Developments in Private Capital Markets
The Milken Institute Center for Financial Markets
The Milken Institute Center for Financial Markets (CFM) will convene a working group roundtable discussion on Tuesday, July 29, 2014, in order to explore developments related to use of Rule 506(c) general solicitation through online investment platforms, and how such developments should inform the SEC's review of the definition of "accredited investor." CFM will summarize takeaways from the discussion, and draft a comment letter to the SEC to help inform the rulemaking process.Read More
Policy and California’s Economy (PACE) Briefing Series: Small Business & Community Banking
On July 11, the Milken Institute California Center convened the latest in its series of Policy and California’s Economy (PACE) briefings. Focused on issues affecting small businesses and community banking, the event continued conversations started at the Institute’s California Summit in November. At the Summit, Small Business Administration (SBA) Administrator Maria Contreras-Sweet pointed out that the low capitalization levels at community banks in California inhibit lending to small and midsized businesses. The July roundtable focused on recommendations for reducing the barriers to business lending and streamlining the ways banks rate small business risk.
The roundtable brought together community banking representatives, small business owners and advocates, and public officials. SBA Regional Administrator Donna Davis joined California Center Director Kevin Klowden in facilitating the session. Attendees discussed characteristics of California in relation to SBA District 9 (comprising California and other Western states), especially in terms of the large role small businesses play in California employment as well as the broad diversity among small business owners in the state (California small businesses owned by women, minorities, and veterans).
Initial discussion focused on the systemic elements contributing to limitations in local lending, along with other risk assessment hurdles faced by small businesses. These include a general lack of resources, such as the structuring, licensing and permitting assistance that small businesses need in advance of funding. This condition has been highlighted by the recent rise of nontraditional funding sources driven by the lack of traditional financing. According to the roundtable speakers, contributing to this dynamic are limitations based on the current risk assessment structure, which were characterized as restrictive and lacking the flexibility needed by small businesses hoping to grow.
Roundtable participants identified both top-down and bottom-up approaches for widening access to capital. They made three recommendations involving potential government action.
- Seek clarification concerning the procedural versus statutory requirements of local/community bank deposits.
- Assess the landscape and viability of existing small-business-oriented lending mechanisms (e.g., expand the Small Business Investment Co.’s offerings and other unlevered mechanisms to provide additional sources of capital).
- Develop campaigns to inform policymakers about the economic impact of small businesses and promote their multiplier effect in local communities.
Addressing additional regulatory hurdles impeding local lending, participants pointed to certain provisions in the Community Reinvestment Act (CRA) that limit local institutions’ ability to meet credit needs in certain communities. Pending CRA reform, it was suggested that the state may be able to assist local and community banks by providing structural support in overcoming geographic as well as other small to intermediate challenges. From a procedural standpoint, the roundtable encouraged the SBA, in relation to smaller community banks, to consider formalizing certain revisions to their standard operating procedures, allowing these banks to expand their ability to work with small businesses.
As discussed during the roundtable, these recommendations were intended as a starting point in improving the conditions that affect California’s small business environment. The California Center plans to continue this conversation in September by convening a broader group, including additional state, federal and community banking partners. At that session, we will focus group efforts on the elements that inhibit small business growth while discussing strategies and areas of potential policy reform for the California Center to pursue.Read More
A Thousand Hills to Heaven: Love, Hope, and a Restaurant in Rwanda
At this Milken Institute Forum, Josh Ruxin, Assistant Professor at Columbia University's Medical Center of Public Health discusses his book, "A Thousand Hills to Heaven: Love, Hope, and a Restaurant in Rwanda." The book recounts the efforts of Josh and his wife Alissa to bring change in Africa through cooperation between survivors of the Rwandan genocide.
On journey to Rwanda twelve years after the genocide, Josh and Alissa saw that poverty was deeply entrenched, but hoped they could make a difference. The couple realized that the Rwandans needed a long-term, economic solution with jobs, and combined this with their expertise in health care and food. The result was Heaven, a gourmet restaurant overlooking Kigali, which became an instant success.
While first a memoir of love, adventure, and family, "A Thousand Hills to Heaven: Love, Hope and a Restaurant in Rwanda" also provides a remarkable view of how, through health, jobs, and economic growth, our foreign aid programs can be quickly remodeled and work to end poverty worldwide.
ABOUT THE AUTHOR
Josh Ruxin is the founder of Health Builders. Working at the intersection of public health, business, and international development for 20 years, Josh has focused on comprehensive approaches to fighting poverty and creating prosperity. He has been instrumental in helping companies, governments, and organizations understand how to increase their positive global impact. He directed the Millennium Villages project in Rwanda, which help lift a community of 25,000 people out of the ashes of the genocide and helped build the foundation for the thriving economy that exists there today. Dr. Ruxin was a Truman Scholar at Yale University, where he received his undergraduate degree, and a Marshall Scholar at the University of London. He currently resides between the United States and Rwanda.
