Program | Speakers | Videos

Moderator:
Adam Lashinsky, Senior Editor at Large, Fortune

What is the appropriate role for government in the economy? That was at the root of the discussion during "Jobs, Jobs, Jobs."

That core question was approached from a few angles. The panelists spent much of the early part of the session debating the effectiveness of the federal stimulus package and whether the government should have bailed out the banks and the automakers.

While Senate candidate Carly Fiorina said inaction wasn′t an option, she added that she would not have voted for the bailouts and would have approached the stimulus differently, focusing more on increasing access to credit for small businesses, the engine of most job growth. Treasury official Ron Bloom defended the administration′s actions as necessary and successful in stabilizing the financial system and the economy.

Then they discussed what should be done going forward. All four seemed to agree that government needs to review its outdated export controls, and they supported making permanent the research and development tax credit that has been allowed to expire.

As Ross DeVol of the Milken Institute put it, "All jobs aren't created equal," and the R&D credit will help stimulate growth in high-paying, high-tech, 21st century jobs.

Moderator:
Andrew Ross Sorkin, Columnist, The New York Times; Author, Too Big to Fail

Boards of directors in corporate America, having failed to stop companies such as Enron and Lehman Bros. from self destructing, will emerge from the financial crisis with enhanced clout, independence and diversity - and a new mandate to really use their new new role to stop abuses and recklessness. "We're entering into an environment where boards are going to be more accountable," said Clifton Robbins, CEO of Blue Harbour Group.

Governance changes are being fueled in part by popular anger over large payouts to bank executives who received federal funding to stay afloat, said Kenneth Feinberg, who on behalf of the Treasury Department determines compensation for the top 25 executives at the seven major financial institutions bailed out by the government. "One of the important lessons of the last two years," he said, is that "the American people want stronger executive compensation reform and regulatory reform to give government institutions more authority over how these corporations manage themselves."

Panelists agreed that boards have fallen short because they are often chosen by CEOs and because shareholders have few means to demand more effective management. Major problems include CEO compensation that is unrelated to performance, directors whose financial interests are not sufficiently aligned with those of the company, a lack of diversity and industry knowledge. Even after the financial crisis, the percentage of directors on bank boards with financial backgrounds rose from 32 percent in 2007 to only 46 percent in 2010, noted Christopher Ailman, chief investment officer of CalSTRS.

In addition to say-on-pay rules that would give shareholders a voice on executive compensation, a major change could come from majority voting rules that would require that a director receive a majority, rather than a plurality, of shareholder votes.

Moderator:
Lewis Feldman, Partner/Los Angeles Office Chair, Goodwin Procter LLP

The commercial real estate market has taken a major punch; delinquencies and vacancies have risen across all property sectors. Falling prices have prevented owners from being able to refinance, while the recession has hit the retail sector hard and dampened tenant demand for office space. When will we see CMBS issuance revive? Will investors approach the CMBS market any differently in the future? Will banks create financing incentives for landlords to hold on to their properties? Should the government intervene in the commercial market to the same degree it has in the residential market? Are there opportunities to snap up newly distressed properties that were once overvalued?

Introduction By:
Michael Milken, Chairman, Milken Institute

Speaker:
Stephen J. Cloobeck, Chairman and CEO, Diamond Resorts International

Interviewer:
Frank Luntz, Founder and President, The Word Doctors

What's the meaning of yes? For Stephen J. Cloobeck, Chairman and CEO of Diamond Resorts International, it translates into a relentless commitment to customer service. It's a principle that's crucial in the hospitality industry, but it applies to businesses of all stripes. In an era when too many firms offer an impersonal, lackluster or unhelpful customer experience, your company can build a formidable brand by developing a culture of service excellence. In this session, Cloobeck details how to give customers the experience and satisfaction they deserve; how to empower your work force to take an active role in this effort; and how to use "The Meaning of Yes" philosophy to achieve a powerful impact on performance.

