Petropoly: The Collapse of America's Energy Security Paradigm
Luft and co-author Anne Korin p oint to the fact that, over the past seven years, domestic oil production has expanded, vehicle fuel-efficiency has increased and oil imports have fallen. Yet the amount Americans spend on oil imports has skyrocketed. True energy security requires an uninterrupted energy supply and affordable prices, he argues, and energy self-sufficiency guarantees neither.
At this Milken Institute Forum, Luft, the co-director of the Institute for the Analysis of Global Security, explained the reason for the collapse in the energy security paradigm and how the U.S. can avoid the pitfalls of today's cartel-dominated oil market.
Gal Luft is an advisor to the U.S. Energy Security Council and co-founder of the Set America Free Coalition. He specializes in strategy, geopolitics, terrorism, energy security, natural resources and economic warfare. He has been called a "tireless and independent advocate of energy security" (Newsweek), deemed "one of the most recognizable figures in modern energy and security issues" (Poder), and named to Esquire's 2007 list of "America's Best and Brightest." He has published numerous studies and articles in such publications such as Foreign Affairs, Foreign Policy and The Wall Street Journal. He is a co-author of "Energy Security Challenges for the 21st Century" and "Turning Oil into Salt" and the author of "Beer, Bacon and Bullets." He has testified before congressional committees, appears frequently in the media, and advises think tanks and news organizations worldwide. Luft holds degrees in international relations, international economics and strategic studies, and a doctorate in strategic studies from the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University.
Joel Kurtzman is a senior fellow at the Milken Institute and Wharton's SEI Center for Advanced Studies in Management. Previously he was global lead partner for thought leadership and innovation at PricewaterhouseCoopers. He has also served as executive editor of the Harvard Business Review, a member of the editorial board of Harvard Business School Publishing, a business editor and columnist at the New York Times and founding editor of Strategy+Business. Kurtzman began his career as an international economist at the United Nations, serving as deputy director of its Project on the Future. While at the U.N., he participated in negotiations between India and Union Carbide over the Bhopal disaster and was awarded India's Indira Gandhi Prize. The author of 24 books and hundreds of articles, he received a master's degree from the University of Houston.Read More
Hearts on Fire: Twelve Stories of Today's Visionaries Igniting Idealism into Action
Leila Janah was inspired by her immigrant parents to connect the poor to online job opportunities. Susana De Anda tapped into her family's farmworker background and today brings clean water to the San Joaquin Valley. They are two of 14 inspirational visionaries featured in the book "Hearts on Fire" by Jill Iscol.
At this Milken Institute Forum, moderator Angella Nazarian - herself an author who has written about female pioneers - led a dynamic and thoughtful conversation with Iscol, De Anda and Janah about how these innovative women are turning idealism into action and changing the world in the process.
Angella Nazarian is the author of "Pioneers of the Possible," which honors 20 of the world's most daring, creative and inspiring women of the 20th and 21st centuries. Nazarian has been a professor of psychology and a faculty member at Mount Saint Mary's College and Cal State Long Beach. She now conducts workshops and seminars on personal development and growth for women and has been a keynote speaker at national events and conferences. Nazarian is a regular contributor to the Huffington Post, Maria Shriver's More.com blog and Intent.com. Her work has appeared in New Millennium Writings and MO+TH. Her first book, "Life as a Visitor," was a best-seller for publisher Assouline.
Susana De Anda is the co-founder of Community Water Center, a Visalia-based nonprofit that helps disadvantaged communities access safe and affordable drinking water. She and co-director Laurel Firestone were co-awarded the Carla Bard Advocacy Award from the Public Officials for Water and Environmental Reform in 2010. In 2009, De Anda was named a Petra Fellow, which recognizes unsung heroes making contributions to the rights and dignity of others. De Anda sits on an advisory board of the Rose Foundation and the Coordinating Council of the Southwest Network for Environmental and Economic Justice. Previously she was a community organizer with the Center on Race, Poverty and the Environment.