ABOUT THE MODERATOR
Kathy Eldon is founder and chairman of the Creative Visions Foundation, a global organization that supports "creative activists" who use their talents to change the world. Inspired by the life of Eldon's son, Dan, the foundation has acted as an incubator, academy and agency for more than 200 projects by artists and activists. Eldon also founded Creative Visions Productions and with Julia Roberts she executive produced "Extraordinary Moms" for the Oprah Winfrey Network. She has written 18 books ranging from self-help to social history and in 2013 published her memoir, "In the Heart of Life." Eldon received a Euro-American Women's Council Artemis Goddess Award and is a Civic Ventures Purpose Prize fellow.
"A Thousand Hills to Heaven: Love, Hope, and a Restaurant in Rwanda" will be for sale after the Forum, and Ruxin will be available to sign copies.
This event is open to the general public, though 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
MATH Briefing - 2nd Quarter 2014: Innovations in Trading and Exchanges
MATH (Markets And The Hill) Briefing Series
Capitol Hill, Washington, D.C.
By invitation only
Exchanges have existed for centuries with the first one formed in the United States in 1790. In recent years, exchanges and trading networks have been transforming based on innovation in products offered and developments in the modes of trading. These changes are being driven by technological, regulatory, and industry specific factors and have wide ranging consequences both for the exchanges, as well as market participants. There has also been dramatic change in the organizational structure of exchanges as they have demutualized and evolved into "for-profit" entities, frequently accompanied by a public listing of shares. These are major transformations for a sector that plays a critical role in the financial markets and the capital-raising process. This briefing will provide a landscape overview of the innovations and changes taking place in our markets. We will explore how these innovations aid businesses seeking to raise capital, plug gaps in our capital markets, and impact investors.
Reena Aggarwal is the McDonough Professor of Business Administration and Professor of Finance at Georgetown University's McDonough School of Business. She also serves as the Director of the university's Center for Financial Markets & Policy. Dr. Aggarwal specializes in international stock markets, initial public offerings, and corporate governance. She has worked on major consulting projects sponsored by Credit Suisse, Wachovia, the World Bank, IMF, NASDAQ OMX Group, United Nations, and USAID. Dr. Aggarwal obtained her MMS from BITS, India and her PhD in Finance from the University of Maryland.
James Angel is Associate Professor of Finance at the McDonough School of Business at Georgetown University, where he teaches in the graduate and executive programs. Professor Angel specializes in the structure and regulation of financial markets around the world, and he has visited over 50 financial exchanges around the world. Dr. Angel has served as a Visiting Academic Fellow in residence at the National Association of Securities Dealers (NASD – now FINRA) and also as a visiting economist at the Shanghai Stock Exchange. He has also been chairman of the Nasdaq Economic Advisory Board and a member of the OTC Bulletin Board Advisory Committee. He currently serves on the Boards of Directors of the DirectEdge stock exchanges. Dr. Angel received a Bachelor of Science degree from the California Institute of Technology, his MBA from Harvard Business School, and his PhD from the University of California, Berkeley.
Robert Gasser has been the Chief Executive Officer and President for Investment Technology Group Inc. since October 4, 2006. Mr. Gasser was previously CEO at NYFIX, Inc. until his appointment at ITG in 2006. Before joining NYFIX, Mr. Gasser was Head of U.S. Equity Trading at JP Morgan. Concurrently, he served on the Board of Directors of Archipelago Exchange as well as on the NASDAQ Quality of Markets Committee and the NYSE Upstairs Traders Advisory Committee. Mr. Gasser holds a Bachelor of Science degree in Foreign Service from the Georgetown University, School of Foreign Service.
Eric Swanson is Executive Vice President, General Counsel & Secretary at BATS Global Markets, overseeing all legal aspects of the company. He also serves as a liaison with U.S. regulators and industry officials on market structure issues. Mr. Swanson served at the Securities and Exchange Commission from 1996 to 2006, rising to the title of assistant director in the Office of Compliance, Inspections and Examinations’ market oversight unit in Washington. Prior to joining BATS, Mr. Swanson was most recently Chief Counsel and Vice President of regulatory strategy at Ameriprise Financial. He graduated from the University of Minnesota and earned his law degree at Hamline University School of Law in St. Paul, Minn.
John Zecca is Senior Vice President of MarketWatch and head of market regulation for the U.S. markets operated by The NASDAQ OMX Group, Inc. He is also chief regulatory officer of NASDAQ OMX BX, Inc. In these capacities he oversees a team of regulatory analysts, programmers and attorneys responsible for maintaining fair and orderly markets. He also oversees regulatory services performed by FINRA for NASDAQ's markets. Mr. Zecca previously served as NASDAQ's senior corporate counsel and was responsible for public company compliance and mergers and acquisitions. He is a frequent speaker on market regulation, corporate governance and Sarbanes-Oxley issues. Mr. Zecca received his Bachelor of Science degree from Cornell University and his Juris Doctor from the University of California, Hastings College of the Law.
For more information, please contact: Dianna Dunne, Director of Government Affairs, Milken Institute at firstname.lastname@example.org.Read More
The People's Republic of Amnesia: Tiananmen Revisited
On June 4, 1989, People's Liberation Army soldiers opened fire on unarmed civilians in Beijing's Tiananmen Square, killing untold hundreds of people. A quarter-century later, this defining event has been successfully expunged from collective memory.