Moderator:
Lewis Feldman, Partner/Los Angeles Office Chair, Goodwin Procter LLP

This session convenes leaders in the real estate industry and the capital markets for an off-the-record roundtable discussion. It has been a grueling two years for real estate — but as we emerge from the Great Recession, many avenues for opportunity are presenting themselves, from buying distressed CMBS to purchasing FDIC assets to executing on loan-to-own strategies. Participants discuss these and other approaches, and analyze new capital market paradigms for real property investing.

Moderator:
David Gregory, Moderator, "Meet the Press," NBC

Continuing the discussion that began last year on "Meet the Press" as part of NBC's award-winning special report series on the landmark study "The Shriver Report: A Woman's Nation Changes Everything," Maria Shriver and David Gregory pick up where they last left off. This conversation takes a deeper look at a topic with profound implications for the future of business in America: how the workplace has evolved, which policies really work and how much change is still needed to keep pace with today's 21st-century workforce.

Moderator:
Daniel Casse, President, G100; Managing Partner, High Lantern Group

Having an effective infrastructure is crucial to any nation's ability to compete in the world economy. Facilitating the movement of people and goods can spark growth and recovery. Here in the United States, many observers have been calling for a greater focus on infrastructure maintenance and investment, especially while nations like China are embarking on ambitious building projects. For emerging nations, infrastructure development takes on critical importance — not only to improve transportation and trade, but also to deliver water, electricity, communications, education and health care to growing populations. The ability of rising powers such as India and Brazil to fulfill their potential will be directly linked to their ability to modernize aging and inadequate infrastructure. Which nations are taking the lead in infrastructure development, and which ones are falling behind? How are they absorbing the huge costs? How quickly will these projects pay off? What are the opportunities for investors?

Moderator:
Joseph Kahn, Deputy Foreign Editor, The New York Times

It's the mother lode of all potential markets: China's sheer size and its sizzling growth rate are powerful attractions for businesses of all types. But it pays to look before you leap. This year the World Bank ranked China only 89th in the world for general ease of doing business — and a dismal 151st for the ease of starting a business. Which strategies really work for gaining a foothold in China? What hurdles and potential pitfalls do business owners and investors need to be aware of? Why do some companies grow and prosper in China while others fail to achieve critical mass?

Moderator:
Richard Sandler, Executive Vice President, Milken Family Foundation; Partner, Law Offices of Maron & Sandler

Everybody talks about innovation, but these people actually do something about it.

Each of these innovators has a great story to tell, and the tales are far more compelling coming from the source. If you have time, watch the panel video from start to finish. If you don't, the clips below will give you the flavor.

Frank Gehry is charming and self-effacing as he tells how a simple ceramics class led to his groundbreaking career in architecture. Stick around long enough to hear him talk about the "curtain building" in Manhattan. It starts about eight minutes into the video.

Biz Stone talks about his previous career as a book-cover designer and how he watched Twitter become a tool for social change. It′s about 20 minutes into the video.

Anthony Atala, a researcher in regenerative medicine, shows how organs can be made on a … desktop inkjet printer! "But instead of using ink, we use cells." This must be seen to be believed. Start at 36:30 in the video.

Majora Carter, a pioneer in urban sustainability, says her green jobs project in the South Bronx is transferable to all regions with high unemployment and few resources that don′t match the traditional profile of a ghetto. "Ghettos come in many, many, many different colors around this country." It's around 5:15 into the video.

