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Financial Crisis

Conference Statement

Conference Organizers - Jeffrey N. Gordon, Columbia Law School Howell E. Jackson, Harvard Law School, Ronald J. Gilson, Columbia and Stanford Law Schools and Charles W. Calomiris, Columbia Business School, have directed this conference to focus on recognizing and containing systemic risk. 

The conference will look at various ways of limiting systemic risk, including: 

  1. Direct regulation of capital, products, etc -- the approach of current legislative proposals;
  2. Private ordering (as in credit default swaps) perhaps augmented by mandatory collective risk sharing. as through exchanges or clearinghouses;
  3. Better resolution mechanisms;
  4. Corporate governance reform (for example, additional board responsibilities, or changing executive comp);
  5. Modifying industry structure (for example, through bust-ups or functional separation like Glass-Steagall).

We are looking to bring together a relatively small group of knowledgeable academics, regulators (US and non-US) and industry participants to work on  these issues during the conference.

The goal is to see how much traction we can get on the systemic risk problem from people who understand different elements of it, and candid discussion will help that.

A subgoal is to encourage more legal academics to focus on financial regulation, since lawyers have proven good at institutionally-sensitive yet economically sophisticated policy work in other areas.

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Program Agenda

The Financial Crisis:  Can We Prevent a Recurrence?

Sponsored by the Columbia Center for Law and Economic Studies
and the Charles Evans Gerber Transactional Studies Center

Columbia Law School
March 5-6, 2010

Agenda

Friday, March 5th

8:30                 Continental Breakfast

9:00                 Introductory Remarks:  Conference Organizers

9:15 - 10:45     Panel One:  Systemic Risk and the Financial Crisis
                        Moderator:  Howell Jackson, Harvard Law School
                        Panelists:
       Douglas Elliott, The Brookings Institution
                                           Geoff Miller, NYU Law School
                                           Erik Sirri, Babson College
                                           Kevin Stiroh, Federal Reserve Bank of New York
                                           Meg Tahyar, Davis Polk

10:45               Coffee Break

11:00 - 12:30   Panel Two:  Systemic Risk in Credit Default Swaps
                        Moderator:  Jeffrey Gordon, Columbia Law School
                        Panelists:     Henry Hu, Securities Exchange Commission
                                           Bob Pickel, ISDA
                                           Craig Pirrong, Univ. of Houston
                                           Robert C. Pozen, MFS
                                           John Williams, Allen & Overy

12:45               Lunch          Faculty House, Garden Room
                        Luncheon Speaker:  Dan Tarullo, Governor, Federal Reserve Board

2:00 - 3:30       Panel Three:  Implementing a Regime of Systemic Risk Oversight
                        Moderator:  Howell Jackson, Harvard Law School
                        Panelists:     Julie Chon, Senate Banking Committee
                                           Nellie Liang, Federal Reserve Board
                                           Michael Taylor, Advisor, Central Bank of Bahrain
                                           Chiara Zilioli, European Central Bank

3:30                 Coffee Break

3:45- 5:15        Panel Four:  Resolving Systemically Important Financial Firms
                        Moderator:  Ed Morrison, Columbia Law School
                        Panelists:      John Armour, Oxford University
                                           Martin Cihak, International Monetary Fund
                                           Harvey Miller, Weil Gotshal & Manges
                                           Mark Roe, Harvard Law School
                                           David Smith, House Financial Services Committee

5:15                 Reception - Faculty House - Presidential Room

6:00 pm           Dinner         Faculty House - Presidential Room
                       Dinner Speaker:  Simon Johnson, MIT Sloan School


Saturday, March 6th

8:30                Continental Breakfast

9:00 - 11:45  Panels on Corporate Governance in Financial Institutions

                      Panel Five:  “Shareholder Value” and “Empowerment”
                      Moderator:   Jeffrey Gordon, Columbia Law School
                      Panelists:      Lucian Bebchuk, Harvard Law School
                                          John Coates, Harvard Law School
                                          Orin Kramer, NJ State Investment Council

                      Panel Six:  Board Governance
                      Moderator:  Ron Gilson, Columbia Law School
                      Panelists:      Rodge Cohen, Sullivan & Cromwell
                                          Holly Gregory, Weil Gotshal & Manges
                                          Ben W. Heineman, Jr., Harvard Law School
                                          Michael Patterson, JPMorgan Chase (Ret.)

12 noon         Lunch - Faculty House - Garden Room
                     Luncheon Speaker:  Henry Hu, Director, SEC Division of Risk, Strategy and Financial

                                                        Innovation

1:15 - 2:45     Panel Seven:  More Radical Solutions
                      Moderator:  Howell Jackson, Harvard Law School
                      Panelists:      Charlie Calo
miris, Columbia University
                                          Rodge Cohen, Sullivan & Cromwell
                                          Morgan Ricks, U.S. Department of Treasury
                                          Michael Patterson, JPMorgan Chase (Ret.)
                                          Luigi Zingales, University of Chicago

                                                                         ###

                                           We gratefully acknowledge the support of

                               Mark and Gail Appel and the Appel Family Foundation

                                                                         and

  Stephen and Barbara Friedman and the Stephen Friedman Endowed Fund in Business Law

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Conference Papers

Panel One: Systemic Risk and the Financial Crisis

  1. Systemic Risk Literature Review (Definition and Policy Proposals)
  2. "Telling the Narrative of the Financial Crisis:  Not Just a Housing Bubble," Douglas J. Elliott and Neil Baily
  3. "Hedge Funds, Financial Intermediation, and Systemic Risk," John Kambhu, Til Schuermann and Kevin J. Stiroh
  4. "Macroprudential Supervision of Financial Institutions:  Lessons from the SCAP," Beverly Hirtle, Til Schuermann ane Kevin Stiroh
  5. "Systemic Risk After Glass-Steagall Reform:  Notes for a Paper," Howell E. Jackson

Panel Two: Systemic Risk in Credit Default Swaps

  1. "Policy Perspectives on OTC Derivatives Market Infrastructure," Durrell Duffie, Ada Li & Theo Lubke
  2. "OTC Derivatives Clearing and the Prevention of the Next Crisis:  A Contrarian View," Craig Pirrong
  3. "The Empty Creditor Hypothesis," David Mengle
  4. "Credit Default Swaps and the Credit Crisis," Rene M. Stulz
  5. "Debt, Equity and Hybrid Decoupling:  Governance and Systemic Risk Implications," Henry T.C. Hu and Bernard Black
  6. "'Empty Creditors' and the Crisis," Henry T.C. Hu
  7.  "Testimony Concerning the Over-the-Counter Derivatives Markets Act of 2009," Henry T.C. Hu
  8. Credit Default Swaps, Clearinghouses, and Exchanges, Squam Lake Working Group on Financial Regulation
  9. "Insight: The Clearing House Rules," Gillian Tett
  10. "Greenlight Capital Founder Calls for CDS Ban," Henny Sender