At this Milken Institute Forum, NPR correspondent Louisa Lim discusses her book "The People's Republic of Amnesia: Tiananmen Revisited," which charts how the events of June 4th changed China -- and how China changed the events of June 4th by rewriting history.
Lim's book reveals new details, including:
- The inside story of the young soldiers sent to clear Tiananmen Square.
- How the events turned one of China's highest-ranking government officials into one of its most prominent dissidents.
- The tale of a woman whose son was shot by martial law troops, inspiring her to found the Tiananmen Mothers.
- How one of the country's most senior politicians lost a family member to an army bullet.
In addition, the book examines how June 4th shaped China's national identity, fostering a generation of young nationalists who know little and care less about 1989. Lim also uncovers the details of a brutal crackdown in a second Chinese city that until now has been a near-perfect case study in the state's ability to rewrite history.
ABOUT THE AUTHOR
Louisa Lim has reported from China for the past decade, most recently as NPR's Beijing correspondent, and previously for the BBC. She has reported from atop the Tibetan glaciers and from the depths of a Shaanxi coalmine. Lim made a very rare reporting trip to North Korea, covered illegal abortions in Guangxi province and worked on the major multimedia series "New Believers: A Religious Revolution in China." Lim was a member of the NPR teams that won the Alfred I. duPont-Columbia University Award, a Peabody and two Edward R. Murrow awards for their coverage of the Sichuan earthquake in 2008 and the Beijing Olympics. She has been honored by the Human Rights Press Awards and has won prizes for her multimedia work. Lim graduated from Leeds University in the UK with a degree in modern Chinese studies. She began her journalism career in Hong Kong and later became the BBC's Beijing correspondent. Lim was most recently a Knight-Wallace Fellow at the University of Michigan.
The Fourth Revolution: The Global Race to Reinvent the State
"The Fourth Revolution: The Global Race to Reinvent the State" (The Penguin Press; May 19) is an ambitious and provocative argument that government as we know it is dying, and a new form is being born.
Dysfunctional government has become cliché, and most of us are resigned to the idea that nothing is ever going to change. John Micklethwait and Adrian Wooldridge of The Economist reveal that this is a very limited view of things. In fact, there have been three great revolutions in government in the history of the modern world, all led by the West. Now, we are in the midst of a fourth revolution, but the West is being left behind.
At this Milken Institute Forum, Micklethwait and Wooldridge point to a number of factors driving this revolution: the West's debt is unsustainable, the developing world has harvested all the low-hanging fruit, industrialization has transformed all the peasant economies it had left to transform, and the toxic side effects of rapid globalization are taking their toll around the world.
"The Fourth Revolution" sheds light on this dual crisis of political legitimacy and political effectiveness and points toward the future. The authors offer a global tour of today's leading innovators in the exercise of power. The age of big government, they find, is over. The age of smart government has begun. Micklethwait and Wooldridge argue that a country's success depends overwhelmingly on its ability to reinvent the state. How is the West -- the U.S. in particular -- faring at this task? How is China doing? What dangers stem from Washington gridlock and the inefficiencies it has created?
John Micklethwait is the editor-in-chief of The Economist. After studying history at Magdalen College, Oxford, he worked as a banker at Chase Manhattan from 1985 to 1987 before joining The Economist as a finance correspondent in 1987. His previous roles at The Economist included being the newspaper's Business editor and United States editor.
Adrian Wooldridge is The Economist's management editor and writes the Schumpeter column. He was previously based in Washington, D.C., as the Washington bureau chief where he also wrote the Lexington column. Previously he has been The Economist's West Coast correspondent, management correspondent and Britain correspondent.
MATH Briefing - 1st Quarter 2014: SME Finance
MATH (Markets And The Hill) Briefing Series
Capitol Hill, Washington, D.C.
By invitation only
Small and medium-size enterprises (SMEs) employ nearly 50 percent of the private-sector workforce in the U.S., and dependable access to capital is key to their continued growth. Since the financial crisis, these companies have faced significant hurdles to securing traditional bank loans or equity investment. Banks are reluctant or restricted in their ability to provide critical lending, and the annual number of small company IPOs has faced a downward trend in the past few decades. A shifting regulatory landscape is further impacting opportunities to invest in America's SMEs (defined as fewer than 500 employees), and attracting new market participants.
This briefing will provide a landscape of the state of capital-raising for SMEs. We will discuss how innovative lending models are stepping in to provide critical capital to SMEs as traditional lenders alter the composition of their portfolios. We will also look at new securities registration exemptions, including Regulation A+, which will permit companies to raise up to $50 million from institutional and retail investors subject to a mini-IPO registration. How significant are these regulatory and business model shifts? What markets participants are most likely to benefit, and what new risks should be considered on a macro level?
Reena Aggarwal is the McDonough professor of business administration and professor of finance at Georgetown University's McDonough School of Business. She also serves as the director of the university's Center for Financial Markets & Policy. Aggarwal specializes in international stock markets, initial public offerings and corporate governance. She has worked on major consulting projects sponsored by Credit Suisse, Wachovia, the World Bank, the IMF, the NASDAQ OMX Group, United Nations and USAID. Aggarwal obtained her MMS from BITS, India and her PhD in Finance from the University of Maryland.
