better target and attack cancers.

While we've made great progress in the scientific understanding and development of new treatments for cancer, the clinical trials and regulatory approval system remains a major hurdle to speeding treatments to patients, according to former FDA commission Andy von Eschenbach. Cutting inefficiencies in the system and increasing resources to the FDA will get medical solutions into the hands of patients when they're needed.

Both the Prostate Cancer Foundation and the Melanoma Research Alliance see themselves as catalysts by fast forwarding research through nontraditional mechanisms. One key example is their focus on investing in early career investigators, which supports not only the next generation of researchers, but also the next generation of cancer treatments. They also provide support to interdisciplinary teams of researchers to address significant challenges in cancer.

Nonprofit disease foundations like these are traditionally willing to take more risk in support of paradigm-shifting ideas. At the same time, they expect both accountability and early sharing of results, pointed out Debra Black, Co-Founder and Chair, Melanoma Research Alliance. This is the essence of "venture philanthropy."

Moderator
Wendy Selig, CEO, Melanoma Research Alliance
Speakers
Debra Black, Broadway Producer; Co-Founder and Chair, Melanoma Research Alliance
Howard Soule, Executive Vice President and Chief Science Officer, Prostate Cancer Foundation; Senior Fellow, Milken Institute
Suzanne Topalian, Professor of Surgery and Oncology, Johns Hopkins University; Director, Melanoma Program, Sidney Kimmel Comprehensive Cancer Center; Chief Science Officer, Melanoma Research Alliance
Andrew von Eschenbach, Senior Director for Strategic Initiatives, Center for Health Transformation; former Commissioner, U.S. Food and Drug Administration
11:00 am - 12:15 pm
For decades Brazil was dubbed a sleeping giant — but today that giant has roared to life. Buoyed by a new middle class and global demand for its treasure trove of commodities, it's on track for annual growth of 5 percent in the years to come. Having demonstrated its resilience during the global recession, Latin America's largest economy is increasingly a magnet for foreign investment. But many caveats remain, including an antiquated infrastructure, a problematic legal system and stubbornly high poverty and violent crime rates. Moreover, despite government efforts to protect parts of the Amazon rain forest and halt deforestation, more needs to be done. Is Brazil finally ready to emerge as a true global powerhouse? Is it the best choice for BRIC investing? How sustainable is its export-led growth model? What should investors watch for in the upcoming presidential election?
Moderator
Vinicius Lummertz, Secretary for Foreign Affairs, Government of the State of Santa Catarina, Brazil
Speakers
Everaldo Franca, Founder and CEO, PPS Portfolio Performance Ltd.
Jerson Kelman, CEO, Light; Partner, BR Investimentos
Jose Alfredo Graca Lima, Consulate General of Brazil, Los Angeles
Ricardo Weiss, Investment Director, FAPES
11:00 am - 12:15 pm
While the world moved a bit closer to a coordinated effort to contain climate change, the Copenhagen summit last December made it all too clear that we will have to overcome deep divisions on how to reduce greenhouse gas emissions (and how to apportion the cost of doing so). This panel evaluates where we now stand and the prospects for moving forward expeditiously. Equally important, it considers a topic on which considerable progress was made at Copenhagen: mitigating the consequences of climate change. Panelists discussed how to cope with risks ranging from rising sea levels to radical changes in weather patterns, and how to manage the effort in countries that lack the resources to do it on their own.
Moderator
Peter Passell, Senior Fellow, Milken Institute; Editor, The Milken Institute Review
Speakers
Bryan Hannegan, Vice President, Environment and Renewables, Electric Power Research Institute
Matthew Kahn, Professor, Institute of the Environment, Department of Economics and Department of Public Policy, University of California, Los Angeles
Matt Petersen, President and CEO, Global Green USA
Joel Smith, Principal, Stratus Consulting
Michael Walsh , Executive Vice President, Chicago Climate Exchange
11:00 am - 12:15 pm
Each nation's future prosperity depends on developing the next generation of scientists, teachers, engineers and productive citizens. Public and private investments in high-quality early childhood education have demonstrated a greater rate of return than almost any other public investment, yet vulnerable children from low-income, at-risk families who benefit the most from comprehensive education and care have limited access to quality programs. How can cities, states and nations begin to change this picture? How can philanthropic foundations, government agencies and the private sector partner to broaden access and improve the quality of educational programs and services available to those most in need? This panel examines the innovative initiatives that are making a real difference in the lives of children.
Moderator
Felicia Thornton, CEO, Knowledge Universe Education U.S.
Speakers
Anthony Berkley, Deputy Director, W.K. Kellogg Foundation
Daniel Pedersen, Founding President, Buffett Early Childhood Fund
Mark Shriver, Vice President and Managing Director, U.S. Programs, Save the Children