Jill Iscol, an educator and activist, is president of the IF Hummingbird Foundation, a family foundation established in 1989 to help strengthen democracy and reduce the social, economic, and educational inequalities that threaten it. For the past two decades, she has identified nascent visionary leaders and programs, and then fostered their advancement by providing seed capital and guidance. As a Democratic Party activist, she co-chaired the New York finance committee for Hillary Rodham Clinton's Senate campaign and was national vice chair of the finance committee for her 2008 presidential campaign. "Hearts on Fire," her first book, was released in 2011 and will soon be available as a Random House Trade Paperback.
Leila Janah is the founder and CEO of Samasource, which connects impoverished people to "microwork" - small, computer-based tasks that build skills and generate income. Before Samasource, Janah was a visiting scholar with the Stanford Program on Global Justice and Australian National University's Center for Applied Philosophy and Public Ethics. She also was a founding director of Incentives for Global Health, which aims to increase R&D spending on diseases of the poor. A frequent speaker on social entrepreneurship and technology, she has been profiled by CBS, CNN, NPR, the BBC, The New York Times and The New Scientist. Janah sits on the boards of OneLeap and TechSoup Global.Read More
Big U.S. Financial Institutions: Why Size and Complexity Matter
By invitation only
The Milken Institute Center for Financial Markets and the Georgetown University Center for Financial Markets and Policy in the McDonough School of Business will co-host this panel discussion for Hill staff.
Increased bank consolidation and continued concerns over systemic risk to the global economy since the financial crisis have caused some to argue that big banks should be broken up to protect American taxpayers. Others disagree arguing that markets can best dictate the appropriate size and structure of banks and that scale is critical in promoting efficient global credit markets and ensuring the competitiveness of US banks. This briefing will explore this ongoing debate of why size and complexity matter even after major reforms in the banking industry have been or are in the process of being implemented.
Should Big Banks Be Broken Up?
In the United States, the top five banks hold more than 50 percent of the total assets in the U.S. banking industry. Given increased bank consolidation and continued concerns over systemic risk to the global economy since the financial crisis, some have argued that big banks should be broken up to protect American taxpayers. But others disagree, arguing that markets can best dictate the appropriate size and structure of banks and that scale is critical in promoting efficient global credit markets and ensuring the competitiveness of U.S. banks. Simon Johnson, Harvey Rosenblum, Phillip Swagel, and Peter Wallison will debate these issues and related questions. We welcome you to join the distinguished panelists for a lively and timely debate.
About the speakers:
Simon Johnson is professor of Global Economics and Management, Massachusetts Institute of Technology Sloan School of Management.
Harvey Rosenblum is executive vice president and director of research, Federal Reserve Bank of Dallas.
Phillip Swagel is senior fellow, Milken Institute and professor in International Economic Policy, University of Maryland School of Public Policy.
Peter Wallison is Arthur F. Burns fellow in Financial Policy Studies, American Enterprise Institute.
Bradley Belt is senior managing director, Milken Institute.
Global Trade in Services: The Potential for Greater Liberalization and Increased Economic Growth
By invitation only
The Milken Institute Center for Financial Markets and the Georgetown University Center for Financial Markets and Policy in the McDonough School of Business co-hosted this panel discussion for Hill staff.
In the last 50 years, a significant reduction in tariffs on the trade of goods and merchandise has resulted in increased trade volumes and contributed to overall global GDP growth. Global trade in services has also grown significantly, now accounting for about 30 percent of U.S. exports; however, barriers to trade in services still exist, and these obstacles could potentially hinder opportunities for future economic growth.
This briefing explored how policymakers can promote service trade liberalization while addressing the myriad of legal and regulatory hurdles and other policy considerations.
Finance and the Good Society
His views may seem counterintuitive in the wake of the great financial meltdown, but Shiller makes a powerful case for finance as a tool for solving society's greatest challenges and increasing general well-being. For instance, finance is responsible for such inventions as insurance, mortgages, savings accounts and pensions. The need is for more financial innovation, not less, he argues, and finance should play a larger role in helping society achieve its goals.