Jonathan Bock is a director and senior equity analyst at Wells Fargo Securities specializing in Business Development Companies (BDCs) often considered non-bank lenders. He has actively followed the BDC space since 2006 and is the chief author of a leading BDC quarterly research publication: the BDC Scorecard. His research is often cited by The Wall Street Journal, Barron's, the Financial Times and other prominent financial publications. Prior to Wells Fargo, Bock followed the specialty finance space at Stifel Nicolaus & Company and A.G. Edwards Inc. Prior to entering sell-side research in 2006, he was an equity portfolio manager/analyst at Busey Wealth Management in Champaign, Illinois. Bock holds a B.S. in finance from the University of Illinois College of Business and is a CFA charterholder.
Daniel Gorfine is director of financial markets policy and legal counsel at the Milken Institute. He focuses on financial innovation, capital access, and financial market issues. Gorfine spearheads the Institute's work on innovative capital access tools and the development of new financial technologies. Before joining the Institute, he worked at the international law firm, Covington & Burling LLP, where he advised and represented a wide range of business and nonprofit clients on commercial litigation/arbitration, regulatory, antitrust, and international matters. Gorfine graduated with a B.A. from Brown University, a J.D. from George Washington University Law School and an M.A. from the Paul H. Nitze School for Advanced International Studies (SAIS) at Johns Hopkins University.
Anna Pinedo is a partner at Morrison & Foerster. She has concentrated her practice on securities and derivatives. Pinedo represents issuers, investment banks/financial intermediaries and investors in financing transactions, including public offerings and private placements of equity and debt securities, as well as structured notes and other hybrid and structured products. She is the co-author of "JOBS Act Quick Start," published by the International Financial Law Review (2013). Pinedo received her J.D. from the University of Chicago Law School and her B.S. in foreign service from Georgetown University.
Paul Pryde is a policy and finance consultant specializing in market-based solutions to small-business finance problems. For the U.S. Department of Housing and Urban Development, he helped organize one of the first securitized sales of non-SBA small-business loans and subsequently advised states and localities on the valuation and/or sale of over $100 million in publicly-financed economic and community development loans. More recently, he served as the U.S. Treasury Department's principal policy consultant for the $1.5 billion State Small Business Credit Initiative. Pryde is a graduate of Howard University and has conducted graduate work in business and public administration at George Washington University.
For more information, please contact: Dianna Dunne, director of government affairs at the Milken Institute, at email@example.com
Policy and California's Economy (PACE) Briefing Series
The Milken Institute, in partnership with the California Business Roundtable, will host a recurring series of briefings in Sacramento for California lawmakers and their staff focusing on state policy debates of the day.
These briefings will provide background, analysis, projections, and other information vital to increasing awareness and education regarding issues of importance to the state.
The first briefing will focus on the Milken Institute's recently-released report entitled, "California's Position in Technology and Science: A Comparative Benchmarking Assessment." The report analyzes the strengths and obstacles of California's efforts to expand its role as a national leader in science and technology and the role those efforts have played in the state's economic development.
Following a presentation by the report's co-author, Kristen Keough of the Milken Institute, there will be a panel discussion moderated by Rob Lapsley, president of the California Business Roundtable. Panelists will include Kevin Klowden of the Milken Institute, Assembly Member Kristin Olsen, Assembly Member Raul Bocanegra, Robyn G. Hines of Microsoft Corporation, and Michele Siqueiros with the Campaign for College Opportunity.Read More
A Conversation With Financial Innovators
By invitation only
Three of the leading minds in financial markets will sit down for a conversation with Institute Chairman Michael Milken about some of today's most important financial issues.
At this private event hosted by the Milken Institute Center for Financial Markets, Nobel laureate Myron Scholes and financial innovators Richard Sandor and Lewis Ranieri will give their views on issues such as housing finance reform, access to capital for emerging growth companies (the "missing middle") and market approaches to financing human capital development. The conversation will be followed by a small roundtable lunch.
At the nexus of Washington and Wall Street, the Milken Institute's D.C.-based Center for Financial Markets (CFM) promotes financial-market understanding and works to expand access to capital, strengthen - and deepen - financial markets, and develop innovative financial solutions to the most pressing global challenges. CFM is founded on the belief that well-functioning financial markets, accessible to all, can expand opportunities to develop human and social capital, magnify productive investment, and dramatically improve global prosperity.Read More
Framing the Issues: Strengthening Capital Markets in Developing Countries
By invitation only
The purpose of this Center for Financial Markets roundtable, "Framing the Issues: Strengthening Capital Markets in Developing Countries," is to identify the critical capital-market development issues facing developing country policymakers and to brainstorm an impactful policy research agenda.
In particular, participants will discuss the current state of capital-market development, the opportunities and conditions for regional integration, and the proper framing for making comparisons across developing countries. The emphasis throughout will be to develop a research and convening agenda that will reflect the priorities of market participants as well as the needs of policymakers.
A summary from a March 2014 roundtable discussion captures both the consensus and the divergent views of roundtable participants on key issues for strengthening capital markets.
Please find the summary report from this roundtable here.
For questions, please contact Heather Fields at firstname.lastname@example.org.