11:00 am - 12:15 pm
The word "diplomacy" conjures up visions of officials negotiating peace treaties and trade agreements. But diplomacy can encompass a wide range of initiatives that promote peace and prosperity around the globe. Policymakers have long used economic development as a building block for international alliances — and today, there is a growing realization that public health initiatives are another effective tool as the U.S. and other developed nations seek to generate goodwill and ensure their own security. Improving global health is much more than a purely humanitarian effort — it is a means for helping other nations build human capital, more stable societies and better economic opportunity, all strategies that tend to stave off terrorism and conflict. This panel focuses on how efforts can be targeted to achieve the greatest payoff.
Moderator
Richard Carmona, 17th Surgeon General of the United States; Distinguished Professor, University of Arizona
Speakers
Bernard Alpert, Associate Clinical Professor of Surgery, University of California, San Francisco
Lewis Bernstein, Executive Vice President, Education, Research and Outreach, Sesame Workshop
David Rutstein, Acting Deputy Surgeon General, U.S. Department of Health and Human Services
Robert Sebbag, Vice President, Access to Medicines, Sanofi-Aventis
Gaddi Vasquez, U.S. Ambassador (retired); former Director, Peace Corps
11:00 am - 12:15 pm
The financial crisis changed the way investors look at their portfolios. Long-duration portfolio managers - in particular, life insurance companies and pension funds - have had to rethink asset allocation going forward. This session explores pre- and post-crisis strategies used by institutional investors to manage their portfolios and what changes they are making in their return expectations, investment strategies, liquidity needs and overall approach to funding their liabilities. Did the 2009 rebound in the financial markets solve their asset challenges? How can we better identify where vulnerabilities lie in the future?
Moderator
Anne Walsh, Senior Managing Director, Guggenheim
Speakers
David Fischer, Chief Investment Officer, Reinsurance Group of America Inc.
Scott Hartz, Executive Vice President, General Account Investments, Manulife Financial Corp.
Michael Simpson, Senior Vice President, Portfolio Management, Aegon Asset Management
11:00 am - 12:15 pm
This roundtable focuses on financing exciting new models in real estate development: greener, healthier communities that integrate affordable housing with mass transit, reducing congestion and creating greater access to opportunity for all. Financing for this type of development comes from multiple sources, including private equity and debt; federal, state and local funds; quasi-public lenders; bonds; philanthropic capital, and a variety of specialized vehicles such as syndicated tax credits. While potential backers often look at financing just one piece of the puzzle, this roundtable explored more holistic options for the entire development process, from planning to construction to take-out financing, linking one phase to another. Participants explored the sources of financing and new ways to deploy the full array of capital for the ultimate goal: creating vibrant, sustainable, mixed-income and mixed-use communities that free residents from their cars and increase regional competitiveness.
Moderator
Lisa Davis, Program Officer, Ford Foundation
Speakers
William Fleissig, President, Communitas Development Inc.
L. William Huck, Managing Director, Stone & Youngberg LLC
Wendy Rowden, Managing Director, Investment Practice Group, Jonathan Rose Companies
Tony Salazar, President, West Coast Operations, McCormack Baron Salazar
11:00 am - 12:15 pm
The rich oil deposits in West Africa have been attracting foreign investors for years, but recently nations to the east have also been quietly increasing their share of FDI. Chinese investment in the region has increased significantly in the past decade, and it's likely to double (if not triple) in the next. With the influx of investment, the region is taking steps to implement policies that will build on this momentum. January marked the launch of the East African Community (EAC) customs union, with the common market on its way later this year. As further encouragement, the International Finance Corporation has been making strategic investments in mining alongside firms in developed countries. Despite these positive signs, the region still needs to address systemic challenges such as poor infrastructure, opaque financial regulations, corruption and the rule of law. This session explores ways to overcome those hurdles and pinpoints the region's most promising opportunities.
Moderator
Sean Cleary, Chairman, Strategic Concepts, South Africa
Speakers
Michael Battle, U.S. Ambassador to the African Union
Barbara Day, Acting Vice President, Investment Funds, Overseas Private Investment Corp.
Greyson Kiondo, President, Kilimanjaro International
John Ngumi, Director of Investment Banking Coverage, Corporate & Investment Banking Division, Standard Bank Africa
Joseph Wambia, CEO and Chief Investment Officer, WambiaCapital LLC
11:00 am - 11:30 am
12:15 pm - 2:15 pm
The ballroom was buzzing with anticipation as two of the most knowledgeable minds in economics and finance sat down for an in-depth conversation about everything from sovereign debt to "super-McMansions."

