Forums

2012

06

December 2012

Catalyzing Pension Fund Investment in the Nation's Infrastructure: A Roundtable Discussion

Washington, D.C.
By invitation only

The Milken Institute convened a roundtable discussion on December 6, 2012, in Washington, D.C. to examine two major public policy challenges: the need for greater infrastructure investment and how to help defined benefit pension plans meet their long-term obligations.

A number of studies have documented the magnitude of underinvestment in critical infrastructure and the long-term economic growth and job creation benefits such investment represents. At the same time, pension funds continue to struggle to find potential investments in alternative asset classes that match returns to the funds' long-term liabilities. Roundtable discussions focused on developing specific, practical solutions that would increase pension funds' infrastructure investment allocation. Invitees included stakeholders with diverse perspectives: lawmakers, academics, regulators, law firms, pension funds, investment firms, state government officials, trade associations, private equity firms, financial services firms, and multinational corporations.

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27

November 2012

China's Political and Economic Transition: What It Means for the U.S. Economy and Financial Markets

Washington, D.C.
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.

China's next leader Xi Jinping is set to assume power in a decelerating economy. China's growth rate has slowed from a peak of above 14 percent in 2007 to 7.4 percent in the third quarter of 2012. The new Chinese leadership faces crucial decisions over whether and how to proceed with economic changes. This briefing explored economic reforms that would move China from a state-led investment model to a more market-driven and consumption-oriented economy, and how this transition will impact the U.S. economy and global financial markets.

For more information on this briefing, please contact Dianna Dunne, Director of Government Affairs, at ddunne@milkeninstitute.org.

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13

November 2012

Petropoly: The Collapse of America's Energy Security Paradigm

Santa Monica

Petropoly: The Collapse of America's Energy Security Paradigm
Is energy self-sufficiency a realistic goal for the United States? In his latest book, expert Gal Luft argues that energy independence is a pipedream that will have little or no effect on the price Americans pay at the pump.

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

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.

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01

November 2012

Hearts on Fire: Twelve Stories of Today's Visionaries Igniting Idealism into Action

Santa Monica

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.

Hearts on Fire
Angella Nazarian

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

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

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

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.

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16

October 2012

Big U.S. Financial Institutions: Why Size and Complexity Matter

Washington, D.C.
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.

For more information on this briefing, please contact Dianna Dunne, Director of Government Affairs, at ddunne@milkeninstitute.org.

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15

October 2012

Should Big Banks Be Broken Up?
A Debate

Washington, D.C.

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.

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25

September 2012

Global Trade in Services: The Potential for Greater Liberalization and Increased Economic Growth

Washington, D.C.
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.

For more information on this briefing, please contact Dianna Dunne, Director of Government Affairs, at ddunne@milkeninstitute.org.

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22

August 2012

Finance and the Good Society

Santa Monica

Robert Shiller
In a wide-ranging discussion, author Robert Shiller, also a well-known housing expert and a developer of the Case-Shiller home-price index, offered potential solutions to improve the housing market and income inequality.
The best way to improve society is not by reviling finance but by reclaiming it for the public good, economist Robert Shiller argues in his latest book, "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.

Finance and the Good Society-Robert Shiller

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.

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31

July 2012

The Potential Impact of America's Natural Gas Resource on the Economy and Markets

Washington, D.C.
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:

  • Rahul Culas is a managing director and co-head of the Energy Mezzanine Opportunities group at The Carlyle Group. He is based in New York. Prior to joining Carlyle, Culas was an executive director in the Project and Structured Finance Group at Morgan Stanley, where he was responsible for financing traditional and renewable power generation assets. He was also a board member of BrightSource Energy. Prior to joining Morgan Stanley, Culas was with Goldman Sachs in its Commodity Finance Group. Culas holds a bachelor's degree in mechanical engineering from the Indian Institute of Technology, Bombay, and a master's degree in computer science from Carnegie Mellon University.

  • John Larson is the global industry leader for the public-sector industry in IHS Global Insight's Public Sector Services Group. Larson has led the economic analysis and impact assessment on a wide range of critical policy issues covering energy, health care and government entitlement programs. With more than 15 years of experience in serving both private- and public-sector clients, Larson brings his deep knowledge of the intersection of government policy, economic theory, econometric modeling and data analytics to inform policymakers and shape policy decisions. Larson holds a B.A. in economics and history and a master's in public policy from the Thomas Jefferson Program in Public Policy, both from the College of William and Mary.

  • Bruce McKay is managing director of federal affairs for Dominion, one of the nation's largest and most diverse energy companies. Prior to joining Dominion, McKay held a similar position with Consolidated Natural Gas. McKay serves on the board of the Business-Government Relations Council and the Natural Gas Roundtable. He is past chairman of the Legislative Committee of the Interstate Natural Gas Association of America, chairman of the Government Relations Committee of the Domestic Petroleum Council and chairman of the Legislative Committee of the American Gas Association. He attended the University of North Dakota, earning a B.A. in political science and a B.S. in public administration.