The Path to Awakening: How Buddhism's Seven Points of Mind Training Can Lead You to a Life of Enlightenment and Happiness
Tibetan Buddhism's Seven Points of Mind Training have been the basis of a transformative practice for close to a millennium. Many believe that they cultivate the Buddha Nature inside each of us, reflecting on the quest for peace, contentment and selflessness in a world filled with turmoil and unrest.
For those who seek to learn about a philosophy and practice aimed at spiritual renewal, Buddhist teacher Shamar Rinpoche, author of "The Path to Awakening," will discuss Chekawa Yeshe Dorje's important text on mind training at this Milken Institute Forum. The insights contained in that text along with the meditation Shamar Rinpoche teaches are considered means of deepening wisdom and personal effectiveness. Among the questions the author may reflect on are what is dharma, what is enlightenment and how do we incorporate mindfulness into our everyday lives?
About the speakers
|Shamar Rinpoche is the 14th Shamarpa, a holder of the second-oldest reincarnate lineage in Tibetan Buddhism. Born in 1952 in Tibet, Shamar Rinpoche was recognized by the 16th Gyalwa Karmapa in 1957, and by the 14th Dalai Lama. In 1996, he started to organize Bodhi Path Buddhist Centers, a global network that practices a nonsectarian approach to meditation. Over the years, Shamar Rinpoche has founded several charitable organizations worldwide that educate underprivileged children, promote animal rights and pursue similar goals.|
|Marc Junkunc is assistant professor of management at the Pamplin College of Business at Virginia Tech, where he researches entrepreneurship and innovation. Previously he was at the University of Miami. Before academia, he worked in finance and as an entrepreneur. Junkunc received his Ph.D. in global economics and management from the Anderson School at UCLA, where he also earned an M.B.A. He also holds master's and bachelor's degrees in economics. Junkunc was introduced to meditation by Shamar Rinpoche in 1999.|
Unleashing the Second American Century: Four Forces for Economic Dominance
For the United States, the best is yet to come. That's the premise of "Unleashing the Second American Century: Four Forces for Economic Dominance," an optimistic look at the nation's future by leading economist Joel Kurtzman.
At this Milken Institute Forum, Kurtzman will contradict the glass-half-empty crowd that believes the nation's best days are behind it. His sunny prognosis is based on four forces that Kurtzman maintains will propel the U.S. to new heights of economic power and global influence.
So you think the country doesn't make anything anymore? The U.S. manufacturing sector is still the world's largest and most productive, Kurtzman points out. And the country is on its way to becoming a net exporter of energy. You think thirstier nations will soon outpace us? American talent and creativity are without peer in the world's fastest-growing economic sectors, and the companies and individuals who have been squirreling away cash through the downturn will soon unleash enormous amounts of capital into every part of the economy.
In reality, Kurtzman argues, America is on the precipice of one of its greatest growth spurts.
About the speakers
|Joel Kurtzman is a senior fellow at the Milken Institute, where he is responsible for the Senior Fellows research program. He is also a board member of the Wharton School's SEI Center for Advanced Studies and MIT's Sloan Management Review, editor-in-chief of the Korn/Ferry Institute's Briefings on Talent & Leadership and founder of Strategy + Business. He was editor-in-chief of the Harvard Business Review and business editor and columnist at the New York Times. Kurtzman has written 21 books on business, leadership, risk and economics.|
|Tom Nuttall is the U.S. West Coast correspondent for The Economist. He joined The Economist in 2010 as the online Europe editor. Nuttal has also covered European news and politics for The Economist and edited the Eastern Approaches blog, which focuses on central and eastern European affairs. Previously he was an editor at the European Council on Foreign Relations, a think tank, and spent several years as a senior editor at Prospect magazine.|
A Hollywood Exit: What California Must Do to Remain Competitive in Entertainment - and Keep Jobs
For the past decade and a half, California has seen its position as the center of the global entertainment industry come under siege. Although past rivals such as Bollywood and Hong Kong have been prolific in serving their home markets, they have had little impact on the economic underpinnings of Hollywood, least of all its feature film workforce. California is losing film and TV jobs as its workers are lent out to states that subsidize production (and post-production). New technology is making the relocation trend easier than ever.
This Forum, co-hosted with KPCC - Southern California Public Radio, was moderated by Larry Mantle of KPCC's AirTalk program. It featured a panel of entertainment industry leaders, along with economist Kevin Klowden, director of the Milken Institute's California Center. Klowden is co-author of "A Hollywood Exit: What California Must Do to Remain Competitive in Entertainment -- and Keep Jobs," a research report about the erosion of California's filmed entertainment job base, and just as important, how other states have established sustainable entertainment industries of their own.
About the speakers
Fred Baron is Executive Vice President of Feature Production at Twentieth Century Fox. With Fox since 1990, he has overseen the production of feature films that include The Book Of Exodus, Frankenstein, The Counselor, A Good Day To Die Hard, Date Night, Knight & Day, The Day The Earth Stood Still, Live Free Or Die Hard, Borat, the Ridley Scott crusade epic Kingdom Of Heaven, I Robot, The Day After Tomorrow, Just Married, Airheads, Last Of The Mohicans, Grand Canyon, Home Alone 2, Edward Scissorhands, Hot Shots, Hot Shots Part Deux, Broken Arrow, Romeo and Juliet, Volcano, Alien Resurection, Bulworth, and both X-Files features. Fred took a hiatus from Fox from 1999-2001 to produce the critically acclaimed film Moulin Rouge with Baz Luhrmann. Previously he was a producer and executive at HBO Pictures.