So where do we stand today?, asked moderator Matthew Winkler of Bloomberg News. Deleveraging has started in the private sector, said Roubini, but his real worry is that public debt is now climbing. He referred to Greece as the tip of the iceberg and warned that if sovereign debt is not tackled by nations around the world, the result will be either default or high inflation.

For the U.S. in particular, a $10 trillion deficit over the next decade is simply not sustainable. But gridlock is Washington is preventing any action: Republicans won't raise revenues, while Democrats won't cut spending. The bond markets are forcing an adjustment in Greece, but we have yet to wake up to the magnitude of the problem here. We're living a delusion, said Roubini: Americans want social spending, but they're not willing to pay for it.

Michael Milken felt strongly that the best guide to what's going on today is careful study of how things unfolded in 1973-74. Debt is cheap right now, and companies should be locking in low rates while they can. The recession has also forced cities, states and companies alike to find efficiencies in the way they do business.

The big question for Milken is whether the U.S. can muster the will to deal with long-term issues like unfunded pensions, Social Security, energy security and health care. There are solutions that are ready to deploy in all these areas if we're willing to act boldly. For example, focusing on prevention and cures — by tackling the obesity epidemic and investing heavily in the biosciences — can bring down health-care costs dramatically.

Both men agreed that ending U.S. dependence on foreign oil is crucial, and imposing a carbon tax is probably the way to go. They discussed how lifestyles in the U.S. have gotten out of whack, with Americans investing too much in oversized houses and not enough in education (a ratio that's reversed in Asia). According to Roubini, sprawl has had massive negative effects, and the federal government has to stop subsidizing housing and gasoline. It's more important, he said, to invest in human capital, capital stock and R&D.

Check out the full video for greater insight into the forces that will shape the global economy in the years ahead.

Moderator
Matthew Winkler, Editor-in-Chief, Bloomberg News
Speakers
Michael Milken, Chairman, Milken Institute
Nouriel Roubini, Professor of Economics and International Business, Stern School of Business, New York University
2:30 pm - 3:45 pm
The Federal Reserve, facing growing deflationary pressures in the U.S. and abroad, is unlikely to tighten monetary policy until early 2011, a panel of Fed watchers said. "We're seeing outright deflation," said Jason Cummins, head of economic research at Brevan Howard Asset Management, noting that that the three-month trend in core consumer prices was negative.

Recent data from the IMF also show deflation growing in a host of countries, said Vincent Reinhart, an American Enterprise Institute Scholar and former director of the Fed's Division of Monetary Affairs. "Inflation is low and going lower," he said. The Greek debt crisis, which has led the dollar to appreciate against the Euro, is also damping inflationary jitters — the main concern that could prompt the Fed to raise rates quickly.

So when will the Fed move away from its unprecedented monetary accommodation? Reinhart predicted tightening could come as early as this November but more likely May of next year. Maria Fiorini Ramirez of MFR Inc. expected the Fed to wait until next February, while Cummins predicted the next rate hike in March 2011.

Check out the panel video for complete details.

Moderator
Jon Hilsenrath, Chief Economics Correspondent, The Wall Street Journal
Speakers
Jason Cummins, Head of Economic Research, Brevan Howard Asset Management LLP
Maria Fiorini Ramirez, President and CEO, MFR Inc.
Vincent Reinhart, Resident Scholar, American Enterprise Institute for Public Policy Research; former Director, Division of Monetary Affairs, Federal Reserve Board
David Zervos, Managing Director and Head of Global Fixed Income Strategy, Jefferies & Company Inc.
2:30 pm - 3:45 pm
Information wants to be free. On the other hand, journalists want to eat.

Reflecting on the future of news, executives from different types of media outlets compared their various financial models and generally agreed that there would be no single way of doing business going forward.