At this Milken Institute Forum, Shiller took part in a wide-ranging discussion with the Institute's Peter Passell about "Finance and the Good Society," the outlook for the economy in general and his forecast for housing in particular.
Shiller is no apologist for the excesses of the financial sector. He is perhaps the only economist to have predicted not only the real estate bubble that led up to the subprime mortgage meltdown but also the stock market bubble of 2000. In real estate circles, he is perhaps best known as one of the developers of the Case-Shiller home-price index.
Shiller is the Arthur M. Okun Professor of Economics in the Department of Economics and Cowles Foundation for Research in Economics at Yale University as well as a finance professor and fellow at the International Center for Finance in the Yale School of Management. He is the author of seven books, including the best-seller "Irrational Exuberance." Shiller was named one of Bloomberg's "50 Most Influential People in Global Finance" in 2011 and one of Foreign Policy magazine's "Top Global Thinkers" in 2010. He has been a research associate of the National Bureau of Economic Research (NBER) since 1980. Shiller holds a Ph.D. from MIT.
Passell is editor of The Milken Institute Review and a senior fellow. Previously he was an economics columnist at The New York Times. He was also an assistant professor at Columbia University's Graduate Department of Economics. Passell has written for such publications as The Washington Post, The New Republic, The Nation, American Economic Review and the Journal of Political Economy. Passell received his Ph.D. in economics from Yale University.Read More
The Potential Impact of America's Natural Gas Resource on the Economy and Markets
By invitation only
The Milken Institute Center for Financial Markets and the Georgetown University Center for Financial Markets and Policy in the McDonough School of Business co-hosted the panel discussion "The Potential Impact of America's Natural Gas Resource on the Economy and Markets" as part of our joint Policy Briefing Series. Limited to Hill staff, this invitation-only panel discussion featured:
Crowdfunding: Promoting the Promise and Minimizing the Peril
Georgetown University Law Center
By invitation only
The Milken Institute convened a roundtable discussion in Washington, D.C., to examine a number of key questions surrounding the regulation, use and impact of crowdfunding.
In light of the Jumpstart Our Business Startups Act, or JOBS Act, which has created a new exemption for crowdfunded businesses, this roundtable discussion discussed the merits of different crowdfunding regulatory models, considered the limitations of crowdfunding and explored creative applications of this new capital-raising mechanism.
Our goal is to publish a report from the discussion in advance of the SEC's issuance of the final rules and regulations expected in late 2012/early 2013.
This invitation-only event brought key stakeholders with diverse perspectives to the table, including founders of crowdfunding platforms, regulators, lawyers, agency officials, industry leaders, academics, entrepreneurs and consumer/investor advocates.
See the full reportRead More
Renewing America's Commitment to Bioscience
Nations that lead the world in bioscience will be the global leaders of the 21st century. No field has greater potential to improve health, create jobs and stimulate the economy, and no field provides greater returns on investment. This briefing focused on the economic and social benefits of scientific research and previewed this fall's Celebration of Science in Washington, D.C. FasterCures -- the Milken Institute's Center for Accelerating Medical Solutions -- will host an intensive three days focused on jumpstarting a new era of scientific exploration and discovery.
This briefing included:
• Francis Collins, Director, National Institutes of Health
• Harold Varmus, Director, National Cancer Institute
• Stephen Spielberg, Deputy Commissioner, FDA
• William Nelson, Dir., Kimmel Cancer Center, Johns Hopkins
• Michael Milken, Chairman, Milken Institute
• Margaret Anderson, Executive Director, FasterCures
• Ross DeVol, Chief Research Officer, Milken Institute
Reforming Israel's Film Incentives Program
Santa Monica, Washington, D.C., and Jerusalem
Israel has missed out on business creation and jobs stemming from the expansion of the film and television industry around the globe. Despite Israel's vibrant emerging film and television industry, its existing incentives, based on the country's 2008 Law for the Encouragement of the Production of Films, have proven ineffective in attracting new projects.
