April 2012

Repairing the U.S. Housing Market: The Future of the Mortgage Finance System

Washington, D.C.
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.

For more information on this briefing, please contact Dianna Dunne, Director of Government Affairs, at

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April 2012

Good Derivatives: A Story of Financial and Environmental Innovation

Santa Monica

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.

Richard Sandor
Richard Sandor talks with Institute Chairman Mike Milken about everything from Sandor's exposure to the "California zeitgeist" as a UC Berkeley student to the role of speculators in the high price of gasoline.

"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.

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April 2012

ICFR/Milken Institute Conference: Credit Rating Agency Regulation: Implications for Issuers and Investors

By invitation only

The 2008 financial crisis highlighted the critical role that credit rating agencies (CRAs) play in global capital markets. Post-crisis, policymakers on both sides of the Atlantic have introduced a wide range of new regulations intended to improve the oversight or regulation of CRAs. In the United States, Congress passed the Dodd-Frank Act hoping to increase CRA oversight and reduce conflicts of interest, while increasing disclosure requirements. Meanwhile, the European Commission pursued two rounds of legislation focused on mitigating conflicts of interest, enhancing transparency and empowering a new pan-European supervisor.

Concerned about the role that CRAs played in the European sovereign debt crisis, the European Commission on November 15, 2011, proposed a third round of significant amendments to existing EU regulations - referred to as CRA3. While the stated intention of CRA3 is to further increase competition, accountability and transparency, there are questions regarding the efficacy and unintended consequences of the proposals, which may have an impact not just in Europe but throughout global debt markets.

In partnership with the International Centre for Financial Regulation (ICFR), the Center for Financial Markets at the Milken Institute convened a roundtable discussion in Paris to discuss in depth the merits and potential pitfalls of the proposed regulations. The roundtable participants included a diverse group of stakeholders, including institutional investors, corporate issuers, regulatory officials, legal experts, ratings agencies, special advisors to sovereigns and financial institutions, and academics.

While views differed on various aspects of the proposed regulations, concerns were expressed that in many instances the proposed regulations could have the opposite effect of that intended by policymakers - that is, increased costs to issuers or investors, reduced quantity and quality of ratings, and the balkanization of global regulations. The aggregate effect of these outcomes could reduce the depth and liquidity of capital markets. The participants largely agreed, therefore, that the proposed CRA3 required further consideration before adoption by the European Parliament and the Council of Ministers.

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March 2012

Sustaining China's Economic Growth after the Global Financial Crisis

Federal Reserve Bank of San Francisco, Los Angeles Branch

Thanks to its strong stimulus program, China came through the global financial crisis almost unscathed. But the stimulus did not address longer term structural problems that China must solve. Nicholas R. Lardy's talk will explain the reforms China must undertake in order to sustain its world-beating growth performance.

Lardy is the Anthony M. Solomon Senior Fellow at the Peterson Institute for International Economics. He joined the Institute in March 2003 from the Brookings Institution, where he was a senior fellow in the Foreign Policy Studies Program from 1995 until 2003 and served as interim director of Foreign Policy Studies in 2001. Before Brookings, he served at the University of Washington, where he was the director of the Henry M. Jackson School of International Studies from 1991 to 1995. From 1997 through spring 2000, he was also the Frederick Frank Adjunct Professor of International Trade and Finance at the Yale University School of Management. He is an expert on Asia, especially the Chinese economy.

He has written numerous articles and books on the Chinese economy. His most recent book, "Sustaining China's Economic Growth after the Global Financial Crisis," was published in January 2012. Other recent books include "The Future of China's Exchange Rate Policy" (2009), "China's Rise: Challenges and Opportunities" (2008), and "China: The Balance Sheet" (Public Affairs, 2006).

This invitation-only Asia Financial Forum is presented by the Federal Reserve Bank of San Francisco, Los Angeles Branch, and the Milken Institute. Registration for this event has closed.

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March 2012

How the Ideas Economy Is Fueling the Global Economy...and How It Could Be Doing Much More

Washington, D.C.

Rapid globalization and advances in information technology have changed how nations, corporations, and individuals innovate. "To innovate or die" has become an unofficial mantra in the 21st century; a powerful economic and social force that can help solve some of the world's greatest challenges, ranging from natural resource scarcity to economic growth and job creation.

