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2014

14

January 2014

Mechanics of Finance: The Federal Reserve-Managing the Money Supply

Washington, D.C.

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.

For information regarding registration, please click here, or contact Julianne Brands at jbrands@milkeninstitute.org for more information.

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2013

17

December 2013

Mechanics of Finance: Housing Finance

Washington, D.C.

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?

SPEAKERS

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.

For information regarding registration, please click here, or contact Julianne Brands at jbrands@milkeninstitute.org for more information.

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12

December 2013

MATH Briefing - Housing Finance: Elements of Reform Necessary for Private Capital

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

At nearly $10 trillion, the housing finance market accounts for roughly 20 percent of the total U.S. financial market's $50 trillion in assets. Since the financial crisis, the U.S. government, through the GSEs, the Federal Housing Administration and the Department of Veterans Affairs, has backed the vast majority of new mortgages. Through the GSEs and Ginnie Mae, government agency issuance accounts for 98 percent of all mortgage-backed securities issuance. A renewed role for private capital is central to housing finance reform. This briefing will take a deeper, structural look at what reforms are needed to bring in private capital and ensure a smooth transition to a new housing finance system; what forms of private-sector participation will emerge and at what levels; and what changes to mortgage markets and instruments will be required.

SPEAKERS

Darren Richman is a senior managing director with the Blackstone Group and a member of the investment committee of GSO Capital partners, Blackstone's credit-oriented alternative asset management arm. Richman He focuses on distressed and special situation investments. Before joining GSO Capital Partners in 2006, Richman was worked at DiMaio Ahmad Capital, where he was a founding member and the co-head of its investment research team. Prior to that, Richman was a vice president and senior special situations analyst at Goldman Sachs. Richman began his career with Deloitte & Touche, ultimately becoming a manager in the mergers and acquisitions services group. He was formerly a certified public accountant and a member of the American Institute of Certified Public Accountants. Richman holds bachelor's degrees in accounting from the University of Hartford and an M.B.A. from NYU's Stern School of Business.

Sumit Agarwal is a visiting scholar at Georgetown University's McDonough School of Business. He specializes in financial institutions and regulations, household finance, real estate finance and behavioral economics. Agarwal was most recently the dean's chair and associate professor of economics, finance, and real estate at the National University of Singapore. He holds a Ph.D. and M.A. in economics and a B.Sc. in computer science from the University of Wisconsin, Milwaukee.

Phillip Swagel is a senior fellow at the Milken Institute and a professor at the School of Public Policy of the University of Maryland. Swagel was assistant secretary for economic policy at the Treasury Department from 2006 to 2009. In that position, he served as a member of the TARP investment committee and advised 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

Sandeep Dahiya is an associate professor of finance at Georgetown University's McDonough School of Business, where he has been on the faculty since 1999. Dahiya spent two years working in the corporate finance and strategy practice of McKinsey and Company, a leading strategy consulting firm. He worked with CEOs and CFOs of Fortune 500 firms in health care, financial services and chemical industries focusing on valuation, mergers and acquisitions, capital markets and risk management issues. He has also consulted for leading law firms on corporate finance issues. His work is published in the Journal of Finance, Journal of Financial Economics, Journal of Corporate Finance, and Financial Markets, Institutions and Instruments. Dahiya received his Ph.D. in finance from New York University.

 

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08

December 2013

Milken Institute Israel Center Initiative at the Globes Israel Business Conference

Tel Aviv

The Milken Institute Israel Center is pleased to present a special track at the 2013 Globes Israel Business Conference.

December 8, 2013, 5:00 pm-6:30 pm

Developing New Start-up Nations in Frontier Markets: New Drivers for Global Growth
Youthful demographics, rising productivity and changing technology in emerging and frontier markets create enormous investment opportunities but also necessitate systemic change in structuring development finance. Great creativity is required for delivering solutions and expanding the necessary systems. This is especially true in the crucial areas of energy, health, water and food. Technologies need to be customized, financed and deployed on massive scales to make a difference in the lives of the vulnerable poor. Gaps also exist in financing tools and programs, including loans, equity support, insurance and more. Bridging them will require scientific proficiency, fresh business models, smart incentive structures, the tailoring of technology to local conditions and geographic and cultural awareness. In this roundtable, we'll discuss social and financial innovations in Africa, the Middle East, and Asia aimed at expanding growth.

Moderator:
Steve Zecher, Milken Institute

Speakers:
Yosef Abramowitz, Co-Founder, Arava Power Company; CEO, Energiya Global Capital
Sivan Borovitz-Yaari, Founder and President, Innovation-Africa
Amir Gal-Or, Managing Partner, Infinity Equity
Peter Nichols, Social Finance-UK
Eytan Stibbe, Founding Director, Vital Capital
Tally Zinger, Lecturer, Tel Aviv University

December 9, 3:15 pm-4:30 p.m.

Health Sciences as a Breakthrough Industry
The financing gap for translational research is widening. High-risk, long-term investments are needed to turn medical innovations into lifesaving therapies. However, an industry-wide funding gap for early-stage drug development coupled with a retreat by venture investors from all but late-stage life sciences have created the need for new inventive, sustainable funding models. In order to accelerate medical solutions, novel approaches to early-state drug and device development are needed to better manage risk, lower capital cost, and improve research effectiveness, create diverse portfolios, leverage risk-tolerant capital and access new capital sources. In the last year, many of these approaches--from novel public-private partnerships to highly leveragable venture philanthropy investments to a new breed of institutional fund managers--have come into their own, with early data supporting an optimistic view of what's ahead. There is also a growing movement to apply nontraditional models as a disruptive force in biotech. Also, important financial research supports the ideas of extending medical financing beyond corporate R&D, venture and private equity to fixed income models for longer-term financing. How are these models improving the risk-return ratio for early-stage research, making it a more attractive opportunity? How does the involvement of philanthropic and/or government funding create leverage and attract greater private investment?