Panel Three:  Implementing a Regime of Systemic Risk Oversight

  1.  "'Twin Peaks' Revisited . . . a Second Chance for Regulatory Reform," Michael W. Taylor
  2. Financial Markets Regulatory Reform Legislation
  3. Economist Special Report on Financial Risk
  4. "Safe and Sound Banking: A Role for Countersyslical Regulatory Requirements?" Gerard Caprio, Jr.
  5. "Towards a New Regulatory Model for the Single European Financial Market," Fabio Recine and Pedro Gustavo Teixeira
  6. "Initial Comments on the Draft House Bill on Systemic Risk and "Too Big to Fail," Douglas J. Elliott
  7. Implementing a Regime of Systemic Risk Oversight: European Reflections
  8. "A Framework for assessing the Systemic Risk of Major Financial Institutions," Xin Huang, Hao Zhou and Haibin Zhu
  9. "The Evolution of a Financial Crisis:  Collapse of the Asset-Backed Commercial Paper Market, "Daniel Covitz, Nellie Liang and Gustavo Suarez
  10. "Macroprudential Supervision of Large, Complex Financial Firms," Nellie Liang

       Background documentation provided by Ms Chiara Zilioli, Head of the Legal Advice Division at the European Central Bank, a panelist:

           Draft legal acts on Financial supervisory structure in Europe:       

          ECB opinions on the Draft legal acts on Financial supervisory structure in Europe:

          European Parliament report on the draft ESRB regulations:

          De Larosiere Report                                                 

Panel Four:  Resolving Systemically Important Financial Firms

  1. "Avoiding Eight-Alarm Fires in the Political Economy of Systemic Risk Management:  The Case for Systemic Emergency Funding Authority," Jeffrey N. Gordon and Christopher Muller
  2. "Is the Bankruptcy Code an Adequate Mechanism for Resolving the Distress of Systemically Important Institutions?" Edward R. Morrison
  3. "What has the Financial Crisis Taught us About Insolvency Law?" John Armour
  4. Establishing Resolution Arrangements for Investment Banks
  5. "The Need for Special Resolution Regimes for Financial Institutions - The Case of the European Union," Martin Cihak and Erlend Nier
  6. "The Creation of the Financial Diaster That Sunk Lehman Brothers," Harvey R. Miller
  7. "Bankruptcy's Financial Crisis Accelerator:  The Derivatives Players' Priorities in Chapter 11," Mark J. Roe 
    http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1567075
  8. Examiner's Report  - Bankruptcy Cases of Lehman Brothers Holdings Inc.

Panel Five:  "Shareholder Value" and "Empowerment"

  1. "The Corporate Governance of Banks," Jonathan R. Macey and Maureen O'Hara
  2. "Bank CEO Incentives and the Credit Crisis," Rudiger Fahlenbrach and Rene M. Stulz
  3. "Why Did Some Banks Perform Better During The Credit Crisis?  A Cross-Country Study of the Impact of Governance and Regulation," Andrea Beltratti and Rene M. Stultz
  4. A Review of Corporate Governance in UK Banks and Other Financial Industry Entities - Final Recommendations
  5. New Jersey Corporate Governance Letter to SEC 2009
  6. "Regulating Bankers' Pay," Lucian A. Bebchuk and Holger Spamann
  7. "Pay for Banker Performance: Structuring Executive Compensation for Risk Regulation," Frederick Tung
  8. "Corporate Governance and the Financial Crisis," John C. Coates IV
  9. "Paying for Long-Term Performance, "Lucian Bebchuk and Jesse Fried    http://ssrn.com/abstract=1535355 
  10. "The Wages of Failure:  Executive Compensation at Bear Stearns and Lehman 2000-2008," Lucian Bebchuk, Alma Cohen and Holger Spamann    http://ssrn.com/abstract=1513522   
  11. "Regulating Bankers' Pay," Lucian Bebchuk and Holger Spamann   http://ssrn.com/abstract=1410072
  12. "Written testimony, hearing on compensation in the Financial Industry," Lucian Bebchuk   

    http://www.law.harvard.edu/faculty/bebchuk/Policy/01-22-10-HouseTestimony.pdfwww.law.harvard.edu/faculty/bebchuk/Policy/01-22-10-HouseTestimony.pdf"

  13. Fixing Bankers ' Pay,"Lucian Bebchuk    http://www.law.harvard.edu/faculty/bebchuk/opeds/11-09-EconVoice.pdfwww.law.harvard.edu/faculty/bebchuk/opeds/11-09-EconVoice.pdf

Panel Six:  Board Governance

  1. "Governance and the Financial Crisis," Renee Adams
  2. "The Financial Crisis and the Structure of Contracts," Charles A.E. Goodhart
  3. Restoring Trust in Corporate Governance: The Six Essential Tasks of Boards of Directors and Business Leaders - Policy Brief
  4. Report of the Task Force of the ABA Section of Business Law Corporate Governance Committee on Delineation of Governance Roles and Responsibilities

Panel Seven:  More Radical Solutions

  1. Volcker Rule
  2. "Re-Establishing the Banking Social Contract," Morgan Ricks
  3. "The Quiet Coup," Simon Johnson
  4. "Overmighty Finance Levies a Tithe on Growth," Benjamin Friedman
  5. "Tobin Tax Talk Not Without Merit," Vince Heaney
  6.  "Capitalism After the Crisis," Luigi Zingales
  7. "A Tax On Short-Term Debt Would Stabilize the System," Luigi Zingales
  8. How to Avoid a New Financial Crisis
  9. "How to Fix the Resolution Problem of Large, Complex, Nonbank Financial Institutions," Charles W. Calomiris
  10. "The Volcker Rule:  Unworkable and Unwise," Charles W. Calomiris
  11. "A Recipe for Ratings Reform," Charles Calomiris
  12. "Most Pundits are Wrong About the Bubble," Charles W. Calomiris
  13. "In the World of Banks, Bigger Can Be Better," Charles Calomiris
  14. Background Note on Tobin Tax Proposals

 

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Listing of Participants

Attending Participants

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Attendee Biographies

John Armour

 John Armour was appointed to the Lovells Professorship in Law and Finance, in association with Oriel College on 1 July 2007, having previously been a University Senior Lecturer in Law and Fellow of Trinity Hall at Cambridge University. He studied law (MA, BCL) at the University of Oxford before completing his LLM at Yale Law School and taking up his first post at the University of Nottingham. He has held visiting posts at various institutions including Pennsylvania Law School, the University of Bologna, and Columbia Law School.

He has published widely in the fields of company law, corporate finance, and corporate insolvency. His main research interest lies in the integration of legal and economic analysis, with particular emphasis on the impact on the real economy of changes in the law governing insolvency and company law. He has been involved in policy related projects commissioned by the Department of Trade and Industry, the Financial Services Authority, and the Insolvency Service.