The new rules of innovation require open and networked models of information exchange, as well as efficient sharing and use of available data. But even innovation has its barriers in today's society, and some question the extent to which the ideas economy impacts the real economy.

A joint presentation of Google and the Milken Institute, this conversation about the current state of innovation featured:

Aneesh Chopra, former Assistant to the President and U.S. Chief Technology Officer

Vijay Vaitheeswaran, Senior Correspondent for The Economist and author of the new book "Need, Speed, and Greed"

Tony Fratto (moderator), CNBC Contributor and former White House Deputy Press Secretary

Introduction by Bradley Belt, Milken Institute Senior Managing Director

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March 2012

The Role of Private Equity in Capital Formation

Washington, D.C.
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 "The Role of Private Equity in Capital Formation" as part of their joint Policy Briefing Series.

Limited to Georgetown University students, faculty and staff, this invitation-only panel discussion featured:

Bradley Belt (moderator), senior managing director of the Milken Institute, leading its Washington office. He is a co-founder of Palisades Capital Management LLC, a restructuring advisory and investment firm that focuses on pensions, insurance and financial services. Prior to establishing Palisades, he served as the executive director of the Pension Benefit Guaranty Corp., responsible for the operations and management of a $50 billion investment portfolio. He has held senior staff positions at the Securities and Exchange Commission and the U.S. Senate, and has served on several corporate and nonprofit boards.

Sandeep Dahiya, associate professor at Georgetown's McDonough School of Business. Dahiya, who has been on the faculty since 1999, spent two years working in the corporate finance and strategy practice of McKinsey & Co., a leading strategy consulting firm. He worked with CEOs and CFOs of Fortune 500 firms in health care, financial services and chemical industries focusing on valuation, mergers and acquisitions, capital markets and risk management issues. He has also consulted for leading law firms on corporate finance issues.

Joel Kurtzman, a senior fellow at the Milken Institute and board member of the Private Capital Research Institute, which focuses on the role of private equity and venture capital in the economy. Previously, he was global lead partner for thought leadership and innovation at PricewaterhouseCoopers, editor of the Harvard Business Review; a member of the editorial board of Harvard Business School Publishing; and business editor and columnist at The New York Times.

David Marchick, managing director and global head of external affairs at The Carlyle Group and a member of the firm's operating committee. Marchick leads the group that provides government affairs, public affairs, regulatory and strategic advice and support to Carlyle's buyout, growth, real estate and credit and debt funds. He serves on the board of directors of Sequa Corp., a diversified aerospace and industrial company.

For more information on this briefing, please contact Dianna Dunne, Director of Government Affairs, at

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March 2012

Guardians of Finance: Making Regulators Work for Us

Santa Monica

The recent financial crisis was an accident, a perfect storm fueled by an unforeseeable confluence of events that collided and brought down the global financial system. And policymakers? They did everything they could, given their limited authority.

At least that's the story that's been fed to the American people.

But economists and regulatory experts James Barth and Ross Levine are here to debunk that version of events. In a provocative new book, they argue that the financial meltdown was no accident. It was negligent homicide.

Authors James Barth, left, and Ross Levine argue for establishing a financial Sentinel with the authority to demand information and the ability to make an informed and impartial assessment of financial regulation.
Authors James Barth, left, and Ross Levine argue for establishing a financial "Sentinel" with the authority to demand information and the ability to make an informed and impartial assessment of financial regulation.

In "Guardians of Finance" (written with Williams College economist Gerard Caprio), Barth and Levine show that senior regulatory officials around the world knew (or should have known) that their policies were destabilizing the global financial system. They had years to process the evidence that risks were rising and the authority to change their policies - but they chose not to act until it was too late.

Barth and Levine maintain that the current system is simply not designed to work on behalf of average citizens. It is virtually impossible for the public and its elected officials to make an informed and impartial assessment of financial regulation and to hold regulators accountable.

But there's a potential solution at hand: the establishment of a "Sentinel" empowered to demand information and evaluate it in terms of the public interest - rather than that of the financial industry, the regulators or politicians.

"This book will become a classic for those who want to learn what was behind the global financial crisis-not just what went wrong, but why current reforms won't work. Most important, it offers guidelines to prevent the next crisis by forcing regulators, the Guardians of Finance, to work for the public interest rather than for narrow elites."