Moderator:
Glenn Yago, Milken Institute

Speakers:
Dr. Leonid Bakman, Founder and Executive Director, Israel Innovation Institute
Dr. Roger Stein, Managing Director, Research and Academic Relations, Moody's Corporation; Research Affiliate, Massachusetts Institute of Technology
Dr. Einat Zisman, CEO, Hadasit Medical Research Services & Development Ltd.
Dr. Ora Dar, Director of Life Sciences, Office of the Chief Scientist, Ministry of Economy

December 9, 5:00 pm-6:30 p.m.

Milken Institute's Fellows Panel--Israel's Economic Growth Challenge: Bridging Gaps in Labor and Capital Productivity
There is growing recognition that the growing productivity gap in Israel threatens future growth. Since 1970 and worsening last year, the gap between Israel's productivity and the productivity of the G7 countries has steadily widened. Israel's capital formation is at the low end of OECD countries. The Bank of Israel has reported that low productivity is related to relative low investment rates in the Israeli economy resulting in the average Israeli worker having relatively low productive capital to utilize compared to workers in OECD countries. Israel's current productivity stands at 76 percent of the average labor productivity among OECD countries. Without changes in dismal standards of labor productivity performance and increases in capital investment, continued increases in income inequality and lack of job creation for a growing share of the educated workforce will challenge national economic security.

A panel of key policy and research experts will respond and discuss key findings of Milken Institute Fellows' research over the past year to address these important challenges and these questions: Why are increases in educational attainment not translated into an increase in output per worker? Why is education not leading to faster economic growth? Why are the contribution of education to GDP and the standard of living declining? How can we ensure increase rates of return of investment in human capital--Israel's most critical growth resource? Are tax benefits encouraging capital investment working? How can the educational system act as a socioeconomic lever for growth?

Opening Remarks:
Naftali Bennett, Minister of Economy

Moderator:
Glenn Yago, Senior Director/Senior Fellow, Milken Institute

Presenters:
Gilad Brand, Milken Institute Fellow (President's Office and Ministry of the Economy), Israel's Growth Paradox: Declining Productivity and Returns to Human Capital
Revital Bar, Milken Institute Fellow (National Economic Council), Capital Productivity Gaps in Israel: Evaluating the Law for the Encouragement of Capital Investments
Assaf Amit, Milken Institute Fellow (Trump Foundation Intern at the Ministry of Education), Bridging Social-Economic Gaps through the Education System

Respondents:
Dr. Eyal Argov, Head of Macroeconomic Unit, Research Department, Bank of Israel
Julia Eitan, Deputy Director, National Economic Council
Eli Hurvitz, Executive Director, The Trump Foundation
Tal Keinan, Chairman and CEO, KCPS Clarity

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03

December 2013

Son of a Gambling Man: My Journey from a Casino Family to the Governor's Mansion

Santa Monica

Early on, Bob Miller's dad was a Chicago bar owner and bookmaker who wouldn't allow his son to own a deck of cards or a pair of dice. Eventually, the son became the longest-serving governor of Nevada and played a prominent role in bringing Las Vegas into the modern era. That personal history is chronicled in Miller's autobiography, "Son of a Gambling Man: My Journey from a Casino Family to the Governor's Mansion." It also tells the tale of Las Vegas' transformation "from a place run by the mob," as Miller put it, to a mega-destination not only for gamblers but family vacationers and some of the world's most reputable and successful corporations.

Son of a Gambling Man: My Journey from a Casino Family to the Governor's Mansion
In this Milken Institute Forum, moderated by Senior Fellow Joel Kurtzman, Miller will talk about his many roles in public life and what he accomplished as governor of this unique state, including regulating the gaming industry, advocating for victims' rights and resolving tensions in Las Vegas' communities. Nevada Sen. Harry Reid is a fan. "Governor Miller has unique insight into the forces that have contributed to the growth and vitality of Las Vegas over the last half century," the Senate majority leader wrote about the book.
Bob Miller Bob Miller is Nevada's longest-serving governor, holding office from 1989 to 1999. From police officer to district attorney and governor; from statesman to champion of economic development through environmentally mindful tourism; from advocating responsible gaming regulation to elevating the rights of people victimized by crime and protecting children from exploitation, Miller has a diverse and lauded professional career and an equally spirited sense of community. Today, he sits on the boards of Wynn Resorts and International Game Technology. His son, Ross, is in his second term as Nevada's secretary of state.
   
Joel Kurtzman 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.
   

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19

November 2013

MATH Briefing - Business Development Companies (BDCs)

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

Business Development Companies (BDCs) are closed-end investment funds that invest exclusively in startups and small businesses across the capital structure. Created by Congress in 1980 under the 1940 Investment Company Act, BDCs are not understood as clearly as mutual funds or REITs. However, while still a small part of the overall leveraged loan-market (less than 5 percent), BDCs have grown considerably since their inception and are now an important source of funding to small and middle-market companies. This session will explore in more detail the operating structure and investment strategies of BDCs and the implications for both small companies and BDC investors, how BDCs differ from REITs, the historical and projected evolution of the BDC market, the potential impact of legislative proposals on the BDC market, and the ability of small business to access capital.

