Forums

2015

04

November 2015

The Open Data Opportunity: How Government Information Can Change the Way California Does Business

Santa Monica

For as long as there have been governments, there has been government data. From census information to climate statistics, governments all over the world have been collecting data from all corners to help them perform all manner of administrative duties. Simply put, data is information. Through surveys, monitoring, and statistical analysis, governments gather relevant information from innumerable sources and use this data to decide how to govern.

With the passage of two key bills in the last legislative session, California policymakers are beginning to recognize the benefits open data – previously unpublished government-collected information – can have on both government effectiveness and private-sector job creation in the state.

The Milken Institute and the LA Times hosted this forum on Wednesday, November 4 to explore the possibilities of open data with some of the California’s most forward-thinking officials and business leaders.

How can open data be used to enhance the way Californians interact with their government? What is the next game-changing business model that can only be made possible through opening access to government data? How can city, county, and state officials prepare for new laws that require the publication of massive quantities of data?

Moderated by 

walsh

Ben Welsh, Data Editor, Los Angeles Times. With the Times since 2007, Welsh leads the Data Desk, a team of reporters and programmers in the newsroom that partner with other journalists to collect, analyze and present large amounts of information. Welsh is also a co-founder of the California Civic Data Coalition, a network of developers dedicated to opening up public data, and the creator of PastPages.org, an open-source effort dedicated to better archiving digital news.

With:

padilla

Alex Padilla, California Secretary of State. Sworn in on January 5, 2015, Padilla is committed to modernizing the office, increasing voter registration and participation, and strengthening voting rights. He previously served in the California State Senate (2006-2014), where he chaired the Committee on Energy, Utilities, and Communications. As chair, he shepherded legislation to combat climate change and create a greener and more sustainable economy. Padilla pursued an ambitious agenda in the areas of renewable energy, energy efficiency, smart grid, and broadband deployment.

ross

Ted Ross, General Manager, City of Los Angeles Information Technology Agency (ITA). Ross's department delivers enterprise IT services to over 40 City departments and consists of 458 dedicated employees with an $82 Million annual operating budget. His staff support more than 100 City applications, a 24/7 Data Center, City Data & Voice Communications, the 3-1-1 Call Center, Public Safety Microwave & Radio Communications, and the LA CityView Channel 35 TV Station. Before joining ITA, Ross managed the successful citywide Financial Management System ERP Project with the Office of the Controller and IT systems for Department of Airports. He has over 17 years of private and public sector technology experience, earning various awards and IT credentials along the way.

rouuault

Alicia Rouault, Senior Advisor to the Executive Director, Code for America. For the past three years, Roualt served as the CEO and co-founder of software company LocalData. She and her team won the 2012 Knight News Challenge Data Round, and they continue to work at the intersection of technology, urban planning and economic development. Rouault has a background in city planning with expertise in Housing and Economic Development. She conducted research with MIT's Civic Data Design Lab on data-driven urban planning for resilience, economic opportunity, and transit within the Center for Advanced Urbanism.

varma

Deep Varma, Vice President, Data Engineering, Trulia. Varma manages data engineering functions across the Trulia business. This includes the vital acquisition of listings and public records, the consumer search experience and API, email/push, efforts to enhance personalization, industry leading location services such as geo coding, as well as data science, data warehouse, and reporting. During his 17 years of Silicon Valley experience Deep has focused on building large scale distributed data platforms with IBM, ABB, Yahoo! and two successful startups. Deep is a graduate of the Haas School of Business at the University of California Berkeley.

Read More

27

October 2015

The Silo Effect: The Peril of Expertise and the Promise of Breaking Down Barriers 

Santa Monica

The Silo Effect sized3

Why do organizations act in ways that sometimes seem stupid? Why do intelligent people fail to see risks and opportunities that later seem obvious? One explanation may be our tendency to create departments — silos — that prevent us from working together in ways that can unleash creativity and innovation.

Award-winning journalist Gillian Tett examines this human — and institutional — frailty in her book "The Silo Effect: The Peril of Experience and the Promise of Breaking Down Barriers." At this Milken Institute Forum, Tett and moderator John Seely Brown examined the tendency of modern enterprises to organize around departments, a structure that limits the flow of information and restricts thinking. Drawing from examples detailed in Tett's book, they also explored how institutions and individuals can master silos instead of being mastered by them.

ABOUT THE AUTHOR

Gillian Tett is U.S. managing editor and columnist at the Financial Times, where she has also served as assistant editor for markets coverage and capital markets editor. In 2012, she received the Society of American Business Editors and Writers' award for best feature article, "Madoff spins his story." Tett is the author of the bestseller "Fool's Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe" and "Saving the Sun: A Wall Street Gamble to Rescue Japan from Its Trillion Dollar Meltdown."

ABOUT THE MODERATOR

 John Seely Brown2

John Seely Brown is a visiting scholar and advisor to the provost at the University of Southern California and is independent co-chair of the Deloitte Center for the Edge. He was previously chief scientist of Xerox Corp. and director of the famed Xerox PARC technology research center. Brown’s research interests include youth culture and institutional innovation. He is a member of the American Academy of Arts and Sciences and serves on numerous boards, including Amazon.com. He is a co-author of "The New Culture of Learning."

Read More

20

October 2015

Staying Afloat During the Drought: Using Technology to Reshape Our Relationship to Water (KPCC Forum Series)

Santa Monica

Video of "Staying afloat during the drought: Using technology to reshape our relationship to water" event courtesy of Southern California Public Radio / KPCC. (p) 2015, Southern California Public Radio. Used with permission. All rights reserved.

MI KPCC banner ver2

Researchers tell us Californians needs to get used to drought. Climate models predict the state will become considerably hotter and drier in the future as greenhouse gas emissions continue to accumulate in our atmosphere. Add to that as many as 9 million more people by 2040, and California’s traditional water supplies will become increasingly taxed and unreliable. Technology will save us…right?

KPCC and the Milken Institute hosted this forum on Tuesday, October 20 to explore the potential and possible limitations of technological innovation in maximizing every last drop of existing water supplies while at the same time coming up with new ones. 

What can technology offer? And how can it help drive a fundamental rethinking of water pricing, commoditization, and public engineering help address the state’s long-term water infrastructure issues? What about incentives to support their adoption – so they can be applied speedily to urban, rural and agricultural areas? What can be learned from current conservation efforts around the world to help California manage water effectively?

Moderated by

Steve Gregory, Environment and Science Editor, KPCC. He joined KPCC’s editorial ranks in 2013. Prior to that, he was an editor at Marketplace for eight years. There, Steve oversaw coverage of Washington and the 2012 presidential race. He also produced a series of on-location interviews between host Kai Ryssdal and CEOs such as Eric Schmidt, Elon Musk, Meg Whitman, and Bob Iger as well as a special series on climate change.

Guests

Kelly Sanders, Assistant Professor, Sonny Astani Department of Civil and Environmental Engineering, University of Southern California. She directs the Sanders Sustainable Systems Group (S3), a multidisciplinary research group devoted to addressing the world's most critical resource management issues.

Nick Haan, Global Grand Challenges Director, Singularity University. Soon to be announced will be the winners of the Singularity University Impact Challenge in drought and water solutions. Haan’s work has focused on disaster relief, food security, environment, energy, public health, education, genetics, and information systems.