Moderator:
Jim D'Aquila, Managing Director, Investment Banking, Consumer Products Group, Imperial Capital

U.S. consumers spent most of the last decade engaged in a debt-fueled shopping binge. Life just didn't seem complete without a flashy SUV, spa treatments, a big-screen TV and granite countertops. But the recession brought all that to a screeching halt. Today it's all about getting back to basics and saving for a rainy day. Consumers are skipping their morning lattes, cooking dinner at home and choosing cotton over cashmere. This new mind-set may herald a welcome shift toward a less materialistic society and greater personal responsibility, but how will the U.S. economy revive without its traditional engine of consumer spending? Are there products, services and new technologies that people simply won't deny themselves? Will the recession permanently shape the spending habits of the next generation? Is the new frugality a temporary phenomenon - or have Americans really learned that you can't always get what you want?

Moderator:
Robert "Steve" Miller, Chairman, MidOcean Partners; former Chairman and CEO, Delphi Corp.

Everyone talks a good game: We need electric and biofuel-powered cars to cut emissions and reduce our dependence on oil. But change has been a long time coming. Cars are getting smaller and more efficient, and some hybrids are making inroads. But how can we achieve truly game-changing progress? How close are we getting to revolutionary technology changes that can be taken to scale? What will the cars of the future look like? Hear the answers from representatives from some of the most innovative car companies in the business.

Moderator:
Gordon Crovitz, Co-Founder, Journalism Online; former Publisher, The Wall Street Journal

Where are single-family housing prices headed one year from now?

Experts on the housing overview panel made this and several other predictions. View the video for their opinions on financial regulation, what will happen with home sales in the coming years, how immigration will affect the market and whether the next generation will see housing as shelter or an investment.

As for home prices, here′s what the panelists said.

Larry Mizel of MDC Holdings Inc.: For new homes, "flat to trending down, with a slight degree of inflation for those products that are creating real value to the consumer when they buy it."

Donald Brownstein of Structured Portfolio Management: "I′m going to use a quote, I think it was J.P. Morgan, who was asked about what′s going to happen to the stock market. ‘It′s going to fluctuate.′ … That′s what prices should do, right?"

Mark Buckland of City Ventures: In the urban parts of the United States, "flat to slightly up."

Lewis Ranieri of Hyperion Private Equity Funds: It will depend on the region. As much as 6 percent to 7 percent higher in some areas and as much as 6 percent lower in others.

Ross DeVol of the Milken Institute: Up in some places, down in others, but overall up 2 percent.

Moderator:
Anne Walsh, Senior Managing Director, Guggenheim

The financial crisis changed the way investors look at their portfolios. Long-duration portfolio managers - in particular, life insurance companies and pension funds - have had to rethink asset allocation going forward. This session explores pre- and post-crisis strategies used by institutional investors to manage their portfolios and what changes they are making in their return expectations, investment strategies, liquidity needs and overall approach to funding their liabilities. Did the 2009 rebound in the financial markets solve their asset challenges? How can we better identify where vulnerabilities lie in the future?

Moderator:
Lisa Davis, Program Officer, Ford Foundation

This roundtable focuses on financing exciting new models in real estate development: greener, healthier communities that integrate affordable housing with mass transit, reducing congestion and creating greater access to opportunity for all. Financing for this type of development comes from multiple sources, including private equity and debt; federal, state and local funds; quasi-public lenders; bonds; philanthropic capital, and a variety of specialized vehicles such as syndicated tax credits. While potential backers often look at financing just one piece of the puzzle, this roundtable explored more holistic options for the entire development process, from planning to construction to take-out financing, linking one phase to another. Participants explored the sources of financing and new ways to deploy the full array of capital for the ultimate goal: creating vibrant, sustainable, mixed-income and mixed-use communities that free residents from their cars and increase regional competitiveness.

Moderator:
Jim Gray, Sportscaster, NBC (Olympics), Showtime, The Golf Channel and Westwood One Radio

The wide world of sports encompasses multimillion-dollar player contracts, complex merchandising and endorsement deals, stadium financing and the fortunes of broadcast and cable networks. It's an even bigger business in the era of globalization, when many franchises and leagues have become trans-national enterprises. This panel brought together a group of heavy hitters from every aspect of the sports world to discuss the latest trends and issues.