Other countries have succeeded by providing lower costs, through tax benefits and production infrastructure along with operational support, while also marketing their landscape, utilities, tourism facilities and local film production services.
The Israeli government faces the challenge of developing a competitive financial offering that ensures continuity of the film industry's production cost environment over time. Countries like Ireland and the Czech Republic have lost global production share as incentives expired. And the lack of stable production incentive tax regimes in some U. S. states and other foreign countries creates an opportunity for Israel to provide a stable, predictable, secure film/television production environment.
To craft a formula for success, the Milken Institute convened a roundtable discussion of experts, including heads of production from studios and networks, producers, agents, senior legal counsel, and senior Israeli officials from the Ministries of Finance, Industry, Trade and Employment and Foreign Affairs. To read a summary of the roundtable, which took place as a video conference with participants in Santa Monica, Washington and Jerusalem, click here.Read More
How Will the Financial Markets React: The Potential Implications of the Fiscal Cliff
By invitation only
As part of the Milken Institute's ongoing monthly briefing series on Capitol Hill with the Georgetown University McDonough School of Business, we convened more than 50 key congressional staff in the U.S. Capitol Building for a briefing, "How Will the Financial Markets React: The Implications of the Fiscal Cliff."
The purpose of this briefing series is to bring greater understanding and expert knowledge of the financial markets to a cross-section of Senate and House staff who handle these issues for their member of Congress or for a committee of jurisdiction. This specific briefing topic is an excellent example of the Milken Institute's convening of financial market experts in Washington on timely, critical issues the country is facing.
The speakers were the following:
Jason Cummins has been the chief US economist and head of research of Brevan Howard Inc since 2004. Brevan Howard is an international hedge fund management group with over $35 billion under management as at May 2012. In his role, he develops the firm's outlook for the economy, politics, and markets, advises the traders on portfolio management, and manages the global research/strategy team. Cummins is also a member of the Treasury Borrowing Advisory Committee, a government-appointed panel of external experts that has served the country for almost half a century. Formerly, Cummins was senior economist at the Federal Reserve Board, where he ran the macro forecasting team. Cummins began his career in 1995 as an assistant professor of economics at New York University and also taught at Harvard University. Cummins earned a Ph.D. in economics from Columbia University and graduated with high honors from Swarthmore College.
Ethan Harris is co-head of Global Economics Research at Bank of America Merrill Lynch Global Research. He is also responsible for formulating and communicating the North America economic outlook and the Fed interest rate call. In addition, he works in close partnership with the Rates Strategy Research team on longer-term yield curve forecasts. Previously, Harris worked at Barclays, formerly Lehman Brothers, where he was the chief U.S. Economist beginning in 2003. Prior to joining Lehman Brothers in 1996, Harris worked at the Federal Reserve Bank of New York for nine years. Previously, he worked for several years as an international economist at J.P. Morgan. Harris is the author of Ben Bernanke's "Fed: The Federal Reserve After Greenspan." He holds a Ph.D. in economics from Columbia University, where he was a University Fellow.
Russ Ramsey is Chief Executive Officer and Chief Investment Officer of Ramsey Asset Management (RAM) -- a long/short equity hedge fund business based in the Washington, D. C. area. Prior to starting Ramsey Asset Management in 2001, Mr. Ramsey was the co-founder and co-Chief Executive Officer of Friedman, Billings, Ramsey Group (FBR), a middle market investment bank and related companies. Co-founding FBR in 1989, Mr. Ramsey led the company from a startup research organization to a successful IPO and growth into one of the 10 largest investment banks in the United States. He also oversees, along with his wife Norma, the Russ and Norma Ramsey Foundation.
Rohan Williamson, the moderator, is a Professor of Finance and Stallkamp Faculty Research Fellow at Georgetown University's McDonough School of Business. He specializes in international finance, corporate governance, corporate investment decisions, and risk management. His research has appeared in leading scholarly publications including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Financial and Quantitative Analysis. Dr. Williamson's work has also been featured in other publications such as the National Bureau of Economic Research Working Paper Series. Dr. Williamson earned his PhD in finance and MA from the Ohio State University, his MBA from Atlanta University, and his BS in mechanical engineering from the University of Dayton.