Lorcan O’Herlihy FAIA, Founder and principal, Lorcan O’Herlihy Architects. Since 1990, O’Herlihy’s firm has built more than 75 projects on three continents, including mixed-use developments, university residential complexes, art galleries, and bus shelters. Previously, he worked as a designer at I.M. Pei Partners. He is currently an Adjunct Professor at the University of Southern California.

David R. Pettijohn, Director of Water Resources, Los Angeles Department of Water and Power. He oversees strategic planning, watershed management, conservation, water recycling policy, and local resource development, as well as inter-agency coordination activities and legislative affairs.

Andrew Fahlund, Program Officer, California Water Foundation. Providing leadership in the ongoing development and implementation of the Water Foundation’s priorities, Fahlund works with other team members and management to craft strategy, develop projects and oversee their implementation.

@KPCCforum
@MilkenInstitute
@SteveFredGreg
@kellytsanders
@singularityu

 

Read More

30

September 2015

The Indentured Class: The Social Costs of Student Debt (KPCC Forum Series)

Keck Theatre, Occidental College
1600 Campus Road
Los Angeles, CA 90041

>> VIEW ALL FORUMS

Video of "The Indentured Class: The Social Costs of Student Debt" event courtesy of Southern California Public Radio / KPCC. (p) 2015, Southern California Public Radio. Used with permission. All rights reserved.

kpcc mi v2If you are just out of school, you may be facing years of debt repayment for the cost of that education, and finding a good job may not be easy. Income levels for most middle-class workers have remained flat for the past 30 years while price tags for housing, transportation, and especially education, have climbed relentlessly. During this time, University of California tuition rates have increased by 800 percent. Over the past decade tuition at the California State University system has increased more than 283 percent. As a result, many young Californians begin their careers in circumstances not unlike the indentured servants of the past — working for years just to repay debt which is approaching $30,000 for most students post-graduation.

This debt — and a difficult job market — make loan repayment difficult and prevent many students from buying cars or homes. As students are increasingly forced to borrow to pay ever-increasing tuition, and as housing prices continue to rise, can we expect more young people and families to be driven from the state in search of a lifestyle they can afford?  In the last 20 years, California has seen an exodus of almost 4 million people to other U.S. states. What are the social effects of rising education costs on the purchasing power of graduated and — indentured — students? Are there ways to slow or reverse rising costs and stop students from spiraling into debt while building a system responsive to 21st century needs?

Moderated by 
Adolfo Guzman-Lopez

Guests
Debbie Cochrane: Research Director at The Institute for College Access & Success(TICAS) and its Project on Student Debt, and is an expert on financial aid policy and practice.  She also leads the organization’s policy and advocacy work on national community college issues and California higher education, and has testified at California legislative, budget, and oversight hearings. She was formerly a policy analyst at the National Center for Public Policy and Higher Education. (@TICAS_org)

Maureen McRae Goldberg: Executive Director of Financial Aid at Occidental College; she is past president of the California Association of Student Financial Aid Administrators (CASFAA) and has been involved in leadership positions in many state, regional, and national financial aid associations (@OxyNews)

Devon Graves: Student Member, California Student Aid Commission; he is a graduate student at the University of California, Los Angeles, pursuing a Masters of Arts degree in higher education (@DevonLGraves) 

Perry Wong: Managing Director, Research for Asia, California, China, Energy, Human Capital, Regional Economics, and Technology at the Milken Institute

@KPCCforum
@MilkenInstitute
@AGuzmanLopez
@TICAS_org (Debbie Cochrane, The Institute for College Access & Success)
@OxyNews (Maureen McRae Goldberg, Occidental College)
@DevonLGraves (Devon Graves, California Student Aid commission)
#AffordableCA
#studentdebt

This program is the second in our series, “Rescuing the California Dream: Policies for an Affordable Future.” The series is co-presented by KPCC/Southern California Public Radio and the Milken Institute.


Thousands of Californians face the very real possibility of being priced out of their communities. These public forums will explore the rising cost of education and housing and the dwindling opportunity to reach, or remain within, the middle class. In the first three programs, leaders in government, business, academia, community and philanthropy will dissect the problems and search for solutions to California’s affordability challenge. A fourth installment will be part of the 2015 Milken Institute California Summit and will serve as a platform to provide expert analysis and inform potential policy recommendations.

Read More

18

September 2015

MATH Briefing - 3rd Quarter 2015: Incremental Steps for a Safer Housing Finance System

MATH (Markets And The Hill) Briefing Series
Capitol Hill, Washington, D.C.
By invitation only

Seven years after the collapse of the housing finance system, the conservatorships of Fannie Mae and Freddie Mac remain unreformed. Today, the companies’ outstanding guarantees, backed by taxpayers, are actually higher than when the conservatorships were established. Over the past several years, however, bipartisan consensus has emerged on some of the basic constructs for housing finance in a post-conservatorship world. Acting now in just a few areas will ensure meaningful progress in building a safer housing finance system.

This briefing will address the technical aspects of these incremental steps, which would reduce taxpayer exposure, draw private capital in to help restore market functioning and lay the groundwork for broader housing reform. These steps include expanding the volume and depth of credit risk transfer transactions; refocusing the common securitization platform so it applies to the whole market, not just Fannie and Freddie; and freezing the conforming loan limit to constrain the taxpayer footprint at the high end of the mortgage market.

SPEAKERS 
Ed DeMarco is a senior fellow in residence at the Milken Institute Center for Financial Markets and former acting director of the Federal Housing Finance Agency. The FHFA, which DeMarco ran from September 2009 to January 2014, is the conservator for Fannie Mae and Freddie Mac and regulator of those companies and the federal home loan banks. Prior to becoming acting director, DeMarco was chief operating officer and senior deputy director of the FHFA and its predecessor agency. Earlier, he was assistant deputy commissioner for policy at the Social Security Administration. Before joining SSA, DeMarco was director of the Office of Financial Institutions Policy at the Department of the Treasury, where he oversaw analyses of policy issues involving banks, government-sponsored enterprises and other financial institutions. DeMarco received a B.A. in economics from the University of Notre Dame and a Ph.D. in economics from the University of Maryland.

Phillip Swagel is a professor at the School of Public Policy of the University of Maryland and a senior fellow at the Milken Institute. Swagel was assistant secretary for economic policy at the Treasury Department from December 2006 to January 2009. In that position, he served as a member of the TARP investment committee and advised Treasury Secretary Henry Paulson on all aspects of economic policy. Swagel previously worked at the White House Council of Economic Advisers, the International Monetary Fund and the Federal Reserve, and taught economics at Northwestern University, the University of Chicago Booth School of Business and the McDonough School of Business at Georgetown University. He received a bachelor's degree in economics from Princeton University and a Ph.D. in economics from Harvard University.

MODERATOR 
Nick Timiraos is a national economics correspondent for the Wall Street Journal in Washington, D.C. He has covered the housing bust and the government's response to the mortgage crisis, including the bailout of finance giants Fannie Mae and Freddie Mac. In 2008, he contributed to the Journal's coverage of the presidential election. He joined the Journal in 2006. Timiraos graduated from Georgetown University, where he studied government and American studies.

For additional information, please contact Dianna Dunne, Director of Government Affairs, at ddunne@milkeninstitute.org.