Rajiv P. Dalal is Director, Office of Motion Picture & Television Production Office of Los Angeles Mayor Eric Garcetti. Dalal works closely with LA Film Czar Ken Ziffren, assisting Ziffren in efforts to increase tax incentives for the entertainment industry. He also seeks ways to cut red tape to make sure Los Angeles remains a film-friendly location. Previously he was the Executive Director of Time Warner's public policy program in the Asia‐Pacific region, working with the company's operating divisions and brands to advance business and public policy objectives. Before this he served as the Managing Director of the Motion Picture Association of America's India office located in Mumbai.
Kathy Garmezy is the Associate Executive Director for Government & International Affairs for the Directors Guild of America. She directs the Guild's legislative and regulatory activities in Washington, D.C., in Sacramento and Albany, and in other state governments and cities around the country. She chairs a number of entertainment industry coalitions that focus on issues ranging from intellectual property protection to enacting film production incentives. She helps chair the California Film and Television Production Alliance, a coalition of guilds, unions, producers, local film offices, and associations that have worked together for more than a decade to promote and improve film and television production, with an eye toward keeping the state competitive.
Joseph Henchman is an attorney and policy analyst who supervises the Tax Foundation's state policy (since 2009) and legal (since 2007) programs, analyzing state tax trends, constitutional issues, and tax law developments. Before joining the Tax Foundation as a law clerk in 2005, he worked in the historic 2003 California recall election as press/policy aide to gubernatorial candidate and former baseball commissioner Peter Ueberroth, engaged in activism in his native San Diego County, and interned with the Office of the DC Attorney General, Citizens Against Government Waste, and University of California outreach in California's Central Valley. Joe has testified or presented to officials in 31 states, testified before Congress six times, and has written over 75 major studies on tax policy.
Kevin Klowden is a managing economist at the Milken Institute, where he serves as director of the California Center. He specializes in the study of demographic and spatial factors (the distribution of resources, business locations and movement of labor) and how these are influenced by public policy and in turn affect regional economies. Kevin has been the lead author of a number of the Institute's research reports. In the area of entertainment, these include "Fighting Production Flight: Improving California's Filmed Entertainment Tax Credit Program, "Film Flight: Lost Production and Its Economic Impact in California," and "The Writers' Strike of 2007-2008: The Economic Impact of Digital Distribution," each of which analyze the changing dynamics of the entertainment industry. Kevin regularly testifies before committees of the California Assembly on economic development needs and solutions.
Larry Mantle has been the host of AirTalk on KPCC 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.
The Forum was streamed on KPCC.org and posted there as well.
This Forum was part of our effort to present multiple perspectives on current business and public policy issues.Read More
The Leading Indicators: A Short History of the Numbers That Rule Our World
GDP, unemployment, inflation. Trade, housing and stock market data. These are among the "leading indicators" that purport to define what matters in our economic lives. But these broad, clear-cut markers were developed decades ago, and gray areas have come to permeate the U.S. economy since those days. Nevertheless, these outmoded factoids still drive trillions of dollars in spending decisions and steer judgments about our success as a nation and as individuals.
At this Milken Institute Forum, Zachary Karabell, a well-known money manager and author of "The Leading Indicators: A Short History of the Numbers That Rule Our World," will discuss the origins of these pervasive statistics, their outsize influence and how they fail to capture the most essential information. As he'll explain, part of the problem is the absorption of the specific into the mass. The unemployment rate, for instance, means something different, or perhaps nothing at all, to working people of varied ages, regions, and educational levels.
Karabell is particularly knowledgeable about the complex ties between the Chinese and American economies, and he'll construct a truer picture of that relationship beyond what he considers misleading trade numbers. Having sounded the alarm about indicators, Karabell believes the solution lies in the explosion of information in the digital era, which enables each of us to gather all the data we want and customize it to our needs.
About the Author
Zachary Karabell, a Milken Institute senior fellow, is an author, money manager, commentator, and president of River Twice Research, where he analyzes economic and political trends. Educated at Columbia, Oxford, and Harvard, Karabell has written 11 previous books. He is a regular commentator on CNBC, MSNBC, and CNN. He writes the weekly "Edgy Optimist" column for Reuters and the Atlantic, and is a contributor to the Daily Beast, Time magazine, the Wall Street Journal, the New Republic, the New York Times and Foreign Affairs.Read More
Regulation A+ and the Mini-IPO: A Roundtable Discussion on Title IV of the JOBS Act
By invitation only
In response to a decline in small-company IPOs in the U.S. and related concerns surrounding access to capital, Title IV of the JOBS Act - commonly referred to as Regulation A+ - will enable companies to raise up to $50 million from the general public in any 12-month period. Before Regulation A+ and related changes to existing Regulation A can go live, the SEC must first finalize proposed rules. These rules were proposed on December 18, 2013, and are now available for public comment.