- Nouriel Roubini, Co-Founder and Chairman, Roubini Global Economics
Guardians of Finance: Making Regulators Work for Us

James Barth is the Senior Finance Fellow at the Milken Institute and the Lowder Eminent Scholar in Finance at Auburn University. His research focuses on financial institutions and capital markets, with an emphasis on regulatory issues. Barth was previously chief economist of the Federal Home Loan Bank Board and later of the Office of Thrift Supervision. He has been a professor at George Washington University and associate director of the economics program at the National Science Foundation. Barth is the author of multiple books, including "The Rise and Fall of the U.S. Mortgage and Credit Markets." He holds a Ph.D. from Ohio State University.

Ross Levine is the James and Merryl Tisch Professor of Economics at Brown University, Director of the William R. Rhodes Center for International Economics and Finance, a Research Associate at the National Bureau of Economic Research, and a member of the Council on Foreign Relations. His work focuses on the links between financial sector policies, the operation of financial systems, economic growth, and income distribution. Levine has written several books and published over 100 articles, including papers in leading finance and economics journals.

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February 2012

The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Santa Monica
By invitation only

Howard Marks
Investor Howard Marks of Oaktree Capital Management dispenses some of the investment advice that has made his newsletters must-reads for Wall Street professionals.
Legendary investor Howard Marks knows uncertainty is the only certainty - and acts accordingly. "There are very few things that are as dangerous as a strongly held conviction about the future," he says.

Such straight-forward advice - and his prescient investing - have made Marks a legend on Wall Street. The chairman of Oaktree Capital Management, Marks writes regular client newsletters about market opportunity and risk that have almost a cult following for their insightful commentary and time-tested philosophy. Now Marks has written a book, "The Most Important Thing: Uncommon Sense for the Thoughtful Investor," based on his 40 years in the field.

Even the Oracle of Omaha follows Marks' missives. "When I see memos from Howard Marks in my mail, they're the first thing I open and read," says Berkshire Hathaway's Warren Buffet. "I always learn something, and that goes double for his book."

Howard Marks
At this Milken Institute Forum, Marks took the stage with Institute Chairman Mike Milken in a conversation about "The Most Important Thing," the state of today's markets, the economy and other topics.

Marks co-founded Los Angeles-based Oaktree, one of the largest hedge-fund managers in the world with roughly $80 billion under management, in 1995. Oaktree was one of nine investor groups tapped by the U.S. government in March 2009 to soak up toxic debt from troubled banks under the Public-Private Investment Plan.

Before establishing Oaktree, Marks led investments in distressed debt, high-yield bonds and convertible securities at TCW Group and also served as chief investment officer for domestic fixed income. Previously, he spent 16 years at Citicorp Investment Management in various roles, including vice president and senior portfolio manager for convertible and high-yield securities. Prior to that, he was director of research at Citicorp. Marks holds a B.S.Ec. cum laude from the University of Pennsylvania and an M.B.A. from the University of Chicago, where he received the George Hay Brown Prize.

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January 2012

Power Concedes Nothing

Santa Monica

Power Concedes Nothing: One Woman's Quest for Social Justice in America, from the Courtoom to the Kill Zones
It takes a streak of steely determination to challenge the status quo - and no one knows that better than Connie Rice, one of America's most renowned civil rights attorneys. Her new book, "Power Concedes Nothing: One Woman's Quest for Social Justice in America, from the Courtoom to the Kill Zones," reveals the inspiring life of an indomitable woman. (Click here for the L.A. Times review.)

Rice's race for excellence began at home: Her father broke racial barriers as a U.S. Air Force major, and her mother imbued her with a passion for learning and culture. Her worldview was shaped by moving to 17 different homes during her childhood, including periods in England and Japan. After college at Harvard and law school at NYU, where she spent summers working on high-profile death penalty litigation for the NAACP Legal Defense and Education Fund, Rice began the work that would win her national acclaim for her stirring defense of civil rights.

Connie Rice
"If you can solve extreme poverty and isolated populations and underground invisible population problems in L.A., you can do it in Rio, you can do it anywhere in the world," said renowned civil-rights attorney Connie Rice.

Over the course of her career, the "Lady Lawyer" (as Rice would come to be known to the Los Angeles gang members with whom she struck a pioneering partnership) would take on racism and sexism in the LAPD, a transit system that tried to ignore its poorest users, and a public school system that Rice and her cohorts deemed inadequate. But she is perhaps best known for the report she co-wrote that has revolutionized the city's law enforcement policies and outreach to gangs.