Read More

26

August 2015

Priced out: Can high-density housing solve the affordability crisis? (KPCC Forum Series)

Los Angeles

Video of "Priced out: Can high-density housing solve the affordability crisis?" event courtesy of Southern California Public Radio / KPCC.(p) 2015, Southern California Public Radio. Used with permission. All rights reserved

Can a city built on the single-family home as a sign of success and achievement accept density? Only 30 percent of households earning the state's median income — $61,000 a year — can now afford to buy a home. The disparity is greater in major cities. Fewer than 20 percent of median-income households can buy in San Francisco, where the median home price is $980,000. More and more, Californians find themselves trapped amid high prices, a shortage of inventory, rising populations around job centers, and opposition to new development. In California's major metro areas, a growing, mostly young workforce is priced out of the housing market and forced to dedicate greater portions of income to rent or face long commutes from less-expensive communities. Aversion to density and lack of new residential development creates a market without adequate growth where demand outstrips housing supply and will for the foreseeable future. What can state and community leaders do to overcome the aversion to high-density development and increase access to affordable housing while keeping neighborhoods whole? 

ABOUT THE SPEAKERS

Kaplan lores Dana Cuff: Professor of Architecture/Urban Design and Urban Planning at the UCLA Luskin School of Public Affairs; Director of UCLA's cityLAB. Her work focuses on affordable housing, modernism, suburban studies, the politics of place, and the spatial implications of new computer technologies. She founded cityLAB in 2006, and has since concentrated her efforts around issues of the emerging metropolis.
   
Ed DeMarco: Senior Fellow in Residence at the Milken Institute Center for Financial Markets and a Visiting Professor at the Owen Graduate School of Management at Vanderbilt University. From September 2009 to January 2014 he served as Acting Director of the Federal Housing Finance Agency, the conservator for Fannie Mae and Freddie Mac and regulator of those companies and the Federal Home Loan Banks.
   
Larry Gross: Executive Director of the Coalition for Economic Survival, a community-based organization that works to ensure tenants' rights and preserve affordable housing in the Greater Los Angeles area.
   
William K. Huang: Director of Housing for the City of Pasadena; former Acting Executive Director and Housing Director of the Community Development Commission of the County of Los Angeles, responsible for the county’s affordable housing and homeless programs, redevelopment, housing authority and community development activities.
   
Jeff SchafferVice President and Southern California market leader at Enterprise Community Partners, where he oversees Enterprise’s programs advancing the development of affordable housing in Southern California. 

 

ABOUT THE MODERATOR

Josie Huang is a reporter for KPCC. Huang had previously reported and produced for KPCC's Take Two and The Madeleine Brand Show. She is a former reporter and co-host of the evening drive-time news show for the Maine Public Broadcasting Network. Prior to radio, she reported for daily papers in Maine and Massachusetts. Assignments have taken her to Central America’s largest dump, a coastal Mississippi town recovering from Hurricane Katrina and the U.S.-Canada border, which American seniors were crossing to buy cheaper prescription drugs. She is a graduate of Dartmouth College in New Hampshire.

 


Additional guests to be announced.

This program is the first in our series "Rescuing the California Dream: Policies for an Affordable Future," co-presented by KPCC/Southern California Public Radio and the Milken Institute.

Thousands of Californians face the very real possibility of being priced out of their communities. These public forums will explore the rising cost of education and housing and the dwindling opportunity to reach, or remain within, the middle class. In the first three programs, leaders in government, business, academia and philanthropy will dissect the problems and search for solutions to California's affordability challenge. A fourth installment will be part of the 2015 Milken Institute California Summit and serve as a platform to provide expert analysis and inform potential policy recommendations.

 

Read More

26

August 2015

Servants, Partners or Masters? The Future of the Human/Machine Interface

Santa Monica

bookjacket2
bookjacket1

Is a world with robotic vehicles, robotic surgery and robotic manufacturing a better world? What about a world with robotic nursing, robotic soldiers and robotic corporate bosses? The distance between these technological stages may be shorter than you expect. Machines are fast becoming more able, more useful and more sophisticated, their learning capacities expanding and their senses sharpening. When they inevitably assume roles that once required judgment and emotion, what ethical standards, if any, will guide their actions? As they proliferate in the economy, who will they work for, and how will all those superfluous humans pay their bills?

These and other unnerving questions are explored by tech luminaries Jerry Kaplan and John Markoff in their new books, Kaplan's "Humans Need Not Apply” and Markoff's “Machines of Loving Grace.” At this Milken Institute Forum, they discussed the technological turning point that will program either discord or harmony into our future. Artificial intelligence is certain to transform the world economy and the way work is done. These authors answered some of the riddles posed by this amazing and alarming phenomenon.

ABOUT THE AUTHORS

Kaplan lores
Photo: Todd Rafalovich
Jerry Kaplan is a serial entrepreneur, technological innovator, bestselling author and futurist. He co-founded four Silicon Valley startup companies, two of which were publicly traded. His 1995 book "Startup: A Silicon Valley Adventure" was named one of the top 10 business books by Businessweek magazine. The co-inventor of many products, among them the PenPoint tablet operating system and the GO computer, Kaplan is named on 12 U.S. patents. A frequent public speaker, Kaplan teaches philosophy, ethics, and the impact of artificial intelligence at Stanford University and is a fellow at the Stanford Center for Legal Informatics. He holds a Ph.D. in computer science from the University of Pennsylvania.
   
loresAuthor Photo2. John Markoff Please Credit Leslie Terzian Markoff
Photo: Leslie Terzian Markoff
John Markoff covers Silicon Valley and technology for the New York Times. In 2013, he was part of the team awarded the Pulitzer Prize for explanatory reporting. A technology and science reporter since 1977, Markoff has written several books, most recently "Machines of Loving Grace: The Quest for Common Ground Between Humans and Robots." Earlier he published "What the Dormouse Said: How the 60s Counterculture Shaped the Personal Computer Industry." He has also been a lecturer at the University of California at Berkeley School of Journalism and an adjunct faculty member of the Stanford Graduate Program in Journalism. Markoff earned a master's in sociology from the University of Oregon.

"Humans Need Not Apply” and “Machines of Loving Grace” will be for sale after the Forum, and the authors will be available to sign copies.

This event is open to the public, although registration is required. Reserved seating is available for Milken Institute Associates. If you are not currently a member of the Associates and would like to join or receive more information, click here. Parking is not available at the Institute. Free parking for 90 minutes is available in Public Parking Lot No. 1 on Fourth Street, adjacent to our building.

This Forum is part of our effort to present multiple perspectives on current business and public policy issues. Videotaping, recording or photographing this event is prohibited without the prior approval of the Milken Institute.

 

 

Read More

23

June 2015

Who Gets What — and Why: The New Economics of Matchmaking and Market Design

Santa Monica

Who Gets What and Why

Markets are about more than money. Price isn’t the crucial factor in matching aspirants with career opportunities, students with schools or bodily organs with transplant patients, yet these examples involve markets nonetheless. Alvin Roth, a Nobel laureate in economics and the author of “Who Gets What — and Why: The New Economics of Matchmaking and Market Design,” has created markets meant to lift the barriers that hinder the goals of individuals and society at large. Roth is an authority on the application of exchange dynamics to real-world problems, inventively adapting the tools of game theory and market design.

At this Milken Institute Forum, Roth will demonstrate that markets are ubiquitous, if even we don’t commonly recognize them, and how skillfully we navigate them can determine the most important events in our lives. Even the freest markets have rules, and Roth will delve into how unseen conditions drive outcomes. Those conditions can be modified to better serve the participants, he explains. From marriage to parking spaces, if the “buyers” and “sellers” can be matched more effectively, everyone wins.

