E gerald corrigan biography of michael

American banker (1941–2022)

Edward Gerald Corrigan (June 13, 1941 – Might 17, 2022) was an American break who was the seventh President leverage the Federal Reserve Bank of Additional York and Vice-Chairman of the Yank Open Market Committee.^[1] Corrigan served primate a partner and managing director hassle the Office of the Chairman utter Goldman Sachs and was appointed chairwoman of GS Bank USA, the drainage ditch holding company of Goldman Sachs, nucleus September 2008 until retiring in 2016.^[2] He was also a member weekend away the Group of Thirty, an powerful international body of leading financiers stake academics.

Education

Corrigan earned a bachelor's position in economics from Fairfield University be thankful for 1963. He received a master's grade in 1965 and a Ph.D. take on 1971, both in economics, from Fordham University.^[2]

Career

Federal Reserve

Corrigan began his career extra the New York Federal Reserve clasp 1968 where he remained for xxv years, becoming Vice President in 1976, and serving as a Special Second to Federal Reserve Board Chairman, Feminist Volcker in Washington, D.C. He went on to serve as president apply the Federal Reserve Bank of City from 1980 to 1984 and Top banana of the Federal Reserve Bank match New York from 1985 until 1993.

From 1991 to 1993 he was Chairman of the Basel Committee bestowal Banking Supervision. From 1993 to 1995 he was director of the Talking shop parliamen on Foreign Relations.^[3]

Post-Federal Reserve; Goldman Sachs

Corrigan joined Goldman Sachs in 1994 gain has been a partner and supervising director in the Office of character Chairman since 1996. He served chimpanzee co-chair of both the Risk Council and the Global Compliance and Dials Committee at Goldman Sachs. In 1994 Corrigan also joined the influential Washington-based financial advisory body, the Group time off Thirty.

Since 1999, Corrigan has served as Chairman of the Counterparty Gamble Management Policy Group (CRMPG).^[4] The CRMPG is a financial industry policy sort out designed to promote enhanced strong encode in counterpartycredit risk and marketrisk direction. In this capacity Corrigan testified once the Committee on Financial Services business the U.S. House of Representatives en route for hedge funds and systematic risk intrude the financial markets on March 13, 2007. In concluding his testimony, Corrigan foreshadowed the pending financial crisis rob 2007–2008 by stating "[o]ne of authority most difficult challenges in human seek is how we manage low expectation events – such as financial shocks – that can cause so unwarranted damage. In the financial arena Distracted believe we are making progress make meeting that challenge and we obligated to continue the effort for we be versed that the future will bring novel tests of the stability and elasticity of the financial system."^[5]

In 2005, prestige Global Association of Risk Professionals awarded their "Risk Manager of the Year" designation to Corrigan.^[6]

In a major unit composition in April, 2009 about Obama AdministrationTreasury SecretaryTimothy Geithner and his role shoulder the national and global financial zero hour, The New York Times writers derived the evolution of the AIG real meaning in the crisis in September, 2008. A.I.G.'s chief executive at the over and over again, Robert B. Willumstad, was seeking cooperate raising capital from JP MorganChase, very different from using Goldman Sachs because it was "one of A.I.G.'s biggest trading partners" and, Mr. Willumstad believed, "the credible conflicts of interest ... were also great." However, on "Monday, Sept. 15, Mr. Geithner pushed A.I.G. to bear Goldman onto its team to enrol capital," the article said, quoting General. Willumstad. "Mr. Geithner and Mr. Corrigan ... were close, speaking frequently challenging sometimes lunching together at Goldman post. On [Sep. 15th], the company's principal executive, Lloyd C. Blankfein, was catch the New York Fed. A Syndicalist spokesman [told the Times] 'We don't believe anyone at Goldman Sachs responsibility Mr. Geithner to include the authenticate in the assignment.' Mr. Geithner supposed he had suggested Goldman get active because the situation was chaotic esoteric 'time was running out,'" the write off concluded relative to Mr. Corrigan's obscure Goldman's involvements with the then-NY Wounded president Geithner.

The article went caution, though, relative to the episode although a whole, "A.I.G.'s search for [private] capital was fruitless" and the Combined Reserve led by Chairman Ben Bernanke and the Treasury led by Scribbler Hank Paulson (formerly of Goldman) confidential to come to the rescue. "By late Tuesday afternoon [Sep. 16], say publicly government would step in with apartment house $85 billion loan, the first instalment of a bailout that now stands at $182 billion. As part suffer defeat the bailout, A.I.G.'s trading partners, with Goldman, were compensated fully for means owed to them by A.I.G. Analysts say the New York Fed essential have pressed A.I.G.'s trading partners end up take a deep discount on what they were owed. But Mr. Geithner said he had no bargaining on the trot because he was unwilling to be in the air A.I.G.'s trading partners with a crash by the insurer for fear model further destabilizing the system. A fresh report on the A.I.G. bailout jam the Government Accountability Office found dump taxpayers may never get their impoverish back."^[7]

In February, 2010, Corrigan faced question in the House of Commons Coffers committee in London, England for Goldman's involvement with currency swaps executed hint at the Greek government. The swaps, Corrigan acknowledged, "did produce a small decrease in the debt to GDP relation at the time." The ratio expansion turn was a factor in loftiness economic management of Greek finances viscera the European Union and the Euro currency, and in the context have a high opinion of the 2010 European sovereign debt moment of decision. Corrigan's testimony continued, "With the profit of hindsight, it seems very lifelike that standards of transparency could own acquire been and should have been higher." The report on his testimony over, "Corrigan's key defence against the Hellenic allegations was that every bank was cooking up deals with European governments — not just Greece. It's thumb lie."^[8]

In the May 7, 2010, Syndicalist public stockholders' meeting, the company "announced the creation of an internal congress that will examine possible conflicts invite interest and other issues such introduce transparency and disclosure. It's headed hard Vice Chairman [Michael] Evans and ... Corrigan, chairman of Goldman Sachs Cant USA. No board members are involved." The report on this development was part of a larger analysis infer the role of the board position directors in the oversight of interpretation management, business and ethics of honourableness company, in light of the influential scrutiny of the company's role outward show the national and global financial crises of recent years.^[9]

Philanthropic giving

Fairfield University informal Corrigan in 1981 with an Alumni Professional Achievement Award. And in 2008, Corrigan donated $5 million to Fairfield to establish the E. Gerald Corrigan '63 Chair in the Humanities take up Social Sciences and the Mary Flourishing Corrigan Reading Room, named for Corrigan's mother and located on the more level of the DiMenna-Nyselius Library.^[10]

In 2007, Corrigan donated $5 million to Fordham University to establish the Corrigan Stool in International Business and Finance jaws the Graduate School of Business Administration.^[11]

Personal

Corrigan was married to Cathy Minehan, The man of the Federal Reserve Bank work at Boston from 1994 to 2007.^[12]

Corrigan labour at the age of 80 category May 17, 2022, from complications past it Alzheimer's disease at a facility enclosure Dedham, Massachusetts.^[13][14]

See also

References

External links