Her constant involvement with the LAPD ultimately yielded the consummate reward: her very own parking space at headquarters. LAPD Chief Charlie Beck calls Rice "the conscience of the city."

Rice was interviewed about her book and her stories of life in the trenches of civil rights law by Joel Fox, who has been an opinion-maker and a unique voice in California politics for decades.

CONNIE RICE has received more than 50 major awards for her leadership and her non-traditional approaches to litigating major cases involving police misconduct, employment discrimination and fair public resource allocation.

JOEL FOX operates Joel Fox Consulting, a public affairs/political consulting firm, and is an adjunct professor at Pepperdine University's Graduate School of Public Policy and president of the Small Business Action Committee. He worked for the Howard Jarvis Taxpayers Association for 19 years, serving as its president from 1986 to 1998. A co-publisher and editor-in-chief of, he has written hundreds of opinion pieces as well as fiction and nonfiction books, and has served on a number of high-profile state commissions.

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January 2012

Addiction Incorporated

Santa Monica

Whistleblower Victor DeNoble, left, with Mike Milken and filmmaker Charles Evans Jr., takes questions from the audience after the documentary screening.
Whistleblower Victor DeNoble, left, with Mike Milken and filmmaker Charles Evans Jr., takes questions from the audience after the documentary screening.
Victor DeNoble, a research scientist at Philip Morris in the 1980s, was supposed to create a safer cigarette. In the end, he created a firestorm of controversy for the tobacco industry after discovering scientific evidence that nicotine was addictive.

"Addiction Incorporated," a new documentary by director Charles Evans Jr., tells the fascinating tale of DeNoble's path from principled scientist to intrepid whistleblower. The film recounts DeNoble's testimony before Congress - and the heads of seven major tobacco companies declaring under oath that they believed nicotine was not addictive - that helped trigger the first federal regulation of the tobacco industry.

The documentary was screened at an invitation-only Milken Institute Forum shortly before opening in Los Angeles on January 13.

Watch the trailer
Watch the trailer

Charles Evans Jr., who founded Acappella Pictures in 1993, is making his directorial debut with "Addiction Incorporated." He is the producer of "The Aviator," starring Leonardo diCaprio, and "The Brave," starring Johnny Depp and Marlon Brando. Previously Evans was director of development for Randall Kleiser Productions at Touchstone Pictures. A graduate of UC Berkeley and the USC film school, Evans' thesis project, "Second Son," is the winner of 12 awards from various film festivals.

Victor DeNoble is vice president of Hissho Inc., a scientific and medical communications company. Previously DeNoble worked in drug discovery for the DuPont Merck Pharmaceutical Company and Ayerst Research Laboratories, specializing in central nervous system diseases. DeNoble earned a Ph.D. in experimental psychology from Adelphi University and held postdoctoral fellowships at the National Institute of Alcohol and Alcohol Abuse at Downstate Medical Center in Brooklyn, N.Y., and the National Institute of Drug Abuse at the University of Minnesota.

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November 2011

West by West: My Charmed, Tormented Life

Santa Monica

Jerry West
Basketball great Jerry West talks about his highs and lows during a discussion of his autobiography with
sportscaster Jim Gray.
He is one of basketball's towering figures. Now, for the first time, Jerry West tells his own story in a compelling new autobiography that is unsparing in its self-assessment and honesty.

"West by West" chronicles his journey from a tough upbringing in the mining town of Chelyan, West Virginia, all the way to the NCAA Finals, the top of the Olympic podium and the NBA championships. West candidly reveals the personal adversity he has faced along the way, including physical abuse, the death of a brother and his ongoing battle with depression.

In this special Milken Institute Forum, acclaimed sportscaster Jim Gray interviewed West about his remarkable life on and off the court, including his 40-year career with the Lakers. "Mr. Clutch" recounted the highlights of his storied 14-year playing career and how as general manager, he guided the Lakers through one of the greatest decades in sports history.

Jerry West was a 14-time NBA All-Star. During his brilliant career with the Lakers, he led the team in scoring seven times and becoming only the third player in league history to surpass the 25,000-point plateau. During his 19-year stint as both general manager and executive vice president, the Lakers captured four NBA championships and made eight trips to the NBA Finals. West attended West Virginia University, where he was a two-time All-American, and co-captained the gold medal-winning 1960 U.S. Olympic basketball team.