War at the Shore: Steve Wynn, Donald Trump, and the Epic War to Save Atlantic City
In a city known for its heavyweight boxing matches, few bouts have been harder fought than this one: In the "War at the Shore," Las Vegas casino magnate Steve Wynn faced off against New York real estate mogul Donald Trump to develop a prime piece of property in 1990s Atlantic City, N.J.
Richard "Skip" Bronson had a front-row seat for this battle royale, and he describes it in intimate detail in his new book, "War at the Shore: Steve Wynn, Donald Trump, and the Epic War to Save Atlantic City."
At this Milken Institute Forum, Bronson will delve into the outsized personalities of the two combatants and tell the story of how this clash of money and power eventually transformed Atlantic City from a struggling spot for day trippers into a gambling destination. He will also offer some insight into the future of the industry, as chairman and co-founder of U.S. Digital Gaming.
The battle between Mirage Resorts and Trump Resorts over Renaissance Point, now known as the Marina District, raged from 1995 to 2000. Bronson sat on Mirage's board and served as president of New City Development Company, the subsidiary responsible for developing Mirage Resorts projects outside Nevada. As Bronson tells it, no money was spared and no punches were pulled.
Bronson also weaves in anecdotes from his personal story: A product of a fractured family from a city-owned housing project in Hartford, Conn.; former spelling bee champion and college dropout; and one of the nation's leading developers of shopping centers and office buildings, including Connecticut's tallest skyscraper.
Women Entrepreneurs: Innovative Approaches to Financing New Businesses
George Washington University
The Milken Institute and George Washington University will host the following distinguished panelists to explore these and related questions:
Inside Apple: How America's Most Admired - and Secretive - Company Really Works
Apple, the world's most valuable company, is famously secretive. Of course, it's one thing to keep details of next-generation products from gadget-obsessed fans. It's another to keep a new employee in the dark about what job they've been hired to do.
|Inside Apple with Adam Lashinsky- Studio Session at Milken Institute|
That's just one of many eccentricities revealed in "Inside Apple: How America's Most Admired - and Secretive - Company Really Works," the New York Times and Wall Street Journal bestseller by Adam Lashinsky, senior editor at large for Fortune magazine. Based on numerous interviews, the book offers exclusive new information about how Apple innovates, deals with its suppliers and is coping in the aftermath of founder Steve Jobs' death.
At this Milken Institute Forum, Lashinsky will reveal the secrets and strategies that have allowed Apple to churn out hit after hit and inspire a cult-like following for its products, and he'll give his view on what's ahead for Apple in a post-Jobs world.
It's a story Lashinsky is well-qualified to tell. A long-time tech reporter, Lashinsky predicted in 2008 that the then unknown Tim Cook would succeed Jobs as CEO. Perhaps the best testimonial is that Walter Isaacson, who is well-versed in all things Apple as the author of the acclaimed biography "Steve Jobs," is enthusiastic about "Inside Apple."
"Adam Lashinsky, one of America's best and most diligent technology reporters, has produced a fascinating glimpse inside Apple as it makes its transition into the post-Jobs era. It's filled with colorful reporting and smart analysis that offer lessons not just about Apple but about creative business leadership in general," Isaacson said.
Lashinsky covers Silicon Valley and Wall Street for Fortune, where he has been on staff since 2001. He appears weekly on Fox's "Cavuto on Business," co-chairs Fortune's annual Brainstorm Tech conference, hosts Fortune.com's CEO interview series "Connected," and is a frequent speaker and panel moderator. Prior to joining Fortune, Lashinsky was a columnist for The San Jose Mercury News and TheStreet.com; a reporter and editor for Crain's Chicago Business; and a reporter for Japan's Nikkei Weekly as a Henry Luce Scholar. Lashinsky holds a degree in history and political science from the University of Illinois at Urbana-Champaign.Read More
Federal Guarantee Customization Workshop
Federal Reserve Bank of San Francisco, Los Angeles office
The federal government guarantees almost $1 trillion in small business, housing, energy and other loans annually. Better targeting of federal credit support programs is one way to address the credit risk problems that impede the flow of credit to underserved markets. However, loans to underserved borrowers may increase guarantee losses and corresponding "credit subsidy" costs - an important disincentive for federal policymakers.