Oren Bar-Gill

 Oren Bar-Gill’s scholarship focuses on the law and economics of contracts and contracting. His publications include: "The Law, Economics, and Psychology of Subprime Mortgage Contracts," which appeared in the Cornell Law Review (2009); "Making Credit Safer" (with Elizabeth Warren), which appeared in the University of Pennsylvania Law Review (2008); "Bundling and Consumer Misperception," which appeared in the University of Chicago Law Review (2006); “Credible Coercion” (with Omri Ben-Shahar), which appeared in the Texas Law Review (2005); and “Seduction by Plastic,” which appeared in the Northwestern University Law Review (2004).

Bar-Gill joined the New York University School of Law faculty in January 2005 from Harvard University, where he was a Fellow at the Society of Fellows, as well as an Olin Fellow at Harvard Law School. Bar-Gill holds a B.A. (economics), LL.B., M.A. (law & economics) and Ph.D. (economics) from Tel-Aviv University, as well as an LL.M. and S.J.D. from Harvard Law School

Patrick Bolton

Patrick Bolton is the Barbara and David Zalaznick Professor of Business, and Co-Director of the Center for Contracts and Economic Organization at the Columbia Law School. His areas of interest are in contracting issues in corporate finance and industrial organization.  A central focus of his work is on the allocation of control and decision rights to contracting parties when long-term contracts are incomplete. This issue is relevant in many different contexts including: the firm’s choice of optimal debt structure, corporate governance, the boundaries of the firm, and constitution design. His work in industrial organization focuses on antitrust economics and the potential anticompetitive effects of various contracting practices.  He recently published Contract Theory, MIT Press (2005) with Mathias Dewatripont and co-edited, Credit Markets for the Poor, Russell Sage Foundation (2005) with Howard Rosenthal. 

H. Rodgin Cohen

A partner at Sullivan & Cromwell LLP. He was Chairman of the Firm from July 1, 2000 through December 31, 2009 and has served as its Senior Chairman since January 1, 2010. Mr. Cohen has acted in most of the major U.S. bank acquisitions and recent government-sponsored and capital-raising efforts and provides corporate governance advice to a large number of financial and non-financial institutions, both regular clients and as special assignments. He has played a singular role in the market events that have changed the face of the financial services industry and economy, for which The American Lawyer has ranked Mr. Cohen #1 among its 25 “Dealmakers of the Year,” noting that “he was Wall Street’s go-to lawyer during the most important months for the American banking industry since the Great Depression.”

Mr. Cohen currently serves on the task force supported by The Pew Financial Reform Project, which was launched by The Pew Charitable Trusts in May 2009 to provide objective, fact-based analysis for the debates in Congress over establishing a new framework for financial regulation. He also is or has been a member of the IIF Special Committee for a Strategic Dialogue for Effective Regulation, the Treasury Advisory Committee on the Auditing Profession, The New York State Commission to Modernize the Regulation of Financial Services and The Financial Services Roundtable’s Blue Ribbon Commission on Enhancing Competitiveness. Mr. Cohen is a trustee of New York Presbyterian Hospital, the Hackley School, Deerfield Academy, Hampton University, Lincoln Center Theater and, formerly, the Economic Club of New York, and is a member of the advisory boards of United Way of Westchester-Putnam, the University of Charleston and Wall Street Rising, which in 2005 honored him with its annual Leadership Award for his “steadfast commitment to Lower Manhattan” in the aftermath of the attacks of September 11, 2001.

Hye-Won Choi

Senior Vice President and Head of Corporate Governance at TIAA-CREF.  TIAA-CREF, a financial services group of companies located in New York, had assets under management of about $414 billion as of December 31, 2009.

On behalf of the boards of the TIAA-CREF group of companies, Ms. Choi and her colleagues work to enhance the governance and social responsibility practices of companies held within TIAA-CREF’s portfolios with the objective of reducing investment risk, increasing shareholder value and improving long-term performance. 

 Ms. Choi has presented at numerous corporate governance conferences in the United States and internationally and has been quoted in major publications.  She also represents TIAA-CREF on various international corporate governance networks and coalitions.  In 2009, Ms. Choi was appointed Co-Chair of the SEC investor advisory committee formed to give investors a greater voice in the work of the Commission.  Ms. Choi is also a member of the New York Stock Exchange Corporate Governance Commission.  She was named in 2009 as “one of the 100 most influential people in the boardroom” by the National Association of Directors and Directorship Magazine.

Ms. Choi received an A.B. cum laude from Harvard University in 1985 and a J.D. from the University of California, Berkeley, in 1989.

Julie Chon

Julie Chon serves as Senior Policy Advisor on the Senate Banking Committee.  She prepared over 45 hearings examining the financial crisis and played a key role in crafting/negotiating policy responses to the crisis (housing, TARP/emergency stabilization, IMF funding authorization, and exchange rate bills).  She is currently working to advance financial reform legislation, with a focus on derivatives and systemic risk.
 
In addition to the Senate Banking Committee, Julie served on the Treasury team for the Obama-Biden Transition Project, the Senate Democratic Policy Committee, and the Democratic Senatorial Campaign Committee.  From 1998-2004, Julie worked at Salomon Brothers/Citi in London and JP Morgan/Chase in New York, structuring debt offerings for U.S. and international financial institutions, sovereigns, and emerging market issuers.  She has dollar, euro, and yen transaction experience spanning 40 countries.
 
Julie graduated from Cornell University where she was elected to the Board of Trustees.  She was a UK FSA Registered Securities and Derivatives Dealer from 2001-2004.

Martin Cihák

Martin Cihák is a Deputy Division Chief in the Monetary and Capital Markets Department of the International Monetary Fund (IMF) in Washington, D.C. In his work, he focuses on financial stability, financial sector regulation and supervision, and financial system reforms. He has covered these issues in numerous IMF and World Bank missions and various publications. He has been one of the editors of the IMFWorld Bank Financial Sector Assessment Handbook. Before joining the IMF in 2000, Martin Cihák was a chief analyst in a commercial bank, a university lecturer, and an advisor to a minister. He received a Ph.D. in Economics from CERGEEI, Prague and a M.Sc. in Law from Charles University, Prague. For his recent papers, see www.ssrn.com/author=735014

John C. Coates, IV

Professor of Law and Economics joined the Harvard Law School faculty in 1997 after private practice at the New York law firm of Wachtell, Lipton, Rosen & Katz, where he was a partner specializing in mergers and acquisitions, corporate and securities law, and the regulation of financial institutions. He was named the John Cogan Jr. Professor of Law and Economics in 2006.  He is the author of numerous articles on corporate, securities, and financial institution law, and for seven years co-authored the leading annual survey of developments in financial institution M&A.  His current research at Harvard includes the regulation and taxation of mutual funds, the purchasing of legal services by S&P 500 companies, the completion or failure of M&A transactions, and CEO and CLO turnover.