Jim Gray has been a network television and national cable sportscaster since 1983. His career highlights include live TV or radio broadcasts of nine Olympic Games, 21 Super Bowls, nine World Series, 19 NBA Finals, 13 NCAA Final Fours, 20 Master's tournaments and hundreds of championship boxing matches. The recipient of 11 national Emmys for journalism and reporting, Gray has interviewed every U.S. president since Richard Nixon.

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October 2011

DarkMarket: Cyberthieves, Cybercops and You

Santa Monica

Peter Guber
Author Misha Glenny warns that the proliferation of mobile devices has provided hackers with a new avenue to access people′s electronic information.
We bank online. We shop online. We date, learn, work and live online. But the institutions that keep us safe in the brick-and-mortar world don't always know how to protect us in a digital world without borders.

In fact, governments and the private sector are losing billions of dollars a year fighting a clever new breed of criminal. Their efforts are made even harder since the enemy is shadowy and constantly morphing.

Misha Glenny has traveled the world speaking with members of military and intelligence communities, police, politicians, lawyers, and - most important - with hackers and their victims. His new book, "DarkMarket: Cyberthieves, Cybercops and You" delves beneath the sheer audacity of these 21st-century criminals to reveal their personalities and what makes them tick. In this Milken Institute Forum, he offered surprising suggestions for how governments, the private sector and individuals should respond to the current epidemic of cybercrime.

A former BBC Central Europe correspondent, Glenny is the author of the international best-seller "McMafia: A Journey Through the Global Criminal Underworld." His other books include "The Rebirth of History: Eastern Europe in the Age of Democracy," "The Fall of Yugoslavia: The Third Balkan War" (winner of the Overseas Press Club Award in 1993 for Best Book on Foreign Affairs), and "The Balkans: Nationalism, War, and The Great Powers, 1804-1999." He is a former fellow at the Woodrow Wilson Center for International Scholars in Washington, D.C., and a visiting professor at the London School of Economics.

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October 2011

Taking Liberties: The War on Terror and the Erosion of Democracy

Santa Monica

Perhaps the greatest casualty of the "War on Terror" has been the U.S. Constitution, as long-cherished civil liberties have been tossed aside in the name of national security. That's the premise of "Taking Liberties," a new book by ACLU president Susan Herman.

Herman maintains that a decade after 9/11, it's far from clear that the government's hastily adopted antiterrorist tactics (such as the Patriot Act) are keeping us safe. But there's no denying that these emergency measures have ruined the lives of many ordinary Americans who have been caught up in the government's dragnet, often by mistake.

Activities that should be protected by the First Amendment can now lead to prosecution. Blacklists and watchlists keep people grounded at airports even though they're rife with errors that cannot be challenged. National Security Letters allow the FBI to demand records about innocent people from libraries, financial institutions and Internet service providers without ever going to court. Government databanks brim with information about every aspect of our private lives.

But not everyone agrees about the dangers posed by the post-9/11 surveillance regime. Many would argue that the realities of keeping terrorists at bay trump individual liberties.

Are the bedrock principles of American democracy being eroded? Join us as "Taking Liberties" author Susan Herman squares off with legal scholar John Eastman in a lively debate. This event will be moderated by the Milken Institute's senior managing director and COO, Paul Irving (former co-chairman, chief executive and managing partner at the national law firm of Manatt, Phelps & Phillips).

Susan N. Herman Susan N. Herman became president of the American Civil Liberties Union in 2008 after serving on its national board for 20 years. A constitutional scholar and chaired professor at Brooklyn Law School, she is the co-editor of "Terrorism, Government and Law" and author of "The Right to a Speedy and Public Trial." She writes extensively on constitutional and criminal procedure topics, and has participated in Supreme Court litigation. Herman received a J.D. from New York University School of Law.
Dr. John C. Eastman Dr. John C. Eastman is the Henry Salvatori Professor of Law & Community Service at Chapman University School of Law, where he served as dean from 2007 to 2010, when he stepped down to pursue a bid to become California's attorney general. He is the founding director of the Center for Constitutional Jurisprudence, a public interest law firm affiliated with the Claremont Institute. Prior to joining the Chapman Law faculty, he served as a law clerk with Justice Clarence Thomas at the U.S. Supreme Court and with Judge J. Michael Luttig at the U.S. Fourth Circuit Court of Appeals. After his clerkships, Eastman practiced with the national law firm of Kirkland & Ellis, specializing in major civil and constitutional litigation at both the trial and appellate levels. He earned his J.D. from the University of Chicago Law School, and also has a Ph.D. and M.A. in government from the Claremont Graduate School.