SPEAKERS:

Michael Arougheti has served as CEO of Ares Capital Corp. since May 2013 and as a director of Ares Capital Corp. since 2009. He is a senior partner in the Ares Private Debt Group, a member of the executive committee of Ares Partners Management Company LLC, and chairman of Ares Commercial Real Estate Corp. Previously he was president of Ares Capital. Before joining Ares in 2004, Arougheti was employed by Royal Bank of Canada, where he was a managing partner of the principal finance group of RBC Capital Partners and a member of its mezzanine investment committee. Arougheti joined Royal Bank of Canada in 2001 from Indosuez Capital, where he was a principal, responsible for originating, structuring and executing leveraged transactions across a broad range of products and asset classes. Prior to joining Indosuez in 1994, he worked at Kidder, Peabody & Co., where he was a member of the mergers and acquisitions group. Arougheti received a B.A. in ethics, politics and economics from Yale University.

Jonathan Bock is a vice president and senior equity analyst at Wells Fargo Securities specializing in BDCs. Bock provides his research opinion to major institutional equity and debt investors, private investors, BDC boards of directors, pension funds, regulators and government officials. 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, and other prominent financial publications. Prior to Wells Fargo, Bock followed specialty finance at Stifel Nicolaus & Co. 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, Ill. Bock holds a B.S. in finance from the University of Illinois College of Business and is a CFA charterholder.

Durant Schwimmer is a managing director of Carlyle, focused on debt capital markets and indirect origination. Previously, he was a senior managing director and head of capital markets for Churchill Financial LLC, responsible for all loan capital markets activities and for managing the firm's relationships with other middle-market lenders, mezzanine funds and advisory firms. Schwimmer joined Churchill Financial LLC from BNP Paribas Securities, where he was a managing director and head of leveraged finance syndication. At BNP Paribas, Schwimmer was responsible for organizing, structuring and syndicating leveraged loans, including cash flow and asset-based loans along with junior debt such as mezzanine and high-yield securities. Prior to joining BNP Paribas, Schwimmer spent 15 years at JP Morgan Chase in corporate banking and loan syndications in various capacities. Schwimmer received his B.A. from Trinity College and his M.A. from the University of Chicago.

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. 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.

 

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12

November 2013

Mechanics of Finance: Municipal Finance

Washington, D.C.

Mechanics of Finance briefings are conducted for financial journalists to promote deeper understanding of financial markets

How do the nation's towns and cities pay to build parks, revamp blighted neighborhoods and keep retirement promises to employees? Five U.S. cities have gone bankrupt since 2010, including the once-mighty industrial engine of Detroit. Do other cities face a similarly grim future? What are their options? How can a journalist investigate the fiscal solvency of cities on the beat?

ABOUT THE SPEAKERS

Mike DeBonis covers local politics and government for The Washington Post. He also writes a blog and a political analysis column that runs on Fridays. DeBonis joined in Post in 2010 after spending six years at Washington City Paper as a reporter and editor, including three years writing a column on District politics. He is a graduate of Georgetown University.

George Friedlander is a managing director and chief municipal strategist with Citigroup Investment Research and Analysis. A recognized leader in the municipal bond marketplace, he is widely quoted in the financial press on related trends and investment patterns. Among his many honors, Friedlander has been ranked repeatedly as one of Institutional Investor's top three municipal strategists, and he and his team were declared No. 1 in municipal market strategy in 2011 and No. 2 in 2012, also by Institutional Investor. A member of Securities Industry and Financial Markets Association's Municipal Executive Committee for roughly 25 years through 2009, he remains an associate member. He currently works with state and local public interest groups on ways to respond to potential threats to the tax-exempt status of municipal bonds. He has a B.S. from the State University at Stony Brook and an M.B.A. from Pace University.

Manju Ganeriwala is the state treasurer of the Commonwealth of Virginia, managing a more than $9 billion investment portfolio. She oversees the issuance of bonds and management of debt in excess of $15 billion and provides the Commonwealth and its agencies with routine and specialized banking services. Ganeriwala also serves as chairwoman of the Treasury Board and a member of 10 others, including the Virginia Housing Development Authority, Virginia Port Authority and Virginia Resources Authority. Prior to becoming state treasurer, Ganeriwala was the commonwealth's deputy secretary of finance. In that role, she was a key advisor to the governor on all financial matters, including retaining Virginia's "AAA" bond rating. Previously Ganeriwala was chief financial officer for the Virginia Department of Medical Assistance Services. She holds a bachelor of commerce from the University of Bombay and an M.B.A. from the University of Texas at Austin.

For information regarding registration, please click here, or contact Julianne Brands at jbrands@milkeninstitute.org for more information.

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11

November 2013

The Mideast's New Resource: Entrepreneurs

Santa Monica

Amid the chaotic politics and widespread privation in the Arab world, a passionate cohort of entrepreneurs is striving to bring jobs, diversified economies and a culture of enterprise to the region. Christopher Schroeder spotlights their aspirations and achievements in "Startup Rising: The Entrepreneurial Revolution Remaking the Middle East." Himself an entrepreneur, financier and member of the tech cognoscenti, Schroeder sees much cause for optimism as home-grown talent cross-pollinates with the venture investors and leading global technology firms that have made sizable commitments there, including Google, Cisco Systems and LinkedIn.

Startup Rising: The Entrepreneurial Revolution Remaking the Middle East

At this Milken Institute Forum, the author will describe the entrepreneurial landscape in a range of Middle East nations. He'll explain how these intrepid and inventive trailblazers are overcoming the barriers they face, and how their efforts could transform the region's place in the world. Expert observers have lauded Schroeder's book for "shattering our stereotypes of the Middle East" and "brilliantly demonstrating that peace and prosperity is attainable for the region."

Jonathan Spalter, chairman of Mobile Future, will moderate.