Publications include Reforming the Taxation and Regulation of Mutual Funds: A Comparative Legal and Economic Analysis, 1 J. Legal Anal. 591  (2009); Lowering the Cost of Bank Recapitalization, 26 Yale J. Reg. 373 (2009); Competition and Shareholder Fees in the Mutual Fund Industry:  Evidence and Implications for Policy, 33 J. Corp. L. 151 (2007); The Goals and Promise of the Sarbanes-Oxley Act, 21 J. Econ. Persp., 91 (2007); The Powerful Antitakeover Force of Staggered Boards:  Theory, Evidence, and Policy, 54 Stan. L. Rev. 887 (2002); and Explaining Variation in Takeover Defenses:  Blame the Lawyers, 89 Cal. L. Rev. 1301 (2001).

 Gary J. Cohen

General Counsel of the Financial Crisis Inquiry Commission in Washington, DC.   The bipartisan 10 member Commission was created by Congress in 2009 and is charged with examining the causes of the financial crisis and delivering a report to the President and Congress by December 15, 2010. 

Mr. Cohen was a partner in the Los Angeles office of Sidley Austin LLP  where his practice focused on corporate law with an emphasis on investment advisory matters, private equity and real estate offerings, mezzanine debt transactions, mergers and acquisitions, and general corporate matters.  Following law school, Mr. Cohen was a law clerk for the Honorable Wilfred Feinberg, United States Court of Appeals, Second Circuit.

Mr. Cohen received his law degree from the University of California, Berkeley School of Law (Boalt Hall) in 1974 where he was an Associate Editor of the California Law Review (1972-1974), a member of Order of the Coif, and the recipient of the Bartley Cavanaugh Crum Scholar award. He also received a Master of Science in Electrical Engineering from the University of California at Berkeley in 1969, and a Bachelor of Science from the Polytechnic University in 1967.  He is a member of the California bar.

H. Rodgin Cohen

H. Rodgin Cohen is a partner at Sullivan & Cromwell LLP. He was Chairman of the Firm from July 1, 2000 through December 31, 2009 and has served as its Senior Chairman since January 1, 2010. Mr. Cohen has acted in most of the major U.S. bank acquisitions and recent government-sponsored and capital-raising efforts and provides corporate governance advice to a large number of financial and non-financial institutions, both regular clients and as special assignments. He has played a singular role in the market events that have changed the face of the financial services industry and economy, for which The American Lawyer has ranked Mr. Cohen #1 among its 25 “Dealmakers of the Year,” noting that “he was Wall Street’s go-to lawyer during the most important months for the American banking industry since the Great Depression.”

Mr. Cohen currently serves on the task force supported by The Pew Financial Reform Project, which was launched by The Pew Charitable Trusts in May 2009 to provide objective, fact-based analysis for the debates in Congress over establishing a new framework for financial regulation. He also is or has been a member of the IIF Special Committee for a Strategic Dialogue for Effective Regulation, the Treasury Advisory Committee on the Auditing Profession, The New York State Commission to Modernize the Regulation of Financial Services and The Financial Services Roundtable’s Blue Ribbon Commission on Enhancing Competitiveness. Mr. Cohen is a trustee of New York Presbyterian Hospital, the Hackley School, Deerfield Academy, Hampton University, Lincoln Center Theater and, formerly, the Economic Club of New York, and is a member of the advisory boards of United Way of Westchester-Putnam, the University of Charleston and Wall Street Rising, which in 2005 honored him with its annual Leadership Award for his “steadfast commitment to Lower Manhattan” in the aftermath of the attacks of September 11, 2001.

Douglas J. Elliott

A  Fellow at the Brookings Institution, where he focuses on financial institutions and markets and their regulation. He was a financial institutions investment banker for almost two decades, principally at J.P. Morgan. In that capacity, he offered M&A and strategic advice, helped raise equity and debt capital, assisted with securitizations, and was an equities analyst. Mr. Elliott was also the Founder and principal researcher at the Center On Federal Financial Institutions (www.coffi.org), the only think tank with an exclusive focus on the federal government’s lending and insurance activities. His work there was described by the New York Times as “refreshingly understandable” and “without a hint of dogma or advocacy.” He appears frequently in the major media and has testified before both Houses of Congress. Mr. Elliott’s papers are available at http://www.brookings.edu/experts/elliottd.aspx

Ronald J. Gilson

The Stern Professor of Law and Business at Columbia University and the Meyers Professor of Law and Business at Stanford University.  Professor Gilson’s academic work has focused on corporate governance and acquisitions along both comparative and domestic dimensions, and on the economic structure of transactions and complex contracting.   He is the author of The Law and Finance of Corporate Acquisitions (with B. Black), Cases and Materials on Corporations (with J. Choper & J. Coffee, and (Some of) the Essentials of Finance and Investment (with B. Black), and over 80 articles in law and economics journals.  Professor Gilson was one of the Reporters of the American Law Institute's Corporate Governance Project, and is a fellow of the American Academy of Arts and Sciences, and of the European Corporate Governance Institute.  He is the independent chair of the board of directors of the American Century Mountain View Family of Mutual Funds with assets under management of approximately $30 billion.

Jeffrey N. Gordon

Alfred W. Bressler Professor of Law and Co-Director of the Center for Law and Economic Studies at Columbia Law School and a Fellow of the European Corporate Governance Institute.   He teaches and writes extensively on corporate governance, mergers and acquisitions, and comparative corporate governance.  Recent publications include The Rise of Independent Directors in the US 1950-2005: Of Shareholder Value and Stock Market Prices, 59 Stan. L. Rev. 1465 (2007) and “Say on Pay”: Cautionary Notes on the UK Experience and the Case for Shareholder Opt-in, 46 Harv. J. on Legisl.  323 (2009).  He has just completed a paper on the regulation of systemic risk, Avoiding Eight-Alarm Fires in the Political Economy of Systemic Risk Management: The Case for Systemic Emergency Funding Authority, http://ssrn.com/abstract=1553880.

Prof. Gordon graduated from Yale and Harvard Law School, clerked for a federal appeals court judge, practiced at a New York law firm, and worked in the General Counsel’s office of the U.S. Treasury. He began his academic career at NYU in 1982 and moved to Columbia in 1988.  While at Treasury, he worked on the Chrysler Corporation loan guarantee program and financial regulation.