Many states and localities have instituted their own credit enhancement programs to serve borrowers - and lenders - not adequately served by federal credit support. But, unlike the federal government, states are prohibited from pledging their credit on behalf of private interests. Instead they must back their guarantee programs with funded, but unrated, accounts that are typically 10 to 20 times larger than the credit subsidy for similar federal programs. As result, state programs offer credit risk protection that is both inferior and more expensive than federal initiatives.
Allowing states and localities to obtain federal backing for their programs by paying the associated credit subsidy costs would make state programs less expensive and more appealing to lenders. At the same time, it would permit federal credit agencies to target programs more effectively to underserved markets.
Toward that end, the Federal Guarantee Customization Workshop will bring together government officials, federal credit executives, lenders, institutional investors, and finance professionals to develop the framework of a pilot "customization" program aimed at addressing underserved markets in California.
Participants will help shape policy and program proposals designed to allow:
The event's organizers are The Milken Institute; the Federal Reserve Bank of San Francisco's community development arm; Wall Street Without Walls, a national program to help community economic development organizations access the capital markets; and Capital Access Group, a network of finance and public policy professionals specializing in adapting proven financing techniques and structures to underserved markets.Read More
Israel: Portrait of a Work in Progress
Photographer and author Frederic Brenner is widely known for "Diaspora," a project documenting Jewish life around the world that was 25 years in the making. Now he is curating his next massive undertaking: "Israel: Portrait of a Work in Progress."
At this Forum by the Milken Institute Israel Center, Brenner will preview and discuss this extraordinary photo-documentary project by 12 acclaimed photographers who spent up to six months in residence in Israel. The event is part of the Israel Center's ongoing series, "From Startup Nation to Global Nation."
For the past decade, Brenner has planned, executed and produced this project documenting different aspects of Israel's reality. The photographers were charged with looking beyond the political narrative and exploring Israel in a way that reveals and questions but doesn't judge its complexity and inequities.
According to Brenner, the project seeks "to provide a penetrating vision of Israel as a living organism, with all its rifts and paradoxes." The Financial Times, New York Times and Ha'aretz have published major articles on the project, and a touring exhibit will begin in 2014.
Brenner's work has been the subject of solo exhibitions at the International Center of Photography, New York; the Rencontres Internationales de las Photographie, Arles; and the Musee De L'Elysee, Lausanne. A recipient of the 1992 Prix de Rome, Brenner directed the original film "The Last Marranos" and has published several books, including "Exile at Home" (1998), "Jews/America/Representation" (1996) and "Marranes" (1992).
Due to space limitations, this event is by invitation only. For questions, contact Jill Hoyt, associate director of development and marketing, at firstname.lastname@example.org.Read More
Financial Market Quality: The Changing Structure of Exchanges
By invitation only
The Milken Institute Center for Financial Markets and the Georgetown University Center for Financial Markets and Policy in the McDonough School of Business co-hosted the panel discussion "Financial Market Quality: The Changing Structure of Exchanges" as part of our joint Policy Briefing Series.
Limited to Hill staff, this invitation-only panel discussion featured:
James Angel is an associate professor of finance at Georgetown University's McDonough School of Business. He specializes in the structure and regulation of financial markets around the world, having visited over 50 financial exchanges. Angel serves on the boards of the DirectEdge stock exchanges. Previously, he was chairman of the Nasdaq Economic Advisory Board and a member of the OTC Bulletin Board Advisory Committee. Angel earned his B.S. in engineering, applied science and economics at the California Institute of Technology, his M.B.A. at Harvard Business School, and his Ph.D. in finance at the University of California, Berkeley.