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September 2011

The Milken Institute Lake Tahoe Retreat: Accelerating Innovation in the Bioscience Revolution

Lake Tahoe, Nevada

The promise of medical science has never appeared greater. A new era of personalized medicine could assure greater longevity and quality of life. But realizing that vision is proving tougher and taking longer than anyone imagined. Progress has bogged down in the face of financing, regulatory and structural hurdles. With lives in the balance, how can we shake up the status quo? Is there a better way to conduct medical research in the 21st century?

In short, how can we accelerate innovation?

Answering those questions was the primary focus of this high-level retreat in Lake Tahoe, Nevada. This invitation-only event gathered some of the leading minds in medicine to challenge the notion of business as usual and take an entirely fresh approach to jumpstarting innovation in research and development.

At this intensive retreat, disruptive innovators from a range of industries and disciplines met with scientists, regulators, biopharmaceutical executives, policy experts, philanthropists and patient advocates. We believe that the medical research community can benefit from examining what works in other fields. Together they laid out concrete next steps that can result in better patient outcomes and lower costs.

The agenda touched on such issues as:

•How do we overcome a culture of risk aversion?

•What innovative models already exist in different disease research areas? Are they broadly applicable?

•How do we encourage capital formation around innovation when the risk of failure is high?

•What's the right model for information-sharing and convergence?

•What kind of next-generation intellectual property protections and research incentives do we need?

•How do we make sure that the regulatory process keeps up with the pace of science, especially as we move toward personalized medicine?

•Is there a better way to conduct clinical trials?

By bringing together a dynamic mix of perspectives, this event generated creative problem-solving that can produce real momentum in delivering cures.

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September 2011

The Comeback: How Innovation Will Restore the American Dream

Santa Monica

The U.S. economy seems to be sinking under the weight of the past decade's debt binge. Today the focus is simply on keeping us afloat, but what we really need is a long-term plan for sustaining growth by creating millions of new jobs.

It's time for an American renaissance - and it starts with innovation.

In "The Comeback," Gary Shapiro - who runs the world's largest consumer technology show - argues that it's time to return innovation to its rightful place at the center of America's economic policy. Sustainable job growth will come only from creative minds designing cutting-edge products they can export around the globe and from entrepreneurs who will launch the next Google or Apple.

At this Milken Institute Forum, Shapiro discussed how to provide the best and the brightest with the encouragement and incentives they need to follow their entrepreneurial dreams.

Gary Shapiro
Reflecting on the nation's financial woes, author Gary Shapiro says, "You could cut spending, which is not fun and difficult. You could raise taxes, which is not fun and difficult. And/or you can grow. Growth only comes from innovation."

He was interviewed by Jared Carney, the Milken Institute's chief strategy and marketing officer, who is no stranger to the intersection of innovation and job creation. Carney, whose background is in technology and media, works with international leaders in finance, business, government, education and philanthropy to further the Institute's goal of advancing innovative strategies to solve the most urgent global policy challenges.

Gary Shapiro is president and CEO of the Consumer Electronics Association (CEA), a U.S. trade association representing more than 2,000 consumer electronics companies. CEA owns and produces the continent's largest trade show, the International CES. As head of the CEA, Shapiro has led the technology industry for more than 20 years through seismic shifts, most recently from analog to digital TV. He has testified before Congress on HDTV and other technology and business issues more than 20 times, and he also writes a weekly column for

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August 2011

Rush: Why You Need and Love the Rat Race

Santa Monica

You're frazzled. You're stressed out. And you imagine that a long, lazy vacation will be the perfect medicine for what ails you.

Well, snap out of it.

Author Todd Buchholz is here to tell you that escaping the overscheduled daily grind to enjoy some down time won't make you happy at all. He maintains that what you really want is to chase your tail, even if you never catch it. In fact, peace and quiet will ruin your state of mind. He concludes that the race to compete has not only made us smarter - it's what we fundamentally need.