Holly J. Gregory

A partner in the international law firm of Weil Gotshal & Manges LLP where she counsels companies and boards of directors on the full range of governance issues.  She has worked on various governance-related public policy projects, including a key role in drafting the OECD Principles of

Corporate Governance and advising the Internal Market Directorate of the European Commission on corporate governance regulation. She has also advised the World Bank and the joint OECD/World Bank Global Corporate Governance Forum on governance policy for developing and emerging markets.  She chaired an ABA Task Force on the Delineation of Governance Roles & Responsibilities which delivered its report to Congress and the SEC in August of 2009. Ms. Gregory has also helped organize governance-related programs for the SEC, OECD, World Bank, Yale’s Millstein Center for Corporate Governance and Performance, Transparency International and Columbia University School of Law’s Institutional Investor Project.  She was recently recognized as being among the “100 Most Influential Players in Corporate Governance” (Directorship 100), Directorship Magazine, 2009, 2008 and 2007  and as a “Leading Practitioner in Corporate Governance”  in  The International Who's Who of Corporate Governance Lawyers 2009 and 2008

Ben W. Heineman, Jr.

Ben W. Heineman, Jr. was GE’s Senior Vice President-General Counsel for GE from 1987-2003, and then Senior Vice President for Law and Public Affairs from 2004 until his retirement at the end of 2005. He is currently Senior Fellow at the Belfer Center for Science and International Affairs at Harvard’s Kennedy School of Government, Distinguished Senior Fellow at Harvard Law School’s Program on the Legal Profession, Senior Fellow at Harvard Law School’s Program on Corporate Governance and Senior Counsel to the law firm of Wilmer Hale. A Rhodes Scholar, editor-in-chief of the Yale Law Journal and law clerk to Supreme Court Justice Potter Stewart, Mr. Heineman was assistant secretary for policy at the Department of Health, Education and Welfare and practiced constitutional law prior to his service at GE. His book, "High Performance with High Integrity", was published in June, 2008 by the Harvard Business Press. He writes and lectures frequently on business, law and international affairs. He is also the author of books on British race relations and the American presidency. I He is a fellow of the American Academy of Arts and Sciences, a member of the National Academy of Science’s Committee on Science, Technology and Law and recipient of the American Lawyer’s Lifetime Achievement Award and the Lifetime Achievement Award of Board Member Magazine and was named one of the 100 most influential individuals on business ethics in 2008 and 2009 by Ethisphere Magazine. He serves on the boards of Memorial Sloan Kettering Cancer Center, the Center for Strategic and International Studies, Central European University, Transparency International-USA and the Committee For Economic Development.

Klaus J. Hopt

Member of the Max Planck Society since 1995 and was managing director of the Max Planck Institute for Comparative and International Private Law in Hamburg/Germany. His main interests lie in corporate governance and European corporate and financial integration. He has been involved in many policy-related projects with the German government and the European Commission. He is visiting professor at Columbia until the end of April 2010.

 Henry T. C. Hu

Henry T. C. Hu was appointed the first Director of the Division of Risk, Strategy, and Financial Innovation of the U.S. Securities and Exchange Commission in September 2009.  He holds the Allan Shivers Chair in the Law of Banking and Finance at the University of Texas Law School.  Interested in law and modern finance, Professor Hu has written on bank, derivatives, hedge fund, and mutual fund regulation, corporate governance, debt and equity “decoupling,” global “competitiveness” of U.S. derivatives markets, model risk, risk management, swaps and other financial innovations, and Warren Buffett.  The writings have appeared in law reviews (e.g., Columbia Law Review, University of Pennsylvania Law Review, and Yale Law Journal), specialist journals (e.g., European Financial Management, Journal of Applied Corporate Finance, and Risk), and newspapers (i.e., The Financial Times, The New York Times, and The Wall Street Journal).  Most recently, his “decoupling” research has attracted attention, including a lead front-page story in The Wall Street Journal and stories in The Economist, The Financial Times, and The New York Times.   He holds a B.S. (Molecular Biophysics & Biochemistry), M.A. (Economics), and J.D., all from Yale.

 Howell E. Jackson

James S.Reid, Jr., Professor of Law at Harvard Law School.  His research interests include financial regulation, international finance, consumer protection, federal budget policy, and entitlement reform.  Professor Jackson has served as a consultant to the United States Treasury Department, the United Nations Development Program, and the Insurance, a trustee of the College Retirement Equities Fund (CREF) and its affiliated TIAA-CREF investment companies, a member of the panel of outside scholars for the NBER Retirement Research Center, and a senior editor for Cambridge University Press Series on International Corporate Law and Financial Regulation.  Professor Jackson frequently testifies before Congress and consults with government agencies on issues of financial regulation.  He is co-editor of Fiscal Challenges:  An Inter-Disciplinary Approach to Budget Polity (Cambridge University Press 2008), co-author of Analytical Methods for Lawyers (Foundation Press 2003) and Regulation of Financial Institutions (West 1999), and author of numerous scholarly articles.  Before joining the Harvard Law School faculty in 1989, Professor Jackson was a law clerk for Associate Justice Thurgood Marshall and practiced law in Washington, D.C.  Professor Jackson received J.D. and M.B.A. degrees from Harvard University in 1982 and a B.A. from Brown University in 1976.

 Robert J. Jackson, Jr.

Currently serving as an advisor on executive compensation and corporate governance to senior officials at the Department of the Treasury and as Deputy Special Master for TARP Executive Compensation, and will join the Columbia Law School faculty in July 2010. His research interests emphasize empirical study of corporate governance matters. Before his most recent government service, Jackson practiced at Wachtell, Lipton, Rosen & Katz in the Executive Compensation and Benefits Department, was the Terence M. Considine Research Fellow in Law and Economics at Harvard Law School and the Editor of the Harvard Law School Forum on Corporate Governance and Financial Regulation, and served as a Law Clerk to the Hon. Amalya L. Kearse on the U.S. Court of Appeals for the Second Circuit. During law school, Jackson served as Articles Co-Chair of the Harvard Law Review. He received his J.D. from Harvard Law School, an M.A. in Public Policy from Harvard's Kennedy School of Government, an M.B.A. from the Wharton School, a Bachelor of Arts in politics, philosophy, and economics, and a Bachelor of Science in Economics with an emphasis on finance, after also studying at Pembroke College at Oxford University.

Simon Johnson

Ronald A. Kurtz (1954) Professor of Entrepreneurship at MIT Sloan School of Management. He is also a senior fellow at the Peterson Institute for International Economics in Washington, D.C., a co-founder of BaselineScenario.com (a widely cited website on the global economy), and a member of the Congressional Budget Office's Panel of Economic Advisers. Prof. Johnson is a weekly contributor to NYT.com's Economix, has a monthly column with Project Syndicate that runs in publications around the world, and has published high impact opinion pieces recently in The Atlantic, The New Republic, BusinessWeek, Bloomberg, and The Financial Times, among other places.  In January 2010, he joined The Huffington Post as contributing business editor.

Professor Johnson is the co-author, with James Kwak, of 13 Bankers, a major new assessment of the US financial sector, to be published by Pantheon in March 2010. 

From March 2007 through the end of August 2008, Prof. Johnson was the International Monetary Fund's Economic Counselor (chief economist) and Director of its Research Department. He is a co-director of the NBER Africa Project, and works with non-profits and think tanks around the world. 