Christopher Schroeder Christopher Schroeder is an entrepreneur, venture investor, author and speaker. He co-founded HealthCentral.com, a leading social and content platform in health and wellness, now part of Remedy Health. In 2010, Schroeder was invited to speak and mentor at the Celebration of Entrepreneurship in Dubai, one of the Middle East's first major gatherings of tech startups, beginning the journey that became "Startup Rising." He has written about startups and technology in emerging growth markets for the Washington Post, Wall Street Journal, Fortune, AllThingsD, TechCrunch, Pando Daily and Harvard Business Review. Schroeder speaks around the globe and sits on the advisory boards of the American University of Cairo School of Business, the Jordanian incubator Oasis500, wamda.com and other organizations.
   
Peter Passell Jonathan Spalter is chairman of Mobile Future, which advocates for investment and innovation in wireless communications. Spalter has a long track record of building and leading innovative media, technology and research companies in the U.S, the Asia-Pacific region and Europe. He founded the investment research firm Public Insight and was CEO of Snocap, a digital music licensing company. Spalter also held senior management roles at the Paris headquarters of Vivendi Universal. During the Clinton administration, Spalter was associate director and chief information officer at the U.S. Information Agency. In addition, he served as an advisor to and spokesman for Vice President Al Gore.
   

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28

October 2013

MATH Briefing - The Impact of the Fed's Tapering Strategy on Global Markets

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

The surge in the Fed's balance sheet from $800 billion in September 2008 to almost $4 trillion currently has distorted global financial markets through the maintenance of near-zero interest rates, and through pushing investors - including households - to take on excessive risk to earn better returns. As a result, equity prices are higher than they would have been had only fundamentals mattered, bond yields are lower across the credit-rating spectrum, and there has been a troubling resurgence of covenant-light debt issuance. Internationally, emerging markets have benefited and suffered from the large and volatile capital flows that at times are driven more by Fedspeak than by global fundamentals. This briefing will address the most important medium-term impacts on global markets of the Fed's policy, the risks of prolonging near-zero interest rate/quantitative easing policies, and the associated pro and cons of the Fed's exit options.

SPEAKERS:

Jason Cummins is the head of research and chief U.S. economist for Brevan Howard, which he joined in 2004. He develops the firm's outlook for the economy, politics and markets, advises the traders on portfolio management and manages the global research team. Cummins is also a member of the U.S. Treasury Borrowing Advisory Committee, a government-appointed panel of external experts that has served the country for almost half a century. Formerly, he was a senior economist at the Federal Reserve Board, where he ran the macro forecasting team. Cummins began his career in 1995 as an assistant professor of economics at New York University and also taught at Harvard University. He received a Ph.D. in economics from Columbia University and graduated with high honors from Swarthmore College.

John Makin is a resident scholar at the American Enterprise Institute, where he studies the U.S. economy, monetary policy, financial markets, corporate taxation and banking. He also studies and writes frequently about Japanese, Chinese and European economic issues. Makin has served as a consultant to the U.S. Treasury Department, the Congressional Budget Office and the International Monetary Fund. He spent 20 years on Wall Street as the chief economist and later as a principal of Caxton Associates, a trading and investment firm. Earlier, Makin taught economics at various universities including the University of Virginia. He has also been a scholar at the Bank of Japan, the Federal Reserve Bank of San Francisco, the Federal Bank of Chicago and the National Bureau of Economic Research. The author of numerous books and articles, Makin also writes AEI's monthly Economic Outlook. Makin received his doctorate and master's degree in economics from University of Chicago, and bachelor's degree from Trinity College.

Komal Sri-Kumar is a senior fellow of the Milken Institute, and president of 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.

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. 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.

 

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24

October 2013

Innovate Like IDEO: Meet the Dynasts of Design

Santa Monica

They designed the first Apple mouse and created one of the first educational iPad apps. They developed a heart defibrillator that gives voice and visual instructions on how to use it. They're helping improve access to safe drinking water in the developing world. And now they've written the book "Creative Confidence: Unleashing the Creative Potential Within Us All."

Creative Confidence: Unleashing the Creative Potential Within Us All

At this Milken Institute Forum, David and Tom Kelley - brothers who are the driving force behind the storied design firm IDEO - will discuss their book, their human-centered approach to design and the genesis of some of their favorite projects.

In "Creative Confidence," these innovators argue that there's no such thing as haves and have-nots when it comes to creativity. Often squelched in childhood, creativity can be coaxed from adults if approached the right way. "Creativity is something you practice, not just a talent you're born with," the authors say. "The process may feel a little uncomfortable at first, but ... the discomfort quickly fades away and is replaced with new confidence and capabilities."

About the panelists

Authors Tom and David Kelley (right)
Authors Tom and David Kelley (right)

David Kelley is founder of IDEO and the popular Stanford University d.school - formally the Hasso Plattner Institute of Design. He has appeared on "60 Minutes," "Fresh Air" and many other programs. Tom Kelley, is a partner at IDEO, and the author of the bestselling "The Art of Innovation" and "The Ten Faces of Innovation." The brothers have written for the Harvard Business Review and spoken at TED.

Patrick Adams is managing director of Secret Weapon Marketing, which he helped establish in 1997 after 14 years in account management positions at Los Angeles agencies Della Femina & Partners, Stein Robaire and Team One. The recipient of 14 EFFIE Awards, he has worked on such well-known brands as Lexus, Carl's Jr., AT&T, Six Flags, Starwood Hotels and Disney.

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10

October 2013

Finerman's Rules: Secrets I'd Only Tell My Daughters About Business and Life

Santa Monica

As a woman running an investment bank she co-founded, Karen Finerman noticed numerous ways that she and her female colleagues sabotaged themselves professionally and personally. Why couldn't her friends bring the logic they applied at work to their personal decisions? Why were they uncomfortable with their desire for wealth and success? Why do 80 percent of women have a man in charge of their money?