“Alvin Roth guides us through the jungle of modern life, pointing to the many markets that are hidden in plain view all around us,” says behavioral economist and “Predictably Irrational” author Dan Ariely. “He teaches us how markets work—and fail—and how we can build better ones.”

ABOUT THE AUTHOR

Roth Alvin

Alvin Roth is the McCaw professor of economics at Stanford University and co-recipient of the 2012 Nobel Prize in economics. Roth is one of the world’s leading experts in the fields of market design, game theory, and matching markets. He has designed several of those markets, including the system that increases the number of kidney transplants by better matching donors to patients, the exchange that places medical students in residencies and the New York City and Boston school choice systems.

 

ABOUT THE MODERATOR

Peter Passell

Peter Passell is editor of the Milken Institute Review, the Institute's economic quarterly. A senior fellow, Passell was previously an economics columnist for the New York Times, a member of the Times' editorial board and an assistant professor at Columbia University's Graduate Department of Economics. Passell has written for publications including 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.

 


"Who Gets What — and Why: The New Economics of Matchmaking and Market Design" will be for sale after the Forum, and Roth will be available to sign copies.

This event is open to the public, although registration is required. Reserved seating is available for Milken Institute Associates. If you are not currently a member of the Associates and would like to join or receive more information, click here. Parking is not available at the Institute. Free parking for 90 minutes is available in Public Parking Lot No. 1 on Fourth Street, adjacent to our building.

This Forum is part of our effort to present multiple perspectives on current business and public policy issues. Videotaping, recording or photographing this event is prohibited without the prior approval of the Milken Institute.

Read More

23

June 2015

MATH Briefing - 2nd Quarter 2015: Navigating the Capital Access Landscape

MATH (Markets And The Hill) Briefing Series
Capitol Hill, Washington, D.C.
By invitation only

Small and Middle Market companies (those with revenues under $1 billion dollars) are key drivers of both job creation and economic growth. While there are multiple methods for these companies to access capital, ranging from bank loans to IPOs, the suitability of these methods will vary dramatically depending on the company’s size, growth, and industry. The options open to small and middle market companies, how they work, and whether there are any gaps are highly relevant in determining how policy can be changed to better enable businesses to access needed investment. This briefing will discuss the capital access landscape, the different options open to businesses, how they work and impact the companies that use them, and what else can be done to make it easier for companies to obtain the capital they need to thrive.


SPEAKERS 

Daniel Gorfine is vice president for external affairs and associate general counsel at OnDeck, a technology-based company focused on transforming small business lending, and a Milken Institute adjunct fellow. Previously, he was director of financial markets policy and legal counsel in the Institute's Washington office, where he focused on financial innovation, capital access and financial market issues and led work on innovative capital access tools and new financial technologies. Previously, Gorfine worked in the international and litigation practice groups at Covington & Burling LLP, where he represented a wide range of clients on commercial litigation/arbitration, regulatory, antitrust and international matters. A graduate of Brown University, he holds an M.A. from the Paul H. Nitze School for Advanced International Studies at Johns Hopkins University and a J.D. from George Washington University Law School.

Todd McCracken currently serves as president of National Small Business Association (NSBA). McCracken became president of NSBA in 1997 and started with the association in 1988, previously serving as vice president of government affairs. McCracken represents NSBA before the U.S. Congress and myriad other settings. As director of its government affairs arm, McCracken plays a key role in developing NSBA’s policies on issues and the strategies in implementing them. Since coming to the association, McCracken has testified before Congress numerous times about issues ranging from fundamental health care reform to tax code restructuring. As a non-partisan organization, NSBA works proactively with elected and administration officials to promote policies that support small business growth and development. Founded in 1937, NSBA is the nation’s oldest small business organization. A native of New Mexico, McCracken is a graduate of Trinity University in San Antonio, Texas, with a B.A. in Economics.

Michael Weil is CEO of RCS Capital, where he previously served as president, treasurer, secretary and director. He also is a former president and chief operating officer for a number of the publicly registered, non-traded REIT offerings sponsored by AR Capital, the private equity firm of which he is a partner. Weil previously served as executive vice president of AR Capital, where he supervised the origination of opportunities for all AR Capital-sponsored investment programs. He was senior vice president of sales and leasing for American Financial Realty Trust, where he was responsible for the disposition and leasing activity for a 37.3-million-square-foot portfolio. Weil also served as president of the board of directors of the Real Estate Investment Securities Assn., a leading alternative investments group providing education, networking and advocacy for members.

MODERATORS

Brian Knight is associate director of the Milken Institute's Center for Financial Markets. Knight is an attorney with significant experience in new sources of capital, financial technology and entrepreneurial issues. He is interested in the interplay of technological, regulatory and market innovation and how best to improve access to capital for businesses of all sizes. Knight has worked for a broker-dealer with a focus on the emerging online private-placement market and was the co-founder of CrowdCheck, a company providing due-diligence and disclosure services to companies and intermediaries engaged in online private offerings. He has also served as an attorney for the federal government. Knight received his bachelor's degree from the College of William & Mary and his law degree from the University of Virginia.

Doug Farren is associate director for the National Center for the Middle Market. He is an operational leader responsible for developing a ground-breaking resource center for middle market companies. He transitioned from a supply chain management career possessing a breadth of technical, functional, and management experience. During his 11-year career at Limited Brands he was responsible for supply chain planning, inventory deployment, and operational efficiency for Limited Brands International. He also managed distribution/logistics support for 1,700 Bath and Body Works stores, including direct-to-consumer, and served in other logistics roles. Farren holds a B.S. from Penn State University and an M.B.A. from Ohio State University. In addition, he is certified as a Six Sigma Black Belt in Transactional Quality.

For additional information, please contact Dianna Dunne, Director of Government Affairs, at ddunne@milkeninstitute.org.

Read More

19

March 2015

MATH Briefing - 1st Quarter 2015: Public Sector Pensions: Challenges and Opportunities

MATH (Markets And The Hill) Briefing Series
Capitol Hill, Washington, D.C.
By invitation only

At the end of 2014 the Federal Reserve Board reported "unfunded defined benefit pension entitlements" of $1.29 trillion dollars for the defined benefit (DB) plans of state and local governments. The situation hasn't always looked so dire: the majority of DB plan funding comes from investment earnings, which led many of these plans to be overfunded in the 1990s and to lose much of their value in the 2008 financial crisis. While there are spirited disagreements about the true size of pension obligations, many economists believe that the value of promised benefits (plan liabilities) exceeds the fair value of assets the plans hold by a significant amount. Changes by the Government Accounting Standards Board are underway. As many government pension plans continue to struggle, we expect to see further efforts to reform them.

This briefing will address (1) the current state of pensions for state and local government employees, (2) the challenges these pension plans face in the medium to long term, and (3) federal regulatory developments aimed at this issue.

SPEAKERS

Sandeep Dahiya is an Associate Professor of Finance at Georgetown University's McDonough School of Business. He is also an Associate Director of the Center for Financial Markets and Policy. Professor Dahiya's research focuses on corporate finance, corporate restructuring, entrepreneurial finance, banking and financial institutions. His work has been published in numerous finance journals, including the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Business, Journal of Corporate Finance, and Journal of Banking and Finance. Professor Dahiya spent two years working in the corporate finance and strategy practice of McKinsey & Company, a leading strategy consulting firm. He has also consulted for leading law firms on corporate finance issues. Before earning his Ph.D., he spent three years with ICICI Bank, the second-largest financial institution in India. Dr. Dahiya received a bachelor's degree and M.B.A. from the Indian Institute of Technology and his Ph.D. in finance from New York University.