Orin Kramer

A general partner of Boston Provident, L.P., which manages investment vehicles focusing on the financial services industry.  He is a director of Ariel Holdings Ltd., a Bermuda reinsurance company, and has served on the boards of other financial services firms, public and private.  He is Chairman of the New Jersey State Investment Council.  He is President of the Robert F. Kennedy Center for Justice and Human Rights Leadership Council.  He is a member of the executive committee of the board of directors of the Alliance for Climate Protection, the organization founded and chaired by former Vice President Al Gore to pursue his global warming agenda.  He is also on the advisory board of the Toigo Foundation, which promotes opportunities for minorities in the financial services industry.  He is a member of the Samsung Advisory Council and Senior Advisor for BSE US Bank Opportunity Fund.

In 2007, he was appointed by the Pennsylvania State Treasurer as a member of the Financial Asset Management Commission, which reviewed the State’s investment practices.  He was named by President Clinton as a member of the Commission to Study Capital Budgeting.  In 1995, he was designated by the Secretary of Treasury to serve as a member of the Advisory Commission on Financial Services.  In 1992, he served as a coordinator of President-elect Clinton’s transition team on financial services issues.  In 1990, he was appointed by the Governor of California as executive director of the California Commission on Ratemaking for Workers Compensation Insurance.  In 1986, he served as vice-chairman and executive director of a special commission appointed by Governor Cuomo to study the liability insurance crisis and civil justice reform, and he co-authored the New York DeWind Commission report on product deregulation for banks.  Mr. Kramer has published two books and a number of studies on the financial services industry. He has taught financial institutions law at Columbia Law School.

From 1981 to 1983, Mr. Kramer was a member of the financial institutions group at the management consulting firm of McKinsey & Co.  From 1977 to 1981, he served as Associate Director of the White House Domestic Policy Staff.  Previously, Mr. Kramer had been an associate with the law firm of Simpson Thacher & Bartlett and executive director of the New York State Commission on Living Costs and the Economy.  He received his B.A. from Yale College and J.D. from Columbia Law School.

Jeremy Kress

Fourth-year joint degree student in law and public policy at Harvard Law School and Harvard Kennedy School.  Jeremy is a research assistant for Professor Howell Jackson and has also researched for the Committee on Capital Markets Regulation.  Upon graduating this year, Jeremy will join the Federal Reserve Board’s Legal Division.  Jeremy is an alumnus of the Stephen M. Ross School of Business at the University of Michigan and has worked at the Securities and Exchange Commission’s Division of Trading & Markets and the U.S. Senate Permanent Subcommittee on Investigations.” 

Adam J. Levitin

Associate Professor of Law at the Georgetown University Law Center in Washington DC, where he teaches courses in bankruptcy, commercial law, contracts, and structured finance. Professor Levitin also serves as Special Counsel for Mortgage Affairs for the Congressional Oversight Panel supervising the Troubled Asset Relief Program.  In the fall of 2009, Professor Levitin was the Robert Zinman Resident Scholar at the American Bankruptcy Institute.  Before joining the Georgetown faculty, Professor Levitin practiced in the Business Finance & Restructuring Department of Weil, Gotshal & Manges LLP in New York and served as law clerk to the Honorable Jane Richards Roth on the United States Court of Appeals for the Third Circuit.  Professor Levitin's research focuses on consumer finance and bankruptcy reorganizations.  Professor Levitin holds a J.D. from Harvard Law School, an M.Phil and an A.M. from Columbia University, and an A.B. from Harvard College.

Nellie Liang

A Senior Associate Director in the Division of Research and Statistics at the Federal Reserve Board.  She conducts policy analysis related to financial markets and institutions, and has participated in many of the Federal Reserve Board’s efforts to respond to the financial crisis, including being part of the leadership team on the Supervisory Capital Assessment Program, known as the “stress tests” of the largest banking institutions. Recent research has focused on the dynamics of investors runs in short-term funding markets, modifications of distressed mortgage loans, debt covenants on employment risk, the effects of taxes and managerial stock incentives on corporate payout policies, corporate pension plans and company stock, and initial public offerings.  Her recent research has been published in Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis,and Journal of Public Economics,among other places. She received her PhD in economics from the University of Maryland.

Harvey R. Miller

Born New York City, March 1, 1933; admitted to bar, 1959, New York.  Admitted:  U.S.  Supreme Court, U.S. Court of Appeals for the Second, Third, Fourth, Fifth and Ninth Circuits; U.S. District Courts for the Southern and Eastern Districts of New York; New York State.  Education: Brooklyn College (A.B., 1954); Columbia University (LL.B., 1959).  He currently is a Partner in the New York City based international law firm of Weil, Gotshal & Manges, LLP where he created and developed the Firm’s Business Finance & Restructuring Department specializing in reorganizing distressed business entities and representing creditors, investors and purchasers of distressed businesses and assets.  From September, 2002 to March, 2007, he was a Managing Director and Vice Chairman of Greenhill & Co., LLC, an international investment banking firm. 

Adjunct Professor of Law 1976 to present, New York University Law School; Visiting Lecturer, Yale Law School, 1983-84; Lecturer in Law 2000 to present, Columbia University School of Law; Member, Board of Visitors Columbia University School of Law through 2002; Member, Dean’s Council Columbia University School of Law 2003-present; Member, National Bankruptcy Conference; Fellow, American College of Bankruptcy; Fellow of the American Bar Foundation; Trustee, Committee on Economic Development. 

John Morley

John Morley will become an Associate Professor of Law at the University of  Virginia School of Law beginning in August 2009. He is currently an Associate Research Scholar in Law at Yale Law School and the John R. Raben/Sullivan & Cromwell Executive Director of the Yale Law School Center for the Study of Corporate Law. He is a graduate of Yale Law School and the University of Utah. From 2006 to 2007, he practiced corporate and securities law at Covington & Burling LLP. His research has focused on the regulation of mutual funds and other investment vehicles.

Michael E. Patterson

Worked for JPMorgan from 1987-2009, serving as general counsel, chief administrative officer, a member of the board and vice chairman. Prior to his employment with JPMorgan, Michael practiced law in New York and Paris as a partner of Debevoise & Plimpton. He is a member of the board of The Trust for Public Land, The Hastings Center, USA Cycling and the USA Cycling Development Foundation. He also serves as Chairman of the Board of Directors of The Child School and the French-American Foundation. A native of New York State, Michael completed his undergraduate work at Harvard and earned his Juris Doctor degree from Columbia Law School, after which he clerked for The Hon. Carl McGowan on the U.S. Court of Appeals for the District of Columbia Circuit, and then for the Hon. Potter Stewart on the U.S. Supreme Court. He lives with his wife Elena in New York City and Connecticut and is bicycle racer.

Robert G. Pickel

Executive Vice Chairman of the International Swaps and Derivatives Association, Inc. Mr. Pickel served as Executive Director and Chief Executive Officer of ISDA from January 2001 to November 2009. From 1997 to 2001 he held the position of General Counsel of ISDA.