At this Milken Institute Forum, Buchholz discussed his provocative new book, "Rush," which was named one of the top 10 titles for 2011 by Publishers Weekly. Witty, compelling and full of surprises, it argues that the race itself delivers a rush and drives us forward, even if we never reach the finish line. Buchholz builds his case by weaving together entertaining stories and counterintuitive arguments gleaned from neuroeconomics, evolutionary biology, Renaissance art and General Motors.

Among his arguments:

  • Put off retirement. It can make you stupid.
  • We all need to be control freaks.
  • In-house competition is actually great for morale.
  • Never let the ninth-place team take home a trophy.

    A former director of economic policy at the White House, Buchholz also formerly served as a managing director of the $15 billion Tiger hedge fund and as an award-winning economics teacher at Harvard. He is a frequent commentator on ABC News, PBS and CBS, and recently hosted his own special on CNBC. A co-founder and managing director of Two Oceans Management LLC, he was a fellow at Cambridge University in 2009.

    A contributing editor at Worth magazine, Buchholz has authored numerous books that have been translated into a dozen languages and are used in universities worldwide. He is also the author of the best-selling "New Ideas from Dead Economists," "New Ideas from Dead CEOs," "From Here to Economy" and "Lasting Lessons from the Corner Office," which were lavishly praised by The New York Times and the Financial Times.

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  • 06

    July 2011

    Living in Your Top 1%

    Santa Monica

    Mike Milken and Alissa Finerman
    Author Alissa Finerman, who changed careers after finding Wall Street unfulfilling, tells Michael Milken that she wrote "Living in Your Top 1%" to help people think about "redefining success" in their own lives and finding a path to make that happen.
    Ten years ago, Alissa Finerman was a professional tennis player-turned-Wall Street professional. A few life-changing events later, she is now a life coach, speaker and author of "Living in Your Top 1%.

    In this empowering and thought-provoking book, Finerman shares the most powerful ingredients for success and translates them into nine easy-to-implement rituals. She combines research from the best thinkers in the field with a collection of compelling stories to create a comprehensive guide to reaching your true potential.

    At this Milken Institute Forum, Chairman Michael Milken will interview Finerman about the experiences that led her from the investment house to the publishing house, what she learned along the way, and how others might benefit from her journey.

    Living in Your Top 1%, Author Alissa FinermanA Santa Monica resident, Finerman works with individual clients and speaks to corporations about goal-setting and leadership development. She continues to work on her own goals, recently completing a half Ironman and ranking No. 1 in the United States Tennis Association Women's 40 Doubles in 2008 and 2009. Finerman holds an M.B.A. from the Wharton School of the University of Pennsylvania and a B.A. from UC Berkeley. She received her coach training from New York University.

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    June 2011

    In the Plex: How Google Thinks, Works and Shapes Our Lives

    Santa Monica

    In the Plex: How Google Thinks, Works and Shapes Our Lives - Steven Levy

    For almost three years, Steven Levy attended high-level meetings of Google executives, spent time with engineering teams as they developed projects, and ate in the free cafes on the Googleplex, a mathematical term for an inconceivably large number that is also the nickname of Google's campus.

    The result of this immersion is Levy's latest book, "In the Plex: How Google Thinks, Works and Shapes Our Lives," detailing the success - and the missteps - of arguably the most important and forward-looking company in the world.

    At this Milken Institute Forum, Levy gave his take on the latest twists and turns in Google's story, including:

    • The cat-and-mouse games between the Chinese government and Google before it withdrew from the country, the tension between Google's executives in Mountain View and its employees in Beijing, and the fallout after Chinese hackers penetrated Google's digital vaults and exposed Chinese dissidents using Gmail.
    • The intense debate over Google's effort to digitize the world's books and a judge's decision in March to reject Google's allegedly one-sided copyright settlement with authors and publishers.
    • The company's struggles with difficult issues like keeping user information, tracking users on the Internet, and the gathering of Wi-Fi information via the company's Street View collection process.
    • The unconventional style of Larry Page, who just became Google's CEO for a second time, as well as his colorful co-founder, Sergey Brin.

    It's a story that Levy is infinitely qualified to tell. Now a senior writer at Wired magazine, Levy has covered technology since 1981 for such publications as Rolling Stone, The New Yorker and The New York Times. He was a senior editor and chief technology writer at Newsweek and is the author of several books, among them "The Perfect Thing: How the iPod Shuffles Commerce, Culture and Coolness," "Hackers" and "Insanely Great."