This roundtable discussion, convened by the Milken Institute Center for Financial Markets (CFM) in partnership with the Georgetown University Law Center, will explore the potential market impact and proposed SEC rules of Regulation A+.
First, it will explore how Regulation A+ and related changes to Regulation A may impact issuers from diverse industries looking to raise capital, investment funds and financial intermediaries, investors, and capital markets. Next, it will work through the SEC's proposed rules on issues including blue-sky pre-emption, eligible issuers, development of secondary markets, disclosures and ongoing reporting, and changes to Regulation A.
After the discussion, CFM will publish a white paper on the impact and regulation of Regulation A+ and draft an SEC comment letter to help inform the rulemaking process.
If you have any questions, please contact Julianne Brands at email@example.comRead More
The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters
For decades, they operated on the fringes of the energy industry. Now the unlikely wildcatters who perfected fracking have moved from the fringes to the forefront of a revolution that has turned the United States into the world's fastest-growing energy power.
At this Milken Institute Forum, Gregory Zuckerman, a senior writer for the Wall Street Journal and the author of "The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters," told the dramatic tale of the ambitious and headstrong wildcatters who were determined to tap the massive deposits of oil and gas that the industry's giants had dismissed as a waste of time.
Their success with hydraulic fracturing--known as fracking--through extremely dense shale has transformed the U.S. energy landscape. Once dependent on imported energy, the U.S. is expected to pass Saudi Arabia and Russia to become the world's largest oil producer. The wildcatters' success has transformed their personal lives as well. Like the Rockefellers and the Gettys before them, they're using their newfound wealth and power to influence politics, education, entertainment, sports, and many other fields. The revolution the frackers are responsible for has transformed the U.S. economy, raised environmental concerns, and upended global geopolitics. In some ways, their impact is just beginning.
About the speakers
|Gregory Zuckerman is a senior writer at The Wall Street Journal, where he covers big financial trades, hedge funds, private-equity firms, the energy revolution and other investing and business topics. The author of best-selling "The Greatest Trade Ever," Zuckerman broke the 2012 story about J.P. Morgan's "London whale." His work on two teams covering the demise of the Amaranth Advisors hedge fund and the telecom provider WorldCom won two prestigious Gerald Loeb awards in 2007 and 2003. Previously Zuckerman wrote the widely read "Heard on the Street" column and covered the credit markets for the Journal. A frequent speaker to business groups around the globe, Zuckerman is a regular guest on CNBC, Fox Business News, Yahoo! Finance and other mainstream media outlets.|
|Joel Kurtzman is a senior fellow at the Milken Institute, where he is responsible for the Senior Fellows research program. He is also a board member of the Wharton School's SEI Center for Advanced Studies and MIT's Sloan Management Review, editor-in-chief of the Korn/Ferry Institute's Briefings on Talent & Leadership and founder of Strategy + Business. He was editor-in-chief of the Harvard Business Review and business editor and columnist at the New York Times. Kurtzman has written 21 books on business, leadership, risk and economics. His latest book, "Unleashing the Second American Century," will be published in January.|
Uncharted: Big Data as a Lens on Human Culture
How long does it take for a new technology to spread? Do we talk less about God today? When did people start writing more about "having sex" than "making love"? Is Bill Clinton better known than the rutabaga? Those are just a few of the questions asked and answered in the book "Uncharted: Big Data as a Lens on Human Culture."
At this Milken Institute Forum, Erez Aiden will tell how he and co-author Jean-Baptiste Michel are following cultural shifts through the Google Ngram Viewer, which they created to chart the yearly frequency of words and phrases contained in the millions of books Google has digitized.
But Aiden and Michel are using it for more scholarly endeavors as well. To detect censorship in Nazi Germany, they tracked the mentions and omissions of well-known artists and found that Jewish artist Marc Chagall was barely mentioned in German books while English books cited him with increasing frequency.
About the Author
Erez Aiden is an assistant professor of genetics at Baylor College of Medicine, where he directs the Center for Genome Architecture, and an assistant professor of computer science and applied mathematics at Rice University. In 2012, he received the Presidential Early Career Award for Scientists and Engineers, the highest honor given by the U.S. government to young scientists.
From Crowdfunding to Crowd Investing: A Discussion on Proposed Title III Rules
By invitation only
On October 23, 2013, the U.S. Securities and Exchange Commission proposed rules for public comment in order to implement Title III of the JOBS Act, the "crowd investing" provisions. This in-depth working group discussion will explore the rule proposals and their potential impact on investors, entrepreneurs, funding portals, and capital markets.
The discussion will explore whether the proposed rules effectively balance investor protection with maintaining a viable capital-raising tool, address specific questions raised by the SEC, and examine the rules' interplay with other sections of the JOBS Act.
For more information, please contact Julianne Brands at firstname.lastname@example.orgRead More
Mechanics of Finance: The Federal Reserve-Managing the Money Supply
Mechanics of Finance briefings are conducted for financial journalists to promote deeper understanding of financial markets
How does the Fed make monetary policy? This powerful institution, soon to have a new chairwoman, is arguably the most influential financial regulatory body in the world, yet its workings are a black box for most of us. The activities of the Central Bank affect interest rates on everything from credit cards to mortgages, the value of the U.S. dollar overseas and stock prices, with implications that touch every American. We'll look at the tools the Fed uses and how they work, including the federal funds rate, quantitative easing and more.