Prior to joining ISDA, Mr. Pickel was Assistant General Counsel in the Legal Department of Amerada Hess Corporation, an international oil and gas company, from 1991 to 1997. He has also worked at the law firm of Cravath, Swaine & Moore in New York and London, where he represented ISDA in a variety of matters.

Mr. Pickel serves as a member of the Board of Directors for The Institute for Financial Markets, a member of The Bretton Woods Committee and a member of the Board of the Capital Markets Law Journal. Mr. Pickel graduated from Williams College and received his law degree from New York University.

Robert C. Pozen

Chairman of MFS Investment Management®, which manages over $180 billion in assets.  Bob is also a senior lecturer at Harvard Business School.     

 In 2007-08, he was Chairman of the SEC Advisory Committee on Improving Financial Reporting.  In 2003, he was Secretary of Economic Affairs for Massachusetts Governor Mitt Romney.  In 2001-2002, he served on the President's Social Security Commission.   From 1987 to 2001, Bob worked at Fidelity Investments, where he was Vice Chairman. Before joining Fidelity, Bob was Associate General Counsel for the SEC.

Bob has published widely in the Wall Street Journal, New York Times, and London Financial Times.  In November, 2009, John Wiley published his latest book, “Too Big To Save?  How To Fix the US Financial System.”  

Morgan Ricks

A Senior Policy Advisor in the Treasury Department where he specializes in policy initiatives relating to financial institutions and markets.  Before joining Treasury, he was an investment professional specializing in risk arbitrage at Citadel Investment Group.  Prior to that, he was a vice president in the Financial Institutions Group in the investment banking division of Merrill Lynch & Co.  He began his career as a corporate lawyer at Wachtell, Lipton, Rosen & Katz.  He is a 2001 graduate of Harvard Law School and a 1997 graduate of Dartmouth College.

Edward Rock

Saul Fox Distinguished Professor of Law and Business at the University of Pennsylvania Law School and co-director of the Institute for Law and Economics.  He teaches Corporate Law, Mergers and Acquisitions and, since the melt down, the Regulation of Financial Institutions.  He is currently working    on understanding how government control of private corporations transforms the structures of accountability.

Mark J. Roe

A bankruptcy and corporate law professor at Harvard Law School.  Recent publications include:  Assessing the Chrysler Bankruptcy, 108 Michigan law Review 727 (2010) (with David Skeel), available at http://www.ssrn.com/abstract=1426530; Delaware’s Shrinking Half-Life, 62 Stanford Law Review 125 (2009); Finance and Politics:  A Review Essay, 47 Journal of Economic Literature 782 (2009) (with Jordan Siegel); Public and Private Enforcement of Securities Laws:  Resource-Based Evidence, 93 Journal of Financial Economics 207 (2009) (with Howell Jackson); and Washington and Delaware in American Corporate Lawmaking, 34 Delaware Journal of Corporate Law 1 (2009).  An article is in progress, on which my panel remarks will be based, is tentatively entitled Bankruptcy Financial Crisis Accelerator:  The Derivatives Players’ Priorities in Chapter 11.

Kim Leslie Shafer

A Senior Research Consultant to the Financial Crisis Inquiry Commission.  Her diverse career includes over 15 years as a fixed income investment banker and 7 years as an attorney.  As both a banker and public servant, she dealt with many issues central to today’s credit crisis.  Until 2008 she was a Senior Managing Director in Strategic Finance at Bear Stearns and was there for 11 years.  During 2009 she was a Senior Advisor to the valuation firm Duff & Phelps.  Prior to joining Bear Stearns, she worked as a public finance banker at Prudential Securities and Dean Witter.  During the thrift crisis, she served as Chief Counsel & Staff Director of the Subcommittee on Consumer & Regulatory Affairs of the U.S. Senate Banking Committee.  Kim started her career as a corporate attorney with White & Case.  She holds a J.D. from Columbia Law School and a B.A. from Vanderbilt University.  Post-graduate she was a Corning World Travel Fellow.

Erik R. Sirri

Professor of Finance at Babson College. His research interests include the interaction of securities law and finance, securities market structure, and investment management. From 2006-2009 he was the Director of the Division of Trading and Markets at the U.S. Securities and Exchange Commission, where he was responsible to the Commission for matters relating to the regulation of stock and option exchanges, national securities associations, brokers, dealers, clearing agencies, transfer agents, and credit rating agencies. He served as the Commission's Chief Economist from 1996-1999, and was an Assistant Professor of Finance at the Harvard Business School from 1989 to 1995. Sirri received his B.S. in Astronomy from the California Institute of Technology in 1979, an M.B.A. from the University of California, Irvine, in 1984, and his Ph.D. in Finance from the University of California, Los Angeles, in 1990. His published writings appear in academic journals, practitioner journals, and books. He has consulted for securities firms, stock exchanges, mutual fund companies, issuers, and information vendors on a variety of regulatory and business matters.

David Smith

Mr. Smith is chief economist of the House Financial Services Committee. Prior to joining the Committee he has, among other things, been Director of Public Policy at the AFL-CIO, Commissioner of Business Development and Chief Deputy Budget Director for the City of New York, taught at the University of Massachusetts and the New School, a member of the Medicare Payment Advisory Commission, on the staff of the congressional Joint Economic Committee, and an advisor to Senator Edward M Kennedy

Holger Spamann

Lecturer on law and Executive Director of the Program on Corporate Governance at Harvard Law School, where his research and teaching focuses on the law and economics of corporate governance and financial markets. Before embarking on his academic career, he practiced with Debevoise & Plimpton in New York and clerked for two years in Europe. He holds an A.M. in economics from Harvard University, a B.Sc. in economics from the London School of Economics, a doctorate in law (S.J.D.) from Harvard Law School, and basic law degrees from the Sorbonne and the University of Hamburg. His recent articles include The “Antidirector Rights Index” Revisited, 23 REVIEW OF FINANCIAL STUDIES 467 (2010), Regulating Bankers’ Pay (with Lucian Bebchuk), 98 GEORGETOWN LAW JOURNAL 247 (2010), and Large Sample, Quantitative Research Designs for Comparative Law?, 57 AMERICAN JOURNAL OF COMPARATIVE LAW 797 (2009).

Kevin J. Stiroh

A senior vice president in the financial sector policy and analysis function of the Bank Supervision Group at the Federal Reserve Bank of New York. He joined the Bank in March 1999 in the Research and Statistics Group, where he became a vice president in July 2006. Mr. Stiroh later resigned from the Bank to accept a position in the private sector. He rejoined the Bank in November 2008 as a vice president in the Research and Statistics Group and joined the Bank Supervision Group in September 2009.