Finerman's Rules: Secrets I'd Only Tell My Daughters About Business and Life

At this Milken Institute Forum, the successful hedge fund manager and CNBC investment commentator, who has also raised two sets of twins, will discuss "Finerman's Rules: Secrets I'd Only Tell My Daughters About Business and Life." The book is rich with not necessarily politically correct ideas for helping women overcome the barriers they face in reaching their goals. With the author's contrarian wit evident throughout, "Finerman's Rules" clues women in on how to get ahead, say no, unplug, raise kids well, deal with the inevitable double standards they face and take control of their financial independence.

Karen Finerman

Karen Finerman is CEO of Metropolitan Capital Advisors, a New York-based hedge fund she co-founded in 1992. She was named one of the 50 Leading Women in Hedge Funds by the Hedge Fund Journal, one of the 25 Most Powerful Women in Finance by USBanker and one of Trader Monthly's Wonder Women. She is a contributor to CNBC's "Fast Money," one of the nation's most watched business programs. Finerman serves on the board of the Michael J. Fox Foundation for Parkinson's Research and is a trustee of Montefiore Medical Center, where she sits on the Investment Committee. She lives in New York with her husband and their two sets of twins. She earned a bachelor's degree from the Wharton School of the University of Pennsylvania.

Jody Miller

Jody Miller is founder and CEO of Business Talent Group, the leader in bringing top independent talent to companies for consulting and project-based work. Miller also serves on the boards of TRW and Capella Education Co. Earlier, Miller was a venture capitalist with Maveron and chief operating officer of Americast, Disney's interactive television joint venture. She has served in the White House as deputy to David Gergen and special assistant to President Bill Clinton and was legal counsel to South Carolina Gov. Richard Riley. Miller writes and speaks frequently on the future of work, including a "Big Idea" feature for the Harvard Business Review called "The Rise of the Supertemp" and a recent Wall Street Journal piece, "The Real Women's Issue: Time."

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September 2013

Access to Global Capital Initiative: Corporate and Investor Roundtable

New York City
By invitation only

How can we stimulate growth and improve living standards in fast-growing economies around the world? That was the topic of a roundtable on Sept. 27, 2013 in New York, where speakers included Tony Blair, former U.K. prime minister and the founder of the Tony Blair Africa Governance Initiative; H.E. Paul Kagame, president of the Republic of Rwanda; Strive Masiyiwa, chairman and founder of Econet Wireless; Seth Merrin, chairman of the Access to Global Capital Initiative and founder and CEO of Liquidnet; and Mike Milken, chairman of the Milken Institute.

The roundtable was part of the Institute's Access to Global Capital Initiative, developed in partnership with Liquidnet, which will work together with the Tony Blair Africa Governance Initiative and the government of Rwanda to help identify and implement best practices that accelerate the flow of capital.

For more information about the Access to Global Capital Initiative, download the brochure and explore the Global Opportunity Index, an interactive ranking and analysis tool the initiative launched in March.

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24

September 2013

MATH Briefing - The Municipal Bond Market

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

The municipal bankruptcy filing of Detroit - the largest in U.S. history, estimated at about $18 billion with over 100,000 creditors - has brought increased attention to municipal bond markets. Detroit's bankruptcy proceedings under Chapter 9, and proposed treatment of creditors, pensioners, and public-sector employee claimants could have broader ramifications for debt markets in general and for muni bond markets in particular.

Any further disruption in these markets could have a significant harmful impact on the ability for states, cities, and local governments to fund their day-to-day obligations and to raise capital to finance infrastructure and other projects, such as schools and hospitals. This panel will discuss the current state of this $3.7 trillion market and address public sector funding challenges that continue to spark concern among investors, creditors, and government.

Speakers:

Adam Cohen is a vice president and portfolio manager for Fortigent LLC, a D.C. -area company that provides investment research, performance reporting, and practice management guidance to family offices, registered investment advisors, and bank and trust companies. Cohen develops the global credit and the overall investment outlook for Fortigent. He also directs the search, selection and monitoring efforts of Fortigent's rate and credit strategies. With over 24 year of experience in the financial services industry, Cohen maintains a thorough understanding of the capital markets and the investment challenges facing high-net-worth investors and their advisors. He holds a B.A. from The College of Wooster and an M.B.A. from Loyola University of Chicago's Quinlan School of Business. He also holds the CFA designation and is a member of the CFA Institute and the CFA Societies of Washington and Baltimore.

Sandeep Dahiya is an associate professor of finance at Georgetown University's McDonough School of Business and has been on the faculty since 1999. Dahiya spent two years working in the corporate finance and strategy practice of McKinsey and Company, a leading strategy consulting firm. He worked with CEOs and CFOs of Fortune 500 firms in health care, financial services and chemical industries focusing on valuation, mergers and acquisitions, capital markets and risk management issues. He has also consulted for leading law firms on corporate finance issues. His work has been published in the Journal of Finance, Journal of Financial Economics, Journal of Corporate Finance, and Financial Markets, Institutions and Instruments. Dahiya received his Ph.D. in finance from New York University.

Natwar Gandhi is the former chief financial officer for the District of Columbia. In this role, he was responsible for the city's finances, including its approximately $7 million in annual operating and capital funds. Appointed to the position in 2000, Gandhi worked closely with congressional committees and the U.S. Office of Management and Budget staff and regularly interacted with the Wall Street financial community, including rating agencies. He secured multiple rating upgrades from the major rating agencies for D.C.'s general obligation bonds. Gandhi holds a doctorate in accounting from Louisiana State University, a master's degree in business administration from Atlanta University, and an LLB and BCom in accounting from the University of Bombay.