ABOUT THE AUTHORS
Jon Faust is special advisor to the Board of Governors of the Federal Reserve System. Additionally, he is the Louis J. Maccini Professor of Economics at Johns Hopkins University, and from 2008-2012 he was the director of its Center for Financial Economics. Previously he was assistant director at the Federal Reserve Board and visiting faculty at Princeton. Faust began his career at the Federal Reserve Bank of Kansas City as an economist and research assistant. His research focuses on macroeconomics, monetary policy, and econometrics and statistics, and his current research topics include work on forecasting, DSGE modeling, and financial stability. Faust is a member of the American Economic Association and the Econometric Society, and a research associate with the National Bureau of Economic Research. Faust received a B.S. from the University of Iowa, an M. Phil. in economics from Oxford University and a Ph.D. in economics from the University of California, Berkeley.
Jim Glassman is managing director and head economist for commercial banking at JP Morgan Chase & Co., where he provides market insights to help clients better understand the changing economy and its impact on their business ad provides financial analysis and research to the firm's corporate sector and its investment bank and government relations groups. Cited frequently in the media, Glassman is a participant in the Federal Reserve Bank of Philadelphia Survey of Professional Forecasters and the National Association of Business Economists' panel of macro-economic forecasters. From 1979 through 1988, Glassman served as a senior economist at the Federal Reserve Board in Washington, D.C. His responsibilities included analyzing and forecasting inflation and labor market developments, analyzing the Fed's operating strategies and interest rate markets, and developing monetary and reserves projections. Glassman holds a bachelor's degree from the University of Illinois, Champaign-Urbana, a master's degree in economics from the University of Illinois, Chicago and a Ph.D. in economics from Northwestern University.
Robin Harding is U.S. economics editor for the Financial Times, covering the U.S. Federal Reserve and the U.S. Treasury. Based in Washington, his beat includes U.S. economics, financial markets and business. Previously, Harding was Tokyo correspondent for the FT, where he covered the Bank of Japan and the country's technology sector. Prior to this, he served as a London-based economics leader writer. Before entering journalism, Harding worked in asset management and as a public policy researcher at the Social Market Foundation. He studied economics at Cambridge and also holds a master's degree in economics from Hitotsubashi University in Tokyo.
Komal Sri-Kumar, a senior fellow of the Milken Institute, is president of Santa Monica-based Sri-Kumar Global Strategies Inc., a macroeconomic consulting firm that advises multinational firms and sovereign wealth funds on global risk and opportunities. Before founding his own firm, he was group managing director and chief global strategist of The TCW Group Inc., where he was also the long-time chairman of the firm's Comprehensive Asset Allocation Committee. Prior to joining TCW, Sri-Kumar was senior vice president at Drexel Burnham Lambert and executive vice president of DBL Americas, responsible for country risk analysis. Previously, he was president of the Country Risk Consulting Service, which he founded to advise Big Eight accounting firms and investment and commercial banks on Latin American debt service capacity. Sri-Kumar holds a master's degree from the Delhi School of Economics and a master's and Ph.D. in economics from Columbia University.Read More
Mechanics of Finance: Housing Finance
Mechanics of Finance briefings are conducted for financial journalists to promote deeper understanding of financial markets
Everyone needs a place to live, which is why journalists need to understand the complex economic forces that drive and are driven by a rapidly changing housing market. Government-sponsored enterprises Fannie Mae and Freddie Mac have historically played a crucial role that now is being transformed. How do legislative proposals differ? What are the implications of change?
Phillip Swagel is a professor at the School of Public Policy at the University of Maryland. He is a senior fellow at the Milken Institute and also a visiting scholar at the American Enterprise 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 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. He 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.
Lorraine Woellert covers economic policy for Bloomberg News in Washington, D.C. She spent three years on the housing beat reporting on the foreclosure crisis, the Dodd-Frank Act and mortgage policy, including Fannie Mae, Freddie Mac and the Federal Housing Administration. Prior to the housing beat, Woellert covered politics, traveling with the Obama, Clinton and McCain presidential campaigns. On Capitol Hill, she broke news on congressional oversight of Wall Street during and after the financial collapse. Woellert joined Bloomberg in 2007 from BusinessWeek, where she covered legal affairs, lobbying and campaign finance.
Mark Zandi is chief economist of Moody's Analytics, where he directs economic research. Moody's Analytics, a subsidiary of Moody's Corp., is a leading provider of economic research, data and analytical tools. Zandi is a co-founder of Economy.com, which Moody's purchased in 2005. He is on the board of MGIC, the nation's largest private mortgage insurance company, and The Reinvestment Fund, a large CDFI that makes investments in disadvantaged neighborhoods. Zandi is the author of "Paying the Price: Ending the Great Recession and Beginning a New American Century," which assesses the monetary and fiscal policy response to the Great Recession. His other book, "Financial Shock: A 360° Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis," was called the "clearest guide" to the financial crisis by the New York Times. Zandi holds a B.S. from the Wharton School at the University of Pennsylvania and a Ph.D. from the University of Pennsylvania.Read More