Mr. Stiroh's academic research includes work on productivity and the sources of economic growth, the economic impact of information technology, and the efficiency and behavior of financial institutions. This research has been published in the American Economic Review, Brookings Papers on Economic Activity, Journal of Banking and Finance, Journal of Money, Credit, and Banking, Review of Economics and Statistics and other academic and business publications.

Mr. Stiroh holds a B.A. degree from Swarthmore College and an M.A. and Ph.D. from Harvard University.

Margaret E. Tahyar

A partner of Davis Polk & Wardwell's Financial Institutions Group.  Her practice focuses on complex cross-border transactions, including capital markets, private equity and mergers and acquisitions. She also has worked closely with a number of major financial institutions providing regulatory, legislative reform and financial crisis advice. Before her return to the New York office, Ms. Tahyar spent 12 years abroad in both the London and Paris offices working closely with financial institutions in a range of transactions and advisory contexts.  She is an author of a number of articles and a frequent speaker at conferences, she is a past co-chairman for the Securities Committee of the IBA and the Rapporteur of the Securities Subcommittee of the IBA’s Task Force on Extraterritorial Jurisdiction.

Daniel K. Tarullo

Took office on January 28, 2009, to fill an unexpired term ending January 31, 2022.

Prior to his appointment to the Board, Mr. Tarullo was Professor of Law at Georgetown University Law Center, where he taught courses in international financial regulation, international law, and banking law.  Prior to joining the Georgetown Law faculty, Mr. Tarullo held several senior positions in the Clinton administration.

From 1993 to 1998, Mr. Tarullo served, successively, as Assistant Secretary of State for Economic and Business Affairs, Deputy Assistant to the President for Economic Policy, and Assistant to the President for International Economic Policy.  He also served as a principal on both the National Economic Council and the National Security Council.  From 1995 to 1998, Mr. Tarullo also served as President Clinton's personal representative to the G7/G8 group of industrialized nations.

Before joining the Clinton administration, he served as Chief Counsel for Employment Policy on the staff of Senator Edward M. Kennedy, and practiced law in Washington, D.C.  He also worked in the Antitrust Division of the Department of Justice and as Special Assistant to the Undersecretary of Commerce.  From 1981 to 1987, Mr. Tarullo taught at Harvard Law School.

Mr. Tarullo has also served as a senior fellow at the Council on Foreign Relations and as a non-resident senior fellow at the Center for American Progress.  Mr. Tarullo has also held a visiting professorship at Princeton University. 

Mr. Tarullo was born in November 1952 in Boston, Massachusetts.  He received his A.B. from Georgetown University in 1973 and his M.A. from Duke University in 1974.  In 1977, Mr. Tarullo received his J.D. (summa cum laude) from the University of Michigan Law School, where he served as Article and Book Review Editor of the Michigan Law Review.

Mr. Tarullo is married and has two children

Michael Taylor

Has unusually broad experience as a central banker, regulator and academic.  At various points in his career he has worked at the Bank of England, International Monetary Fund and the Hong Kong Monetary Authority as well as having taught or held visiting appointments at a number of leading universities.  While at the IMF he was closely involved in both the official sector response to the Asian financial crisis, including being based in Indonesia for two years as Financial Sector Issues Resident Representative, and to the Argentine financial crisis of 2001.  He has served on a number of Financial Stability Forum or Basel Committee working groups.  He is currently the Adviser to the Governor of the Central Bank of Bahrain.

In addition, Michael Taylor is the author or editor of many books, academic papers and journal articles, and is a regular contributor to Financial World magazine.  His most recent publications include Towards a New Framework of Financial Stability (editor with Robert Pringle and David Mayes), and Global Banking Regulation (with Heidi Schooner, published by Elsevier in November 2009).  A measure of the success of his 1995 paper for the Centre for the Study of Financial Innovation, ‘Twin Peaks’: A Regulatory Structure for the New Century, is that it has become a standard point of reference in any debate on the institutional structure of regulation.  The CSFI recently published his ‘Twin Peaks’ Revisited: A Second Chance for Regulatory Reform which reconsiders the argument of the earlier paper in the light of the financial crisis.

Charles K. Whitehead

An Associate Professor at Cornell Law School, specializing in the law relating to corporate, financial, and mergers and acquisitions transactions.  Professor Whitehead held senior legal and business positions in the global financial services industry, in New York and Tokyo, before joining Columbia Law School as a Research Fellow in Transactional Studies.  He joined the Boston University School of Law faculty in 2006 and the Cornell Law School faculty in 2009, and is also a Visiting Scholar in Transactional Studies at Columbia Law School.  Professor Whitehead was a law clerk to the Hon. Ellsworth A. Van Graafeiland, U.S. Court of Appeals (2nd Circuit).  He graduated from Columbia Law School (James Kent Scholar; Harlan Fiske Stone Scholar) and Cornell University (B.A., magna cum laude).  His most recent scholarship on the financial markets and risk includes Reframing Financial Regulation (Boston University Law Review, 2010) and The Evolution of Debt – Covenants, the Credit Market, and Corporate Governance (Journal of Corporation Law, 2009).

John Williams

John is a partner in the New York Drivatives and Structured Finance practice within Allen & Overy's international capital markets department.  John has led Allen & Overy's effort as drafting counsel to the International Swaps and Derivatives Association, Inc. (ISDA) on both the Big Bang Protocol and Small Bang Protocol and on each of the CDS Protocols published by ISDA prior to that, including those relating to Fannie Mae/Freddie Mac, Lehman Brothers, WAMU, Abitibi-Bowater, Visteon and General Motors.  John also led the A&O team representing the dealer group in the restructuring of the $32bln Canadian Asset-Backed Commercial Paper market, which is to date the largest single restructuring of synthetic structured credit products.  Prior to the credit crisis, John advised several leading dealers on synthetic and hybrid CDOs, credit-linked notes and commercial paper conduit financings.  He has advised on a variety of hedging transactions for ABS issuance and project finance transaction and also has experience in general securities offerings, including Rule 144A and Regulation S issues involving issuers in the U.S. and Latin America.

Chiara Zilioli

Chiara Zilioli is a Doctor of jurisprudence from Parma University (1984), a Harvard LL.M. (1990) and a Ph.D. in International, Community and Comparative Law from the European University Institute in Florence (1992). Since 1998, she is Deputy General Counsel and Head of the Legal Advice Division at the Legal Services of the ECB. She is a lecturer of Community law and central banking law at two Universities and has published three books and several articles (29) on EU law and international law topics.

 

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Conference Location

Columbia University School of Law
Jerome Greene Hall
435 West 116th Street (cor. Amsterdam Avenue)
New York, NY  10027

Room 107 (When entering the LS main entrance, last classroom to your left)

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Contact

For additional information, please contact:

Thelma Twyman, Assistant Director
Center for Law and Economic Studies

Columbia University School of Law
435 West 116th Street, E-2
New York, NY  10027
(212) 854-3739
ttwyman@law.columbia.edu

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