Eileen Norcross is a senior research fellow at the Mercatus Center at George Mason University. As director for the Mercatus Center's State and Local Policy Project, she focuses on questions of public finance and how economic institutions support or hamper economic resiliency and civil society. She specializes in fiscal federalism and institutions, state and local governments and finance, pensions, public administration, and economic development. Previously, Norcross was a Warren T. Brookes Journalism Fellow at the Competitive Enterprise Institute in Washington, D.C.; a consultant at KPMG's transfer-pricing division; and a research analyst with Thompson Financial Securities Data. She received both her M.A. in economics and her B.A. in economics and American history from Rutgers University.

Diane Oakley is Executive Director of the National Institute on Retirement Security and leads the organization's research, education, and strategic planning initiatives. Before joining NIRS in 2011, Ms. Oakley worked on Capitol Hill, where she played a key staff role in formulating legislative strategy on a range of pension, tax, Social Security, financial services, and workforce issues. Ms. Oakley also held leadership positions with TIAA-CREF, a leading financial services provider. During her 28-year tenure with the organization, she held a number of management, public policy, and technical positions. She began as an actuarial assistant and was promoted to positions including vice president for special consulting services and vice president for associations and government relations. She holds a B.S. in mathematics from Fairfield University and an M.B.A. in finance from Fordham University. She is a member of the National Academy of Social Insurance.

Nicholas Stanojev is the Managing Director and Head of U.S. Funds at BNY Mellon. In this role, he is responsible for asset management sales, sales management and marketing through multiple distribution channels and market segments. Prior to BNY Mellon, he served as the Director of U.S. Public Fund and Taft-Hartley Sales at State Street Global Advisors. Mr. Stanojev also worked for nearly 20 years in institutional investment sales at Putnam Investments, where he served as managing director and senior account manager for Putnam global institutional management. Prior to that, he served as senior vice president for institutional defined contribution sales, and vice president of institutional sales at Putnam. He holds a bachelor's degree in finance and marketing from Pennsylvania State University.

For more information, please contact: Dianna Dunne, Director of Government Affairs, Milken Institute at ddunne@milkeninstitute.org.

Read More

20

January 2015

How the Poor Can Save Capitalism: Rebuilding the Path to the Middle Class

Santa Monica

How the Poor Can Save Capitalism

The ashes of the Los Angeles riots had barely cooled when author and entrepreneur John Hope Bryant founded Operation HOPE to promote capitalism in underserved communities. In this Milken Institute Forum, Bryant discussed his new book, “How the Poor Can Save Capitalism: Rebuilding the Path to the Middle Class,” in which he presents a strategy for restoring the American middle class by teaching financial literacy and removing barriers to credit and small-business creation.

Bryant asserts that “responsible” capitalism can increase household income, turn renters into homeowners and restore confidence in our economic system. In the 23 years since the riots, Bryant has tested his theories as a businessman and activist. The Los Angeles native has worked with presidents, educators and corporate executives around the world to teach financial skills to low-income and working people.

ABOUT THE AUTHOR

John Hope Bryant

John Hope Bryant is the founder, chairman and CEO of Operation HOPE and the Bryant Group Cos. Bryant has built successful for-profit and nonprofit enterprises and been a member of advisory councils for Republican and Democratic presidents. He presently serves on the President’s Council on Financial Capability for Young Americans. Bryant, a regular contributor to LinkedIn and the Huffington Post, also is co-founder of the Gallup-HOPE Index, the only national research poll that measures financial dignity and economic energy among American youth.

 

ABOUT THE MODERATOR

Paul Irving

Paul Irving of the Milken Institute was previously an Advanced Leadership Fellow at Harvard University and chairman and CEO of Manatt, Phelps & Phillips LLP, a law and consulting firm. Irving serves on the board of East West Bancorp Inc., as vice chairman of the board of Encore.org, and on the Dean's Council of the Milken Institute School of Public Health at The George Washington University. Irving’s involvement with Operation HOPE dates to its founding in 1992, and he served on Hope’s global board and executive committee for many years.

Read More

06

January 2015

Hall of Mirrors: The Great Depression, the Great Recession and the Uses — and Misuses — of History

Santa Monica

Hall of Mirrors

As the world slowly shakes off the lingering effects of the Great Recession, a renowned economist, author and policy advisor identifies the similar causes and responses that hampered recoveries from the 2008 financial meltdown and the Great Depression.

At this Milken Institute Forum, Barry Eichengreen discussed his book, “Hall of Mirrors: The Great Depression, the Great Recession and the Uses — and Misuses — of History.” Eichengreen makes the case that the two worst economic crises of the past 100 years were preceded by credit booms, questionable banking practices and a fragile global financial system.

Eichengreen asks why policymakers in the U.S. and Europe didn’t do better in 2008, given that the lessons of the crash of 1929 were so well known. In his comparison of the two crises, Eichengreen examines the responses of governments on both sides of the Atlantic to explain the missteps that have made the current recovery so slow.

ABOUT THE AUTHOR

Author photo Eichengreen Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley. His previous books include “Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System” and “Golden Fetters: The Gold Standard and the Great Depression, 1919-1939.” He is a research associate of the National Bureau of Economic Research in Cambridge, Mass., and is a research fellow of the Centre for Economic Policy Research in London. In 1997-98 he served as senior policy advisor at the International Monetary Fund.

 

ABOUT THE MODERATOR

LAT portrait 1 Michael Hiltzik is a Pulitzer Prize-winning journalist and author who has worked for the Los Angeles Times for three decades covering finance, politics and technology. He also wrote about Africa and Russia as a foreign correspondent for the newspaper. Hiltzik’s book, “The New Deal: A Modern History,” was published in 2011. His next book, “Big Science: Ernest O. Lawrence, the Cyclotron, and the Birth of the Military-Industrial Complex,” will be published next year. Hiltzik was awarded a Pulitzer in 1999 for investigative articles exposing corruption in the entertainment industry.

Read More

2014

16

December 2014

MATH Briefing - 4th Quarter 2014: Housing Finance Reform: Market Developments and Opportunities in 2015

MATH (Markets And The Hill) Briefing Series
Capitol Hill, Washington, D.C.
By invitation only

Next year provides Congress an opportunity for meaningful advancement of housing finance legislation that would end the Fannie/Freddie conservatorships and thereby resolve the uncertainties that have constrained mortgage finance since the financial market crisis erupted in 2008.

This briefing will focus on market developments and opportunities — Specifically how the legislative and regulatory process can enhance the ability of capital markets to replace taxpayers as the primary source of risk capital and ensure a robust, stable provision of mortgage credit, including to first-time homebuyers and low-and moderate-income households.

It will provide updated information on three key factors that will impact the legislative process next year: (1) accomplishments since 2008 to remediate the market and regulatory shortcomings in housing finance that helped cause the crisis; (2) market and regulatory initiatives underway that are germane to the ongoing legislative process; and (3) potential market, regulatory, and taxpayer consequences of further delay in achieving housing finance legislation.