  • Peter Molinaro is vice president of North America Government Affairs for The Dow Chemical Company. He is responsible for U.S. federal and state and Canadian government affairs professionals, and leads the company's advocacy efforts on U.S. energy and climate change policy. Prior to joining Dow, he was assistant director of government affairs for Union Carbide Corp. He is a board member of the American Council for an Energy Efficient Economy, member of The Business-Government Relations Council, a vice chairman of the Public Affairs Council and past chairman of the Federal Government Affairs Committee of the American Chemistry Council. He holds a master's in public administration from the University of Hartford and a bachelor's in political science from Central Connecticut State University.

  • Joel Kurtzman (moderator) is a senior fellow at the Milken Institute and executive director of its Center for Accelerating Energy Solutions. He is also a senior fellow at Wharton's SEI Center for Advanced Studies in Management and sits on the board of the Private Capital Research Institute. 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 Magazine. He is on the board of editors of MIT's Sloan Management Review. 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. The author of 24 books and hundreds of articles, he received a master's degree from the University of Houston.

    For more information on this briefing, please contact Dianna Dunne, Director of Government Affairs, at ddunne@milkeninstitute.org.

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  • 26

    July 2012

    Crowdfunding: Promoting the Promise and Minimizing the Peril

    Georgetown University Law Center
    Washington, D.C.
    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 report

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    25

    July 2012

    Renewing America's Commitment to Bioscience

    Washington, D.C.

    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

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    25

    July 2012

    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.

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    27

    June 2012

    How Will the Financial Markets React: The Potential Implications of the Fiscal Cliff

    Washington, D.C.
    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.

    For more information on this briefing, please contact Dianna Dunne, Director of Government Affairs, at ddunne@milkeninstitute.org.

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    25

    June 2012

    War at the Shore: Steve Wynn, Donald Trump, and the Epic War to Save Atlantic City

    Santa Monica

    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."

    Richard Bronson
    During his talk at the Milken Institute, Skip Bronson described the high-stakes battle between Donald Trump and Steve Wynn over a prime piece of property in 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.

    War at the Shore: Steve Wynn, Donald Trump, and the Epic War to Save Atlantic City
    In addition to leading U.S. Digital Gaming, an online poker company and lobbying firm for legalized Internet gambling, he is a director of the Starwood Property Trust and serves on the board of the neurosurgery division at UCLA Medical Center. Bronson is also the founder and president of Native American Empowerment, LLC, a private company dedicated to Native American gaming opportunities and tribal economic advancement. He is a past chairman of the board for Archer School for Girls, Los Angeles.

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    18

    June 2012

    Women Entrepreneurs: Innovative Approaches to Financing New Businesses

    George Washington University
    Washington, D.C.

    View Slides
    Women entrepreneurs are a growing force in the economy. Between 1997 and 2011, the number of women-owned businesses in the United States grew at twice the rate of men-owned firms. Nevertheless, one of the fundamental challenges facing any entrepreneur today is finding the capital to launch and grow a business. Do women entrepreneurs face unique challenges or issues in obtaining start-up financing and growth capital? Are there policy or market solutions that can help to facilitate the flow of capital or credit to start-up enterprises and small businesses, especially those owned by women?

    The Milken Institute and George Washington University will host the following distinguished panelists to explore these and related questions:

  • Karen Mills, Administrator, United States Small Business Administration
  • Peggy Wallace, Managing Director, Golden Seeds
  • Melinda Wittstock, CEO and Founder, NewsiT
  • Lisa Hall,President and CEO, Calvert Foundation Leadership Council, AEO One in Three Initiative
  • Samantha Ettus(moderator), Best-selling Author and Contributor, Forbes; Founder, Working Moms Lifestyle

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  • 18

    June 2012

    Inside Apple: How America's Most Admired - and Secretive - Company Really Works

    Santa Monica

    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.

    Inside Apple: How America's Most Admired - and Secretive - Company Really Work

    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.

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    14

    June 2012

    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:

  • Banks and other lenders to extend credit into underserved markets without incurring significantly increased risk

  • States and localities to improve the capacity and quality of credit enhancement programs at reduced public cost

  • Federal agencies to increase the effectiveness of federal credit programs without additional cost federal taxpayers

  • Investors and finance professionals to gain insight into the opportunities created by the emergence of a new class of federally-guaranteed assets

    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.

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  • 06

    June 2012

    Israel: Portrait of a Work in Progress

    Santa Monica

    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 jhoyt@milkeninstitute.org.

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    22

    May 2012

    Financial Market Quality: The Changing Structure of Exchanges

    Washington, D.C.
    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.

    For more information on this briefing, please contact Dianna Dunne, Director of Government Affairs, at ddunne@milkeninstitute.org.

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    17

    May 2012

    Overconnected: The Promise and Threat of the Internet

    Santa Monica
    By invitation only

    Bill Davidow
    Bill Davidow
    The practical applications of the Internet — the ability to borrow money, invest in the stock market or buy a new home — have made it a force unequaled in scope and impact on our daily lives. But it's taken on a momentum of its own. In fact, Bill Davidow, the author of "Overconnected," argues that it was the root cause of the recent financial meltdown from which the world is still struggling to recover.

    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.

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