Michael Zezas is a municipal strategist at Morgan Stanley, where he leads the firm's strategic municipal research efforts. In 2007, he joined Morgan Stanley as the head of credit analysis for the U.S. Investment Group, overseeing municipal and corporate credit portfolio strategy and management. He was also a credit analyst in the Public Finance Group at Fitch Ratings and a Coro fellow in Public Affairs. Zezas earned a B.A. in political economy from Georgetown University and a master of public affairs from the University of Texas at Austin. He is a CFA charterholder.

 

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10

September 2013

Hungry and Obese: Food and America's Well-Being

Santa Monica

Today, 29 million Americans lack regular access to healthful, affordable food. Among them, one in five children and 8.3 million senior citizens struggle with hunger. Yet adult obesity has doubled over the last two decades, and 23 million children and teenagers are overweight or obese. Food and physical activity have taken center stage in the effort to improve public health, advance social justice and strengthen employment and economic growth.

This Milken Institute Forum will bring together pioneers who are prioritizing food and fitness to preserve the nation's health and economic well-being. Panelists will share their strategies and discuss what individuals and communities can do to more fully and effectively achieve a healthier nation and ensure that the current generation of children grows up with more vigor and vitality than the one before.

Moderated by Jane Wells, CNBC business reporter in Los Angeles, where she covers California's agricultural economy and other beats

Michiel Bakker Michiel Bakker is the director of Google's renowned Global Food Services operation. His focus at the Internet search giant includes developing insights and evidence regarding how food experiences enable people to be at their best and creating global partnerships to explore the challenges and opportunities in the broader food system. Bakker has more than 22 years of global experience in food and beverage operations. Prior to joining Google, he spent 17 years with Starwood Hotels & Resorts Worldwide. Most recently, he led the firm's F&B activities in Europe, Africa and the Middle East, where he drove operations and guided growth and development.


Laurie David Laurie David has brought her passion to a variety of environmental and food issues. Her most recent book, "The Family Dinner: Great Ways to Connect with Your Kids, One Meal at a Time," is an inspirational, practical and green guide to the family dinner ritual. David was a producer of the famed documentary "An Inconvenient Truth" and executive produced HBO's "Too Hot NOT to Handle." She also authored the bestselling book "Stop Global Warming: The Solution Is You!" and co-authored "The Down-to-Earth Guide to Global Warming." David partnered with Katie Couric to executive produce "Fed Up," a documentary examining the childhood obesity epidemic. Among numerous honors, she received the Producers Guild of America's Stanley Kramer Award, a Humanitas Prize special award and the Audubon Society's Rachel Carson Award.


Robert Egger Robert Egger is founder and president of L.A. Kitchen, which will open in early 2014. The nonprofit will professionally recover fresh food, which it will use to fuel a culinary arts job training program for those coming out of foster care or older people returning from incarceration. He pioneered this model during his 24 years as president of the DC Central Kitchen, the country's first "community kitchen." In addition, Egger is founder and president of CForward, an advocacy group that rallies employees of nonprofit organizations to educate candidates about nonprofits' economic role in communities. Egger speaks in the U.S. and internationally on the topics of hunger, sustainability, nonprofit political engagement and social enterprise.


Nona Evans Nona Evans is president and executive director of the Whole Kids Foundation, a philanthropic organization founded by Whole Foods Market whose mission is to improve child nutrition. To date, WKF has funded more than 2,600 salad bars for U.S. schools and more than 1,600 gardens for schools in the U.S., Canada and the U.K. It is also working on a program dedicated to improving the health and wellness of teachers. With a background in retail design, operations and marketing, Evans is putting the core principles of experiential branding to work at the foundation. She's driven by the belief that the best way to ensure a bright future is to inspire it in young people.


Kelly Chapman Meyer Kelly Chapman Meyer, an environmental and health advocate, is co-founder of the American Heart Association Teaching Gardens and a trustee of the Natural Resources Defense Council. She joins her passions to spur policies and programs for the health and wellness of the individual and the environment. Meyer co-founded Teaching Gardens to combat the rise of childhood obesity and lifestyle-related illnesses. She organized Peace Paddle Out, a Guinness-world-record-setting event to raise awareness and funds to protect the oceans. Moreover, as co-founder of the Women's Cancer Research Fund, Meyer has helped raise $40 million for groundbreaking biomarker research. Among other honors, she was named to Oprah Winfrey's O Power List, was a Huffington Post Game Changer and received the Environmental Media Association Lifetime Achievement Award.


Lawrence Soler Lawrence Soler is president and CEO of the Partnership for a Healthier America. PHA works with the private sector to ensure the health of our nation's youth by solving the childhood obesity crisis. Earlier, Soler was chief operating officer of the Juvenile Diabetes Research Foundation, where he oversaw fundraising and local chapters, marketing and communications, information technology, government relations, and international development. At JDRF, he led efforts that secured $1.75 billion in mandatory federal funding for type 1 diabetes research, the only disease that receives such funding. He also created and chaired the Coalition for the Advancement of Medical Research, which comprised 100 patient groups, universities, scientific societies and foundations.

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September 2013

JOBS Act: Title II and the SEC

Washington, D.C.
By invitation only

On July 10, the SEC voted to implement Title II of the JOBS Act by lifting the ban on general solicitation for private offerings, while simultaneously submitting proposed rules pertaining to new Rule 506(c) disclosure and filing requirements. The lifting of the ban will take place September 23, presumably allowing the SEC at least some time to observe how the industry will develop before finalizing potential new regulations. The public will have until September 23 to comment on the proposed regulations.

The Milken Institute, in partnership with the Georgetown University Law Center, will convene a roundtable discussion of diverse perspective and stakeholder groups to delve into the proposed SEC regulations and explore what the lifting of the ban is likely to mean for entrepreneurs, investors, market participants and policymakers. This roundtable builds on a discussion we convened nearly one year ago on "Crowdfunding: Maximizing the Promise and Minimizing the Peril,." At that session, we explored key questions surrounding the use, impact and regulation of securities crowdfunding. Now, given recent SEC action, we have the opportunity to explore specific rules and rule proposals and will be able to impact the rulemaking process as the SEC seeks to balance the need for regulatory oversight with ensuring the economic viability of new capital access tools.