SPEAKERS

Ed DeMarco is a Senior Fellow in Residence at the Milken Institute Center for Financial Markets and a Visiting Professor in the Owen Graduate School of Management at Vanderbilt University. From September 2009 to January 2014 DeMarco served as Acting Director of the Federal Housing Finance Agency (FHFA), the conservator for Fannie Mae and Freddie Mac and regulator of those companies and the Federal Home Loan Banks. Prior to being Acting Director, DeMarco was the COO and Senior Deputy Director of FHFA and its predecessor agency from 2006 to 2009. From 2003 to 2006 he was an executive at the Social Security Administration (SSA), where he was Assistant Deputy Commissioner for Policy. Before joining SSA, DeMarco was Director of the Office of Financial Institutions Policy at the U.S. Department of the Treasury. DeMarco received a B.A. in Economics from the University of Notre Dame and a Ph.D. in Economics from the University of Maryland.

Richard Johns is the Executive Director of the Structured Finance Industry Group, Inc. (SFIG), with responsibility for all aspects of the organization. A longtime leader in the securitization industry, Mr. Johns, has more than 17 years of structured finance experience. Previously Mr. Johns had roles as Head of Global Funding and Liquidity at Ally Financial Inc, Head of Global Capital Markets at Capital One Financial Corp and as a transaction lead at MBNA (now Bank of America). Mr. Johns has issued securitized products across a variety of platforms, including; credit cards, auto (retail, lease and floor-plan), RMBS, Agency, small business, and unsecured installment loan products. He has experience across both domestic and international issuance, including Canada, Latin America, Europe and China. Mr. Johns is also a qualified Chartered Accountant within the U.K., having completed his training with Deloitte. He is a graduate of the University of Manchester, UK with a bachelor’s degree in Economics.

John Sim is the head strategist for mortgage credit at J.P. Morgan. In addition to weekly publications in J.P. Morgan's securitized products research, he manages the mortgage modeling team covering all RMBS and CMBS prepayment, credit and home price models. John has been working at J.P. Morgan since 2002. Prior to 2002, he worked in mortgage research at CSFB since 1994. John holds a Bachelors degree in Mathematics from Rensselaer Polytechnic Institute.

Phillip Swagel is a professor at the School of Public Policy of the University of Maryland and a senior fellow at the Milken Institute. Swagel was assistant secretary for economic policy at the Treasury Department from December 2006 to January 2009. In that position, he served as a member of the TARP investment committee and advised Treasury Secretary Paulson on all aspects of economic policy. He received a bachelor's degree in economics from Princeton University and a Ph.D. in economics from Harvard University.

For more information, please contact: Dianna Dunne, Director of Government Affairs, Milken Institute at ddunne@milkeninstitute.org.

Read More

17

October 2014

Milken Institute Review Live: A conversation with Jason Furman, Chairman of the White House Council of Economic Advisers

Washington, D.C.

Jason Furman and Peter Passell, editor of the Milken Institute Review, discussed Furman's article, "Inclusive Growth: For Once, Some Good News," which appears in the current Milken Institute Review. Milken Institute Review Live events provide lively and high-level discussion on vital topics by the distinguished thinkers who contribute to the Institute's quarterly journal of economic affairs.

Income inequality has risen dramatically in the last several decades, in the United States and elsewhere, and policy makers globally are searching for practical solutions. Some observers, such as the French economist Thomas Piketty, argue that the widening gap is driven by forces largely beyond our control. But in his article, Furman argues that such pessimism doesn't stand up to close analysis.

Furman challenges the idea that government policies designed to buck the headwinds of inequality would exact a heavy price in productivity and growth. To the contrary, he argues, there are a number of policies that could increase the efficiency of the U.S. economy even as they narrow the income gap and increase the economic mobility of the poor and middle class.

 

About the Speakers

furman commissioned officer portrait small

Jason Furman is the Chairman of the White House Council of Economic Advisers. Prior to this role, he served as Assistant to the President for Economic Policy and the Principal Deputy Director of the National Economic Council. From 2007 to 2008 Furman was a Senior Fellow in Economic Studies and Director of the Hamilton Project at the Brookings Institute. Previously, he served as a Staff Economist at the Council of Economic Advisers, a Special Assistant to the President for Economic Policy at the National Economic Council under President Clinton and Senior Adviser to the Chief Economist and Senior Vice President of the World Bank.

Furman, who earned his Ph.D. in economics and a M.A. in government from Harvard University and a M.Sc. in economics from the London School of Economics, has also served as Visiting Scholar at NYU’s Wagner Graduate School of Public Service, a visiting lecturer at Yale and Columbia Universities, and a Senior Fellow at the Center on Budget and Policy Priorities. In addition to numerous articles in scholarly journals and periodicals, Furman is the editor of several books on economic policy, including "Path to Prosperity" and "Who Has the Cure?"

   
CroppedImage152202 PPassell small Peter Passell is editor of The Milken Institute Review, the Institute's economic quarterly. A senior fellow, Passell joined the Institute after eight years as economics columnist for the news department of The New York Times. He previously served on the Times' editorial board and was an assistant professor at Columbia University's Graduate Department of Economics. Passell received his Ph.D. in economics from Yale University.
   
   

For more information, please contact: Dianna Dunne, Director of Government Affairs, Milken Institute at ddunne@milkeninstitute.org.

Read More

14

October 2014

Don't Wait for the Next War: A Strategy for American Growth and Global Leadership 

Santa Monica 

As America emerges from more than a decade of arduous wars, a renowned military leader, global affairs expert and political commentator identifies a new unifying national strategy for freeing the U.S. from the Middle East's tribulations and enabling it to focus on the rise of China.
Wesley K. Clark

At this Milken Institute Forum, Wesley K. Clark discussed his book "Don't Wait for the Next War: A Strategy for American Growth and Global Leadership," which emphasizes America's sense of strategic purpose in the world.

As a retired four-star Army general, Clark argues that war is a poor substitute for strategic vision. He instead advocates for energy independence, and further, making America the next leading energy supplier.

Dont Wait for the Next War: A Strategy for American Growth and Global Leadership

Will the U.S. rediscover its purpose and reinvent itself as a driver of progress? "Don't Wait for the Next War: A Strategy for American Growth and Global Leadership" outlines the smartest path for America in its role as global leader.

Wesley K. Clark is a retired four-star general in the United States Army, and served as Supreme Allied Commander Europe, where he led NATO forces to victory in Operation Allied Force, the war in Kosovo. He is chairman and CEO of Wesley K. Clark & Associates, a strategic consulting firm, and is the author of "Winning Modern Wars" and "Waging Modern War." He serves as a member of the Clinton Global Initiative's Energy & Climate Change Advisory Board, and is the recipient of many awards, including the Purple Heart and the Presidential Medal of Freedom.

 

Read More

07

October 2014

Innovating Women - The Changing Face of Technology

Santa Monica

In his new book (with Farai Chideya), Vivek Wadhwa has created a place for the voices of hundreds of great women, aiming to motivate and inspire thousands more to join the innovation economy—and better the world.

In the United States, women account for half of the population, but only 14 percent of engineers are women. All the same, these women have been able to take the seeds of technological advancement and build something life-changing and potentially life-saving. Clearly, the future of technology depends on the full and active participation of women and men working together.

Wadhwa will moderate a panel discussion on what’s needed to close the gender gap in the tech sectors.