Much of the discussion focused on The New York Times′ plan for "freemium" access to its website: Readers could view a certain number of articles each month before they would have to pay for further access, Executive Editor Bill Keller said. If readers arrive at the website via a search engine or a link from another site, that view would be free.

Other panelists discussed how they fund their news gathering: Vivian Schiller of NPR said it is supported by listeners, sponsors and philanthropy, while Andy Lack of Bloomberg said that organization's well-known information terminals support its 2,300 staffers worldwide.

Arianna Huffington said there′s no single financial model that will apply to all news outlets, just as there will be no single model for news gathering.

The panel also scoffed at predictions that print is dead.

"We shouldn′t worry?" asked moderator Terence Smith.

"We shouldn′t panic," Keller replied.

Moderator
Terence Smith, Journalist; former Correspondent, "The NewsHour with Jim Lehrer"
Speakers
Gordon Crovitz, Co-Founder, Journalism Online; former Publisher, The Wall Street Journal
Arianna Huffington, Co-Founder and Editor-in-Chief, The Huffington Post
Bill Keller, Executive Editor, The New York Times
Andrew Lack, CEO, Multimedia, Bloomberg LP
Vivian Schiller, President and CEO, NPR
2:30 pm - 3:45 pm
The wide world of sports encompasses multimillion-dollar player contracts, complex merchandising and endorsement deals, stadium financing and the fortunes of broadcast and cable networks. It's an even bigger business in the era of globalization, when many franchises and leagues have become trans-national enterprises. This panel brought together a group of heavy hitters from every aspect of the sports world to discuss the latest trends and issues.
Moderator
Jim Gray, Sportscaster, NBC (Olympics), Showtime, The Golf Channel and Westwood One Radio
Speakers
Reggie Bush, Running Back, New Orleans Saints
Ed Goren, President, Fox Sports
Len Komoroski, President, Cleveland Cavaliers
Jerry Reinsdorf, Chairman, Chicago White Sox and Chicago Bulls
2:30 pm - 3:45 pm
Natural gas now provides 23 percent of all energy consumed in the world, and the International Energy Agency predicts that demand will grow by more than 67 percent through 2030. The cleanest-burning conventional fuel, natural gas produces lower levels of greenhouse gas emissions than coal and oil. Recent breakthroughs in drilling technology have ushered in the "shale revolution" — and the United States happens to be sitting on vast reserves. What does the development of these resources mean for liquefied natural gas (LNG) imports to the U.S.? On an international level, which nations are the major players? Where are the most ambitious development projects taking shape? What are the investment risks? How is demand from China and other emerging nations shaping the world market? Will currently depressed prices slow the industry's expansion? Will natural gas supplant coal in electricity generation, helping the world cut emissions in the short term? This roundtable discussion focused on finding the answers and clarifying what lies ahead for natural gas.
Moderator
Tim Shanahan, Director, Energy and Minerals Initiative, The University of Western Australia
Speakers
William Albrecht, President, Oxy Oil & Gas USA
Peter Gunnerman, Partner and Director, Advanced Refining Concepts LLC
Bill Koetzle, Manager, Legislative, Regulatory and Political Affairs, Chevron Corp.
Timothy Murray, Managing Director, Guggenheim
2:30 pm - 3:45 pm
It's no secret that California faces more than its fair share of problems. But the prevailing air of doom and gloom overshadows significant opportunities for investors, corporations and entrepreneurs within the state. Public mandates and private interest in renewable energy and technology have never been higher. The state remains a premier center of research and innovation, with a surplus of engineering talent not seen since the early 1990s. And quietly, many of employers' key concerns are being addressed. Housing prices have dropped to more reasonable levels, and a rise in charter schools has led to excellent educational opportunities in previously underserved areas. Taking advantage of these positive signs requires not only good public policies, but also access to capital and information in the private sector. This interactive roundtable discussion focused on the opportunities waiting to be realized in California and on the steps that must be taken by business and government in order to fulfill the state's vast potential.
2:30 pm - 3:45 pm