For more information, please contact Julianne Brands at jbrands@milkeninstitute.org.

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August 2013

Modern-Day Magellan: JPL Director Charles Elachi

Santa Monica

Like the Mars rover, Charles Elachi's curiosity knows no bounds. Now director of the Jet Propulsion Laboratory, he has spent his entire career as a modern-day Magellan.

With the landing of the latest rover in August 2012, Elachi oversaw one of the most challenging engineering feats since the Apollo moon landing. "I could only think of the words of Teddy Roosevelt as I was sitting there: 'It is far better to dare mighty things that we know might fail than to stay in a twilight that knows neither victory nor defeat.' And the team brought us victory," he said at a post-landing press conference.

At this Milken Institute Forum, Elachi will discuss that particular victory, his storied career in space exploration and the remarkable work that JPL is doing as it monitors its existing 23 spacecraft across the solar system and prepares for the next generation.

About Charles Elachi
The director of the Jet Propulsion Lab is also vice president and a professor of electrical engineering and planetary science at the California Institute of Technology. In his 43-year career at JPL, Elachi was a leader in developing the field of spaceborne imaging radar. The principal investigator on numerous research and development studies and flight projects sponsored by NASA, he is currently the team leader of the Cassini Titan Radar experiment and a co-investigator on the Rosetta Comet Nucleus Sounder Experiment. Elachi is the author of over 230 publications and the holder of several patents. The recipient of numerous honors, he was named one of "America's Best Leaders" by U.S. News & World Report and the Center for Public Leadership at Harvard University's Kennedy School of Government in 2006. He also has an asteroid named after him in recognition of his contributions to planetary exploration.

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July 2013

MATH Briefing - Modernizing the U.S. Corporate Tax System: Implications for Financial Markets

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

The United States has the highest statutory corporate tax rate among all industrialized nations. At 39.1 percent (combined federal and average state rates), the U.S. statutory corporate tax rate is more than 14 percentage points higher than the OECD average of 25 percent in 2012. While the effective rate is lower, many believe the statutory rate should be reduced for the U.S. to remain competitive in modern global markets. The U.S. is also the only G8 country that maintains a worldwide tax system on earnings from foreign markets as opposed to a territorial tax system.

This briefing will address how modernizing the corporate tax system will impact the financial markets: How does the current corporate income tax system create investment distortions? How would changes to the treatment of interest affect the mix of debt vs. equity financing? What impact would a territorial tax system have on U.S. competitiveness and cross-border investments? And how would stronger economic growth impact financial markets overall?

Speakers:

Reena Aggarwal is the McDonough professor of business administration and a 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, World Bank, IMF, NASDAQ OMX Group, the United Nations and USAID. Aggarwal obtained her M.M.S. from BITS, India and her Ph.D. in finance from the University of Maryland.

Ross DeVol is chief research officer at the Milken Institute. He oversees research on international, national and comparative regional growth performance; technology and its impact on regional and national economies; access to capital and its role in economic growth and job creation. Recent work involves research on global economic and financial market conditions. He was the principal author of "Jobs for America: Investments and Policies for Economic Growth and Competitiveness," which examined policies to jumpstart and sustain job growth, including decreasing U.S. corporate tax rates, increasing and making permanent the R&D tax credit, and modernizing export controls on certain products. In addition, he authored "America's High-Tech Economy: Growth, Development and Risks for Metropolitan Areas" and created "Best-Performing Cities," an annual ranking of U.S. metropolitan areas that shows where jobs are being created. DeVol was previously senior vice president of Global Insight Inc.

Jonathan Traub is managing principal of the Tax Policy Group of Deloitte Tax LLP. Traub leads a team that identifies, evaluates and monitors legislative proposals, and interprets the practical issues surrounding the application of tax proposals on behalf of Deloitte's clients. He keeps Deloitte's clients aware of the numerous and often complicated debates in tax policy. Traub was previously the staff director for the House Committee on Ways and Means, his most recent senior staff position in the U.S. House of Representatives. As staff director, Traub was responsible for developing legislative policies and strategy on issues in the committee's jurisdiction, including taxes, health care and trade. He received his bachelor's degree from Haverford College and law degree from the University of Virginia.

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

 

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July 2013

The Valuation of Coastal and Marine Ecosystem Services

Jerusalem

At this special guest lecture, Andrea Ghermandi, an assistant professor and head of the Global Green M.B.A. program at Haifa University, discussed the progress and challenges in the valuation of coastal and marine ecosystem services, their cultural benefits as accelerators of the values of coastal recreation, and the regulating services employed to assess the values of carbon sequestration in the Mediterranean Sea.

About Ghermandi:

Andrea Ghermandi is an assistant professor at the Department of Natural Resources and Environmental Management and head of the Global Green M.B.A. program at the Faculty of Management of the University of Haifa. He is also a member of the Global Young Academy. He received his Ph.D. in analysis and governance of sustainable development from the School for Advanced Studies in Venice Foundation at the University of Venice in 2008. He also holds two master's degrees, one in water resources engineering and the other in environmental engineering, from the Katholieke Universiteit Leuven / Vrije Universiteit Brussel (Belgium) and University of Trento (Italy), respectively.