About the speakers

Sharon Vosmek compressed Sharon Vosmek is CEO of Astia, a community of investors, entrepreneurs and industry leaders spanning North America, Europe, South America and India.
   
stangler t

Dane Stangler is vice president of Research & Policy at the Ewing Marion Kauffman Foundation, where he leads the research & policy department and serves on the senior leadership team. 

   
aansari Anousheh Ansari, the first female private space explorer, is co-founder and chairman of Prodea Systems, a company working to integrate people, data and devices.
   
Vivek Wadhwa 1 compressed 3 Vivek Wadhwa, one of Time Magazine's “Forty Most Influential Minds in Technology,” is a professor, researcher, and entrepreneur. Alongside award-winning journalist Farai Chideya, he set out to collect anecdotes and essays from global leaders, sharing how their experiences in innovative industries frame the future of entrepreneurship. Innovating Women offers fresh perspectives on the challenges that women face, the strategies that they employ in the workplace, and how an organization can succeed or fail in its attempts to support the career advancement of women
   

"Innovating Women: The Changing Face of Technology" will be for sale after the Forum, and Wadhwa will be available to sign copies.

This event is open to the public, although registration is required. Reserved seating is available for Milken Institute Associates. If you are not currently a member of the Associates and would like to join or receive more information, click here. Parking is not available at the Institute. Free parking for 90 minutes is available in Public Parking Lot No. 1 on Fourth Street, adjacent to our building.

This Forum is part of our effort to present multiple perspectives on current business and public policy issues. Videotaping, recording or photographing this event is prohibited without the prior approval of the Milken Institute.

Read More

06

October 2014

Policy and California's Economy (PACE) Briefing Series: Removing Barriers to Small Business Lending

Los Angeles

Following up on the Policy and California’s Economy (PACE) roundtable’s July session, the Milken Institute’s California Center, in collaboration with the Small Business Administration (SBA) and the Federal Reserve Bank of San Francisco, convened a second meeting to explore ways to make it easier for small businesses to obtain loans. Recommendations emerging from the meeting include a call for banks and the SBA to streamline lending procedures.

Experts attending the roundtable included bankers and SBA lending officers as well as local development and government regulatory representatives. SBA Regional Director Victor Parker joined California Center Director Kevin Klowden in facilitating the session. Representatives of the SBA outlined efforts to improve lending, especially in underserved communities. There was a particular focus on loans of less than $150,000. Continuing into 2015, the SBA will continue to promote its Community Advantage programs to encourage banks to eliminate associated fees that make borrowing more difficult.

Participants highlighted the lack of incentives for banks to share information and discussed the absence of a uniform standard among banks for lending and related services. The participants concluded that such practices, and the lack of resources, restrict local lending. The effects are especially acute with respect to small-ticket and microlending practices. One recommendation called for specific revisions to SBA procedures to increase data sharing while providing a platform for technical assistance among investors, borrowers and lenders. From an institutional perspective the roundtable emphasized the importance of resolving the risk barriers associated with profitability for smaller loans and the need to address the associated economies-of-scale issues with community based lending.

In order to bridge the divide between institutional and community interests, resolve the barrier between businesses and lenders and to address the risk assessment hurdle, the group suggested two potential solutions:

1. The SBA should revise its guidelines to allow for lenders to charge higher interest rates on smaller loans in order to cover higher levels of associated risk and due diligence.

2. Establish a new small business consortium, composed of groups of smaller banks and community-based management, which could serve as a loan fund repository and revolving loan pool. At the same time, the participating institutions should create a platform for data sharing and management, efficiency and due diligence among a locally coordinated group of SBA lenders.

In the near term, the California Center will review these recommendations and strategies with stakeholders, industry and policy leaders while continuing to develop the necessary policy reforms to address the limitations to small business and economic growth. 

Read More

30

September 2014

MATH Briefing - 3rd Quarter 2014: US Debt Markets: Developments in Non-Bank Lending and Its Impact on Middle Market US Companies

MATH (Markets And The Hill) Briefing Series
Capitol Hill, Washington, D.C.
By invitation only

The composition of US debt markets has shifted as traditional banks retreat and non-bank lending sources fill the void. Business Development Companies (BDCs), Collateralized Loan Obligations (CLOs), and private lending pools of capital now provide more than 25% of funded loans to US companies. CLOs are structured vehicles that buy corporate loans, bundle them together, and sell a range of different risk/reward tranches to investors. BDCs lend directly to companies or through CLOs, but, unlike banks, pass their net income directly back to investors. CLOs suffered practically no impairments during the financial crisis and have continued to perform today.

Recent regulations, however, could significantly change these markets. This briefing will provide an overview of the US debt markets and how BDC and CLO structures work and relate to one another, the growth of these markets and their impact on market participants and the ability for corporate America to finance its business activities, and the effects of regulatory responses to the financial crisis.

SPEAKERS

John Clements is a Managing Director in the Global Structured Credit Group at Citi and is Co-Head of the CLO Primary business. Citi's CLO Primary business is the market's leading CLO origination, structuring and distribution franchise. Clements joined Citi in 2001 after working six years in the Structured Credit Group at JP Morgan. He began his career in Chemical Bank's Middle Market Lending Group after completing the bank's Credit Training Program. Clements earned a B.S. in Management from Rensselaer Polytechnic Institute.

Meredith Coffey is Executive Vice President of the Loan Syndications and Trading Association (LSTA), and runs its Research and Analysis Department. Coffey co-heads the LSTA's regulatory and CLO efforts, which help facilitate continued availability of credit and the efficiency of the loan market. In addition, she heads a team of analysts that are responsible for analyzing current and anticipated loan market developments. Coffey has published analysis on the syndicated loan market in numerous books and periodicals, presents frequently, and has testified before Congress on issues pertaining to the loan and CLO markets. Prior to joining the LSTA, Coffey was Senior Vice President and Director of Analysis focusing on the loan and adjacent markets for Thomson Reuters LPC, working in and running loan research for 15 years. Coffey has a B.A. in Economics from Swarthmore College and a graduate degree in Economics from New York University.

Ken Kencel currently serves as Vice Chairman of the Board and a member of the Investment Committee of Carlyle GMS Finance and NF Investment Corp. Prior to that, Kencel served as President of both firms. He previously served as President and Chief Executive Officer of Churchill Financial from its founding in February 2006 until its acquisition by Carlyle in November 2011. Previously, Kencel served as Head of Leveraged Finance for RBC Capital Markets, a division of Royal Bank of Canada, from 2001 to 2004. At RBC Capital Markets, Kencel was responsible for all leveraged finance activities and for managing RBC Capital Markets' relationships with private equity investment firms, and also served on the firm's Mezzanine Investment and Debt Capital Markets Underwriting Committees. Prior to joining RBC Capital Markets, Kencel served as Co-Head of Indosuez Capital, a middle market merchant banking and asset management business. During his over 25-year career, Kencel has had a broad range of experience in middle market leveraged finance, having been a founder of the high yield finance businesses at both Chase Securities Inc. (now JP Morgan) and SBC Warburg Inc. (now UBS). He serves on the Board of Advisors and is an Adjunct Professor at the McDonough School of Business at Georgetown University. Kencel received his B.S. in Business Administration, magna cum laude, from Georgetown University and his J.D. from Northwestern University School of Law.