Roger Freeman is a director in the equity research division of Barclays, a leading global investment bank, covering 24 companies within the brokers, asset managers and exchanges sector. He has specialized in the market structure area since 2004 and is one of the only equity analysts covering such a broad spectrum of capital markets companies. Prior to joining Barclays, he worked in the same capacity from 1999 to 2008 at Lehman Brothers. Previously he held positions in the investment banking and equity research divisions at Salomon Brothers and Merrill Lynch, respectively. Freeman holds a B.A. in international economics from the Georgetown University School of Foreign Service.
Joseph Gawronski is the president and chief operating officer of Rosenblatt Securities, an agency-only institutional broker that is recognized for its global exchange and market structure expertise. Gawronski received his B.A. in public and international affairs from Princeton University and his J.D. from Harvard Law School. He was a securities lawyer at Sullivan & Cromwell, vice president of the equities division at Salomon Smith Barney, and chief operating officer of Linx LLC, an alternative block trading system. Currently, he serves as an associate editor of the Journal of Trading. He is a member of the National Organization of Investment Professionals and a term member of the Council on Foreign Relations.
Reena Aggarwal, the moderator, is a professor of business administration and finance at Georgetown University's McDonough School of Business. She also serves as the director of the university's Center for Financial Markets & Policy. Aggarwal specializes in international stock markets, initial public offerings and corporate governance. She has worked on major consulting projects sponsored by Credit Suisse, Wachovia, the World Bank, the IMF, the Nasdaq, the United Nations and USAID. Aggarwal obtained her M.M.S. from BITS, India and her Ph.D. in finance from the University of Maryland.
Overconnected: The Promise and Threat of the Internet
By invitation only
How did it happen? How did the skein of interconnections we are living with grow so tangled? How is it that the same technology that allows us to pay our bills online makes us fear that our identity will be stolen? How did the very network that allows families to go online to shop for a house and a mortgage also become the conduit for a series of transactions that would eventually cause them to lose the house and default on the mortgage?
In this Milken Institute Forum in Santa Monica, Davidow offers practical advice on how to utilize the benefits of the Internet while curbing its hazards. "One of the pioneers of modern technology shows how the unanticipated effects of the Internet are distorting economics, politics, international relations and individual lives," says James Fallows of The Atlantic.
"The new environment is filled with opportunity," Davidow says, "but whether we seize it or let it hold us hostage is our decision to make."
"Overconnected" will be for sale at the Forum, and Davidow will be available to sign copies.
Bill Davidow has been a high-tech industry executive and venture capital investor for more than 30 years. He is an active advisor to Mohr-Davidow Ventures, a Silicon Valley VC firm that he co-founded in 1985. Since then, the firm has helped to build more than 250 startup companies. Davidow joined Intel in 1973, where he served as senior vice president of marketing and sales and as vice president of the Microcomputer Systems division. He is also the author of "Marketing High Technology" and "Total Customer Service," as well as co-author of "The Virtual Corporation." He holds a Ph.D. in electrical engineering from Stanford.Read More
Repairing the U.S. Housing Market: The Future of the Mortgage Finance System
By invitation only
The Milken Institute Center for Financial Markets and the Georgetown Center for Financial Markets and Policy in the McDonough School of Business co-hosted the panel discussion "Repairing the U.S. Housing Market: The Future of the Mortgage Finance System" as part of their joint Policy Briefing Series.
Limited to Hill Staff, this invitation-only panel discussion featured:
Steven Abrahams is a managing director and head of MBS and Securitization Research at Deutsche Bank. His team provides market analysis and investment advice in residential, commercial and consumer securitized products. Abrahams is a managing director and head of MBS and securitization research at Deutsche Bank. He joined Deutsche Bank in March 2010 from Citadel Investment Group. He previously was a senior managing director at Bear Stearns, where his agency MBS and global rates research team was regularly ranked by Institutional Investor. In more than 20 years on Wall Street, Abrahams has also held senior positions at Freddie Mac and Morgan Stanley. He currently teaches as an adjunct professor of finance and economics at Columbia Business School. Abrahams holds a B.S. from Northwestern University and a Ph. D. from Columbia University.