Green building standards have long been in place for new structures — but in order to make major strides in reducing our energy consumption, we need to get serious about retrofitting millions of existing homes and commercial spaces. Up till now, though, the costs have been prohibitive. But the possibility of making your home more energy-efficient and saving money from the first day could become a reality in 2010, thanks to the confluence of financing, stimulus funding and jobs programs. The recent emergence of Property Assessed Clean Energy, or PACE, bonds has given cities and states the tools to lead the charge for improving energy efficiency. The experts on this panel helped to shape this landscape. In this session, they identify the key market opportunities and business models that support this massive change.
Moderator
Martha Amram, CEO, Ennovationz; Senior Fellow, Milken Institute
Speakers
Rod Dole, Auditor-Controller-Treasurer-Tax Collector, County of Sonoma, California
George McCarthy, Director, Metropolitan Opportunity Unit, Ford Foundation
Joshua Raffaelli, Associate and Kauffman Fellow, Draper Fisher Jurvestson
James Williamson, Policy Director, Treasury Department, State of Pennsylvania
2:30 pm - 3:45 pm
Developing innovative solutions in response to scarcity has always been Israel's strong suit. In fields ranging from medical devices to clean energy and water management, the nation has become a world leader in developing forward-thinking efficiency solutions. This panel focuses on Israel's own key challenges as it develops new breakthroughs with the potential to make a significant impact around the globe. Panelists discussed the future of Israel's high-tech industry, the educational challenges of sustaining and developing the diversity of its human capital, and how to foster the spirit of a "start-up nation" through workforce participation, global business networking and investment.
Moderator
Glenn Yago, Executive Director, Financial Research, Milken Institute
Speakers
Ora Dar, Head of the Life Sciences Sector, Office of the Chief Scientist, Ministry of Industry & Trade, Israel
Stanley Gold, President, Shamrock Holdings Inc.
Michael Granoff, Head of Oil Independence Policies, Better Place
Eugene Kandel, Head of the National Economic Council, Israel Prime Minister's Office
2:30 pm - 3:45 pm
In a dangerous and complex world, the threat of terrorism is always on the radar screen. How have the risks changed? Has the airline security system really made us safer? Is there now an increased threat from domestic extremists? In this one-on-one interview, Tom Ridge, former U.S. Secretary of Homeland Security, offers his views on the effectiveness of current measures and the threats of the future.
IntroductionBy
Courtney Mizel Green, Founding Director and Chairman, Center for Empowered Living and Learning
Interviewer
Brian Jenkins, Senior Advisor, Rand Corp.
Speaker
Tom Ridge, President and CEO, Ridge Global LLC; former Secretary, U.S. Department of Homeland Security
4:00 pm - 5:15 pm
Hollywood is coming off a banner year in which it seemed to regain its box office mojo, thanks in no small part to the stupendous success of "Avatar." On the small screen, we've seen a comeback of the sitcom and the hour-long drama, which were once written off for dead at the height of the reality-TV craze. But despite this hot streak, this is still a challenging moment for the entertainment industry, and this panel delivers a sneak preview of what lies ahead for Hollywood. What's the future of 3-D, post-"Avatar?" Will business models change now that A-list stars have recently failed to deliver at the box office? What will happen to the DVD market? Can Los Angeles remain the world's capital of filmmaking? How will network TV respond now that cable has proven its ability to turn out top-quality dramatic series?
Moderator
Terry Semel, Chairman and CEO, Windsor Media
Speakers
Irving Azoff, Executive Chairman, Live Nation
Richard Beckman, CEO, e5 Global Media
Chase Carey, Deputy Chairman, President and Chief Operating Officer, News Corporation
Robert Kotick, President and CEO, Activision Blizzard
Leslie Moonves, President and CEO, CBS Corp.
4:00 pm - 5:15 pm
During the global financial crisis, Israel proved itself relatively immune to the volatility. Its government acted quickly with a combination of fiscal stimulus and an aggressive expansionary monetary policy; this year's GDP growth is projected to hit 3.5 percent. How did Israel manage to hold steady when contagion was sweeping so much of the world economy? This panel of regulators, economists and market leaders discuss key lessons that could apply in other countries and the next steps for Israeli decision-makers.
Moderator
Yossie Hollander, Chairman, Israeli Institute for Economic Planning
Speakers
Jeremy Blank, Senior Managing Director, York Capital Management
Neri Bukspan, Chief Quality Officer and Chief Accountant, Standard & Poor's
Zvi Eckstein, Deputy Governor, Bank of Israel
Anath Levin, Chief Investment Officer, Head of Investments and Credit Division, Migdal Group
Shouky Oren, Accountant General, Israel
5:30 pm - 6:30 pm
5:30 pm - 6:30 pm