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    March 2011

    Tell to Win: Connect, Persuade, and Triumph With the Hidden Power of Story

    Santa Monica

    Peter Guber
    "Failure and success are very close to one another. Look at any sports team, look at any movie, look at any event. They're very close. The seeds of failure are baked into every great success, and in every failure there's the opportunity to have great success," filmmaker and author Peter Guber said.
    Filmmaker Peter Guber is an expert storyteller, responsible for such award-winning films as "Midnight Express," "The Color Purple," "Gorillas in the Mist," "Batman" and "Rain Man." In his latest book, "Tell to Win," Guber maintains that telling purposeful stories is the secret to success in not just filmmaking but in business and in life.

    Guber draws on research as well as his personal experiences and those of other successful people - opinion maker Arianna Huffington, YouTube founder Chad Hurley, the Dalai Lama, director Steven Spielberg, former South African President Nelson Mandela and boxer Muhammad Ali among them - to show how storytelling is the ultimate tool for motivating people and sealing deals.

    At this Milken Institute Forum, Guber discussed "Tell to Win" and described how purposeful storytelling can be the ultimate tool in persuasion.

    The book details:

  • How Guber persuaded Fidel Castro to let his crew film in Havana Harbor
  • How Michael Jackson used his pet snake to teach a lesson about dramatic impact
  • How entrepreneur Kevin Plank turned sports clothier Under Armour into a billion-dollar business by training his staff to tell a story that made their customers the hero

    Guber, currently chairman and CEO of Mandalay Entertainment Group, has served as studio chief at Columbia Pictures; co-chairman of Casablanca Records and Filmworks; CEO of Polygram Entertainment; and chairman and CEO of Sony Pictures Entertainment. He oversees one of the nation's largest combinations of professional baseball teams and venues and is the co-owner of the NBA's Golden State Warriors. He is also a longtime professor at UCLA, a Harvard Business Review contributor and a thought leader who speaks at business forums around the country.

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  • 17

    March 2011

    Heritage on Health: A Series of Milken Institute Forums
    Federal Health Reform: Can It Achieve Its Goals?

    Santa Monica

    Susan Kennedy
    Susan Kennedy, shown with former California Gov. Gray Davis, is at the forefront of implementing health-care reform in the state as a board member of what could be the country's largest health exchange.
    Richard Merkin
    Richard Merkin, founder of Heritage Provider Network, offers his insight into how health-care reform could play out in California.
    When it comes to implementing federal health-care reforms, the devil is in the details. While Congress laid out the broad strokes of health reform, it's the states that must turn those policies into practice.

    At the first in a series of Milken Institute Forums on health care, two Californians with vast knowledge of the state's health-care system tackled the fine points and challenges of moving the process forward. Susan Kennedy, former Gov. Arnold Schwarzenegger's chief of staff and his appointee to the state's Health Benefit Exchange Board, and Richard Merkin, CEO of the Heritage Provider Network, had a high-level discussion of the pitfalls and promises of health reform.

    At the federal level, the issues are many. The legislation will likely continue to evolve, given the makeup of Congress and the president's apparent willingness to negotiate around the edges. It puts huge unfunded mandates on the states at a time those governments can ill afford them, so pushback and demands for relief are likely.

    California and other states face big challenges in implementing the provisions. With more people insured or eligible for Medi-Cal, providers' rates could skyrocket as they are inundated with new patients. Explaining the reforms to the consumer will be key, as is managing the political expectations of those on both sides of the issue.

    Kennedy is in the thick of it as a board member of what could be the country's largest health exchange - the mechanism that will allow consumers in each state to comparison-shop for coverage. The health exchange board must clarify whether the goal is expanding coverage or bringing down costs, then design an efficient enrollment portal that takes political realities into account.

    Kennedy is a veteran of two major health-care reform efforts. As deputy chief of staff, she helped lead Gov. Gray Davis' 1999 campaign for comprehensive HMO reform in the state and Schwarzenegger's 2007 initiative, which contained many of the same elements as the federal health reform program.

    Merkin, who earned his M.D. at the University of Miami, is a pioneer in the development of medical networks. The founder of Heritage Provider Networks, he has spent the past 30 years implementing a successful business model to address the needs and challenges of affordable managed care.

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