James R. Barth is co-author of "Fixing the Housing Market: Financial Innovations for the Future"; Lowder Eminent Scholar in Finance at Auburn University; and senior finance fellow at the Milken Institute. He was formerly chief economist at the Office of Thrift Supervision and the Federal Home Bank Board. His research focuses on regulatory issues of domestic and global capital markets and financial institutions. He recently completed an assignment as the international team leader advising the People's Bank of China on banking reform. Barth earned his Ph.D. in Economics at Ohio State University.
Phillip L. Swagel is a senior fellow at the Milken Institute and a professor at the University of Maryland School of Public Policy, where he teaches classes on international economics and is an academic fellow at the Center for Financial Policy at the university's Robert H. Smith School of Business. Swagel was assistant secretary for economic policy at the Treasury Department from 2006 to 2009. In that position, he served as a member of the TARP investment committee and advised Secretary Paulson on all aspects of economic policy. He previously worked at AEI, White House Council of Economic Advisers, IMF, and the Federal Reserve. He received a bachelor's degree in economics from Princeton University and a Ph.D. in economics from Harvard University.
Glenn Yago is co-author of "Fixing the Housing Market: Financial Innovations for the Future"; Senior Director at the Milken Institute; and founder of the Institute's Financial Innovations Labs. His work on financial innovation, capital markets and development finance has contributed to the democratization of capital in underserved markets in the U.S. and worldwide. Yago earned his Ph.D. in political economy at the University of Wisconsin, Madison.
Brian Gill, the moderator, is an adjunct professor of real estate at Georgetown University's McDonough School of Business. He currently serves as a principal at Artis Advisors, a boutique investment bank that offers capital advisory for private equity real estate sponsors. Possessing extensive knowledge of commercial real estate, Gill was associate director of real estate capital markets at Cushman & Wakefield and vice president of Acquisitions at Bonaventure Realty Group. Gill has also lectured on finance and real estate at George Washington University. He earned his M.S. in accounting and finance at the London School of Economics and Political Science and his M.S. in marketing from Northwestern University.
Good Derivatives: A Story of Financial and Environmental Innovation
Richard Sandor wants to make it clear that "derivative" is not a dirty word. It's one motivation behind his latest book, "Good Derivatives: A Story of Financial and Environmental Innovation."
It's a case that Sandor is well-equipped to make. As a young economist at the Chicago Board of Trade, he helped create interest rate futures-derivatives that revolutionized worldwide finance. Later, he pioneered the use of emissions trading to reduce acid rain and greenhouse gases, creating the Chicago Climate Exchange and affiliated exchanges in Europe and China.
At this Milken Institute Forum, Sandor will discuss how financial innovation has been a force for good in the last 40 years and how its vast potential can address environmental, health and social challenges in the next 40 years.
"This book represents the work of one of the world's most brilliant, inquisitive, and visionary minds," according to Clayton Yeutter, former USDA secretary and U.S. trade representative. "Richard Sandor knows this subject as an economist, a trader, an executive, an entrepreneur, but most of all, as a teacher. No one else in the world could have written this book."
Sandor is chairman and CEO of Environmental Financial Products LLC, which specializes in inventing, designing, and developing new financial markets with a special emphasis on investment advisory services. EFP was established in 1998 and was the predecessor company and incubator to the Chicago Climate Exchange (CCX), the European Climate Exchange (ECX), and the Chicago Climate Futures Exchange (CCFE).
Sandor was honored by the city of Chicago for his contributions, and he was one of Time's "Heroes of the Environment" in 2007. A Milken Institute senior fellow, Sandor is a Distinguished Professor of Environmental Finance at Guanghua School of Management at Peking University and a lecturer at the University of Chicago Law School.Read More