In recent years, he has contributed to international initiatives such as The Economics of Ecosystems and Biodiversity (TEEB), the Ocean Health Index and the Ecosystem Service Partnership. He has published more than 20 original research articles and book chapters. His scientific research focuses on the multi-disciplinary analysis and evaluation of sustainable environmental management practices. Among his main research interests are the technical and economic evaluation of sustainable technologies for water treatment, reuse and desalination, such as constructed wetlands and solar desalination, the economic valuation of freshwater and coastal ecosystem goods and services, and the development of techniques for transferring and mapping ecosystem service values.

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09

July 2013

A Pragmatic Plan for Housing Finance Reform

Washington, D.C.
By invitation only

Co-authors Mark Zandi, chief economist of Moody's Analytics; Ellen Seidman, senior fellow at the Urban Institute; Phillip Swagel, senior fellow at the Milken Institute; and Sarah Rosen Wartell, president of the Urban Institute, will discuss their recently introduced plan to reform the housing finance system during a critically important moment in the national debate over the future of Fannie Mae and Freddie Mac. Also joining us as discussants will be Doug Holtz-Eakin, president of the American Action Forum, and Jim Parrott, senior fellow at the Urban Institute.

Download the full report, "A Pragmatic Plan for Housing Finance Reform," and the executive summary here.

Speakers:

Ellen Seidman recently joined the Urban Institute as a senior fellow in housing finance research and policy. She has previously served in an array of positions related to housing finance issues, including as Director of the Office of Thrift Supervision and as Special Assistant to the President at the National Economic Council. Seidman also worked at the US Treasury Department and for Fannie Mae. She is on the board of a number of the nation's leading community development financial institutions and is a founder and chair of the Center for Financial Services Innovation. She holds a bachelor's degree from Radcliffe College, a J.D. from Georgetown University Law Center, and an M.B.A. in finance and investments from George Washington University.

Phillip L. 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.

Sarah Rosen Wartell became the third president of the Urban Institute in February 2012. A public policy executive and housing markets expert, Wartell was President Clinton's deputy assistant for economic policy and the deputy director of his National Economic Council. In 2003, she co-founded the Center for American Progress, serving as its first chief operating officer and general counsel. Later, as executive vice president, she oversaw its policy teams and fellows. Her work has focused on the economy and housing finance, mortgage markets, andconsumer protection. In 2012, she was named a "Woman of Influence" by HousingWire. Wartell has an A.B. degree with honors in urban affairs from Princeton University's Woodrow Wilson School of Public and International Affairs and holds a J.D. from Yale Law School.

Mark M. 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.

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

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June 2013

Silicon Rally: L.A.'s Thriving Tech Scene

Santa Monica

The City of Angels is suddenly the city of startups. After spending years in the shadow of Silicon Valley - and Boston and New York - Los Angeles finally has real tech cred. Say goodbye to startup envy and hello to the new entrepreneurs.

The local tech community saw a flurry of activity in 2012: More than 220 startups launched in greater Los Angeles, 43 L.A.-based companies were acquired, and more than $870 million was raised from venture capital and angel investors. Overall, entrepreneurs in Southern California attracted more investment than any other region outside of Silicon Valley.

At this Milken Institute Forum, several of these pioneering innovators talked tech and gave their take on why Los Angeles has come into its own as a popular place for startups.

Download slides from the forum

About the speakers:

Walter Driver Walter Driver, co-founder and CEO of Scopely, is a longtime social gaming entrepreneur with a proven track record of scaling startups quickly. Scopely's rapid growth earned it recognition from Goldman Sachs as one of the Top 100 Private Companies in 2012. Prior to Scopely, Driver founded and served as CEO of O Negative Media, a leading developer of social applications for Facebook and MySpace. Before that, he co-founded Ignition Interactive, one of the first developers of third-party Facebook applications. In 2012 he was recognized by the World Economic Forum as one of its Young Global Shapers, and in 2013 he was a finalist in the Ernst & Young Entrepreneur of the Year awards. Driver holds a B.A. from Brown University.
Susan Feldman Susan Feldman is the co-founder and chief merchandising officer of One Kings Lane. In addition to overseeing all buying and merchandising, she travels the world in search of exciting and unique products. Feldman was named to Vanity Fair's 2012 "New Establishment" list and has appeared on "The Martha Stewart Show" and in many magazines, including House Beautiful, HGTV Magazine and InStyle as a home decor and lifestyle trends expert. Prior to One Kings Lane, she held executive positions at Ralph Lauren Swimwear, Polo Jeans, Warnaco/Authentic Fitness Corp. and Liz Claiborne. A native New Yorker, Feldman has an M.B.A. from UCLA and a B.A. from Stanford University.
Michael Jones Michael Jones is CEO of Science, Inc., a Los Angeles-based technology studio that nurtures successful digital businesses by bringing together the best ideas, talent, resources and financing through a centralized platform. A serial Internet entrepreneur and former CEO of MySpace, Jones has founded, advised, invested in and sold numerous businesses, including application platform Userplane, which he led from startup to its acquisition by AOL; Tsavo Media; Movoxx; PeopleMedia; Brizzly; and MySpace. He is actively involved with early-stage startups as an advisor, board member and investor. Jones has personally invested in more than 30 startup businesses including Klout, Betterworks, Formspring, ShoeDazzle and LunchMoney.
Dana Settle Dana Settle (moderator) is a founding partner with Greycroft LLC and leads the West Coast office in Los Angeles. Prior to Greycroft, she spent several years as a venture capitalist and advisor to Bay Area startups, including six years at Mayfield, where she focused on early stage companies in the mobile communications and consumer Internet markets. Settle serves or observes on the boards of Fanhattan, Gamersfirst, GameSalad, Joyent, Maker Studios, Precision Demand, Steelhouse, TrunkClub, uSamp, WhoWhatWear and WideOrbit. Previously she worked in business development at Truveo (AOL), investment banking at Lehman Brothers and international business development at McCaw Cellular Communications (AT&T).

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