Matthew Natcharian is Managing Director and Head of Structured Credit Investment Team at Babson Capital Management. He is responsible for structured credit investments primarily in collateralized loan obligations. Natcharian has over 17 years of industry experience, was a founding member of the structured credit team and was named head in 2005. Prior to joining Babson Capital in 1995, he served as a financial information analyst at Allmerica Financial. He is also a Director of Invicta Capital LLC. Natcharian holds a B.S. from Bentley College and is a member of the CFA Institute.

(Moderator) Staci Warden is the Executive Director of the Center for Financial Markets at the Milken Institute, where she leads initiatives on strengthening capital markets, access to capital, financial education and financial-markets solutions, among others. Warden is chair of the Rwandan Capital Markets Authority. Prior to joining the Milken Institute, she spent six years with JPMorgan in London, where she ran JPMorgan's Central Bank client franchise in Europe, Eurasia and Africa, and two years in New York as part of the sovereign-debt-restructuring deal team. Before joining JPMorgan, she was a director at the Nasdaq, where she led their two initiatives for micro-cap companies, the BBX and the OTCBB. Warden holds a master's of public policy from the Kennedy School of Government at Harvard University, with a concentration in international trade and finance, and has completed her coursework for a Ph.D. in economics from Brandeis University.


For more information, please contact: Dianna Dunne, Director of Government Affairs, Milken Institute at
ddunne@milkeninstitute.org.

Read More

21

August 2014

The Future of Water in Southern California

Santa Monica

As the state endures one of the worst droughts in recorded history, Southern California residents are looking for answers about the sustainability of the region's water supplies. Farmers have felt the sting of below-average rainfall for years, but as the crisis worsens, urban and suburban areas are likely to suffer drastic change in their relationship with the vital liquid.

Wildfires and brown lawns may be increasingly common visual symptoms of drought, but unless the rains return to the Golden State (and stay awhile), Southern Californians can also expect to see food and water prices rise, battles over water rights intensify, and, likely, water use increasingly restricted. Will the drought bring about a new discussion of revising the current water pricing structure to reduce high consumption in residential areas? Gov. Jerry Brown has declared a state of emergency and requested a 20 percent reduction in use, but some cities have gone even further. Sacramento and other cities have begun levying substantial fines on residents who violate new statutes dictating when lawns may be watered.

 

At this forum, co-hosted by Milken Institute and KPCC and moderated by Larry Mantle of KPCC's AirTalk program, representatives from utilities, advocacy groups and businesses will discuss the drought's impact on towns and cities in the region. Beyond examining the scope of the problem, these experts will debate the best municipal and statewide strategies to ensure our continued access to H2O.

About the speakers

Sanjay Gaur is Senior Manager of Raftelis Financial Consultants. With 16 years of public-sector consulting experience, Mr. Gaur has worked extensively providing rate structure design, cost of service studies, financial analysis, cost benefit analysis, connection/development fee studies, conservation studies and demand forecasting. He is considered one of the leading experts in the development of conservation rate structures, which is demonstrated by his experience, publications and speaking engagements. Mr. Gaur is active in a number of utility-related associations and a member of the American Water Works Association's (AWWA) Rates and Charges Committee.
   
Patrick Cavanaugh is the managing editor of American Vineyard and California Dairy and the editor of Vegetables West and Pacific Nut Producer magazines. A member of the National Association of Farm Broadcasters, he also delivers regular agriculture reports on the California Ag Today Radio Network. He has previously worked as the manager of a major farming operation in Arizona and as an agricultural broadcaster for KMPH in Fresno.
   
Jeffrey Kightlinger is General Manager for The Metropolitan Water District of Southern California. He is responsible for implementing policy directives of the Board, including working with elected officials and member agencies to carry out the Metropolitan's mission. Prior to his appointment as General Manager, he was general counsel for Metropolitan and was responsible for directing Metropolitan's legal staff and consulting attorneys, leading the district's legal strategies in pending and potential litigation, and protecting Metropolitan's interests in all legal matters.
   
Larry Mantle has been the host of AIrTalk on KPCC-Southern California Public Radio since April 1st, 1985. It is now the longest continuously running daily talk program in the Los Angeles radio market. Mantle also hosts the movie review and interview program FilmWeek on AirTalk, heard every Friday at 11:00 a.m. on KPCC. A fourth-generation Angeleno, Larry has interviewed thousands of prominent guests on an extraordinary array of topics, and received many journalistic awards in the process.
   

Kate Poole is a Senior Attorney with Natural Resources Defense Council's (NRDC) Water and Wildlife team and litigation director of the Water Program. She served as lead counsel for NRDC in NRDC v. Kempthorne and PCFFA v. Gutierrez, which reformed the operations of the Central Valley Project and State Water Project to reduce their impacts on threatened and endangered fish. Ms. Poole also directs other litigation efforts for NRDC's Water Program, including efforts to restore the San Joaquin River and ensure that long-term contracts for the diversion and use of California's rivers comply with environmental and natural resource protection laws.

   
Jim McDaniel is the Senior Assistant General Manager for the Los Angeles Department of Water and Power's (LADWP) Water System. With 30 years of experience in the water utility operations and management at the LADWP, McDaniel has overall executive management oversight for all water system operations, including production (groundwater and aqueduct), distribution, treatment, pumping, water resources, and engineering for the system that serves 3.9 million residents of the City of Los Angeles with an annual budget of over $900 million and a capital program of over $3 billion over the next ten years.

This Forum is part of our effort to present multiple perspectives on current business and public policy issues.

Read More

05

August 2014

Creativity, Inc.: Overcoming the Unseen Forces That Stand in the Way of True Inspiration

Santa Monica

As a youngster, Ed Catmull loved to draw, and he never missed an episode of "The Wonderful World of Disney." Today, as co-founder and president of Pixar Animation–the groundbreaking studio that gave us Buzz Lightyear and Woody, Nemo and Dory, the Incredibles and WALL-E—Catmull is popularizing the principles that enabled him to build and sustain one of the world's most creative companies. At this Milken Institute Forum, Catmull will discuss his passion for originality and how he leads employees to new heights. He will share his experiences making some of the most successful films in history. He will reveal the essential ingredient in Pixar's success–how the celebrated cinematic workshop has fostered the creative process.

Catmull's new book, "Creativity, Inc.: Overcoming the Unseen Forces That Stand in the Way of True Inspiration," written with journalist Amy Wallace, tells the Pixar story from the inside, revealing how world-class talent was harnessed to spark a remarkable corporate growth story and change pop culture. From humble beginnings as a small company struggling to stay afloat, Pixar has evolved into a singular creative force that has produced 14 consecutive box office hits, won 30 Academy Awards and generated $8.3 billion in worldwide ticket sales.

 

ABOUT THE AUTHOR
Ed Catmull is co-founder of Pixar Animation Studios and president of Pixar and Walt Disney Animation Studios. He has been honored with five Academy Awards, including the Gordon E. Sawyer Award for lifetime achievement in the field of computer graphics. He received his PhD. in computer science from the University of Utah. He lives in San Francisco with his wife and children.
   
ABOUT THE MODERATOR
Amy Wallace is a journalist whose work has appeared in GQ, The New Yorker, Wired, Los Angeles Times, and the New York Times Magazine. She currently serves as editor-at-large at Los Angeles Times magazine. Previously, she worked as a reporter and editor at the The Los Angeles Times and wrote a monthly column for The New York Times Sunday Business Section.

Read More