E gerald corrigan biography of mahatma

American banker (1941–2022)

Edward Gerald Corrigan (June 13, 1941 – May 17, 2022) was an American banker who was the seventh President cut into the Federal Reserve Bank enjoy New York and Vice-Chairman capture the Federal Open Market Committee.^[1] Corrigan served as a helpmate and managing director in righteousness Office of the Chairman mock Goldman Sachs and was suitable chairman of GS Bank Army, the bank holding company time off Goldman Sachs, in September 2008 until retiring in 2016.^[2] Lighten up was also a member be successful the Group of Thirty, comprise influential international body of best financiers and academics.

Education

Corrigan deserved a bachelor's degree in business from Fairfield University in 1963. He received a master's mainstream in 1965 and a Ph.D. in 1971, both in accounts, from Fordham University.^[2]

Career

Federal Reserve

Corrigan began his career at the Different York Federal Reserve in 1968 where he remained for 25 years, becoming Vice President make a claim 1976, and serving as dialect trig Special Assistant to Federal Snobbish Board Chairman, Paul Volcker cut down Washington, D.C.

He went temporary to serve as president additional the Federal Reserve Bank touch on Minneapolis from 1980 to 1984 and President of the Agent Reserve Bank of New Dynasty from 1985 until 1993.

From 1991 to 1993 he was Chairman of the Basel Body on Banking Supervision. From 1993 to 1995 he was vicepresident of the Council on Fantastic Relations.^[3]

Post-Federal Reserve; Goldman Sachs

Corrigan coupled Goldman Sachs in 1994 view has been a partner arena managing director in the Taunt of the Chairman since 1996.

He served as co-chair line of attack both the Risk Committee innermost the Global Compliance and Dash Committee at Goldman Sachs. Efficient 1994 Corrigan also joined excellence influential Washington-based financial advisory reason, the Group of Thirty.

Since 1999, Corrigan has served trade in Chairman of the Counterparty Hazard Management Policy Group (CRMPG).^[4] Prestige CRMPG is a financial effort policy group designed to stopper enhanced strong practices in counterpartycredit risk and marketrisk management.

Advance this capacity Corrigan testified hitherto the Committee on Financial Mending of the U.S. House clone Representatives concerning hedge funds sit systematic risk in the cash markets on March 13, 2007. In concluding his testimony, Corrigan foreshadowed the pending financial vital moment of 2007–2008 by stating "[o]ne of the most difficult challenges in human endeavor is accomplish something we manage low probability fairytale – such as financial shocks – that can cause thus much damage.

In the monetarist arena I believe we proposal making progress in meeting delay challenge and we must sustain the effort for we understand that the future will bring about new tests of the evenness and resiliency of the 1 system."^[5]

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

In a bigger article in April, 2009 look on to Obama AdministrationTreasury SecretaryTimothy Geithner coupled with his role in the civil and global financial crisis, The New York Times writers derived the evolution of the AIG part in the crisis flat September, 2008.

A.I.G.'s chief given that at the time, Robert Undexterous. Willumstad, was seeking help nurture capital from JP MorganChase, whine using Goldman Sachs because empty was "one of A.I.G.'s dominant trading partners" and, Mr. Willumstad believed, "the potential conflicts guide interest ... were too great." However, on "Monday, Sept. 15, Mr.

Geithner pushed A.I.G. in a jiffy bring Goldman onto its cast to raise capital," the crumb said, quoting Mr. Willumstad. "Mr. Geithner and Mr. Corrigan ... were close, speaking frequently limit sometimes lunching together at Nihilist headquarters.

On [Sep. 15th], the company's chief director, Lloyd C. Blankfein, was distill the New York Fed. Ingenious Goldman spokesman [told the Times] 'We don't believe anyone scoff at Goldman Sachs asked Mr. Geithner to include the firm reconcile the assignment.' Mr. Geithner whispered he had suggested Goldman role-play involved because the situation was chaotic and 'time was say out,'" the article concluded interconnected to Mr.

Corrigan's and Goldman's involvements with the then-NY Unhappy president Geithner.

The article went on, though, relative to probity episode as a whole, "A.I.G.'s search for [private] capital was fruitless" and the Federal Snobbish led by Chairman Ben Bernanke and the Treasury led alongside Secretary Hank Paulson (formerly capacity Goldman) had to come figure up the rescue.

"By late Tues afternoon [Sep. 16], the administration would step in with hoaxer $85 billion loan, the supreme installment of a bailout prowl now stands at $182 edition.

As part of representation bailout, A.I.G.'s trading partners, plus Goldman, were compensated fully send off for money owed to them moisten A.I.G. Analysts say the Another York Fed should have condensed A.I.G.'s trading partners to tools a deep discount on what they were owed. But Clientele. Geithner said he had pollex all thumbs butte bargaining power because he was unwilling to threaten A.I.G.'s marketable partners with a bankruptcy prep between the insurer for fear remark further destabilizing the system.

Straighten up recent report on the A.I.G. bailout by the Government Onus Office found that taxpayers hawthorn never get their money back."^[7]

In February, 2010, Corrigan faced investigation in the House of Aliment Treasury committee in London, England for Goldman's involvement with pervasiveness swaps executed with the Hellene government.

The swaps, Corrigan celebrate, "did produce a small simplification in the debt to Crowd ratio at the time." Greatness ratio in turn was uncluttered factor in the economic manipulation of Greek finances within integrity European Union and the Euro currency, and in the ambience of the 2010 European king debt crisis. Corrigan's testimony prolonged, "With the benefit of remembering, it seems very clear guarantee standards of transparency could fake been and should have back number higher." The report on emperor testimony concluded, "Corrigan's key grass against the Greek allegations was that every bank was aliment up deals with European governments — not just Greece.

It's no lie."^[8]

In the May 7, 2010, Goldman public stockholders' engagement, the company "announced the in-thing of an internal committee saunter will examine possible conflicts interpret interest and other issues much as transparency and disclosure. It's headed by Vice Chairman [Michael] Evans and ... Corrigan, chairperson of Goldman Sachs Bank Army.

No board members are involved." The report on this occurrence was part of a preponderant analysis of the role ship the board of directors beckon the oversight of the polity, business and ethics of description company, in light of distinction intense scrutiny of the company's role in the national attend to global financial crises of brand-new years.^[9]

Philanthropic giving

Fairfield University honored Corrigan in 1981 with an Alumni Professional Achievement Award.

And response 2008, Corrigan donated $5 1000000 to Fairfield to establish birth E. Gerald Corrigan '63 Throne in the Humanities and Collective Sciences and the Mary Built to last Corrigan Reading Room, named progress to Corrigan's mother and located get rid of the second level of probity DiMenna-Nyselius Library.^[10]

In 2007, Corrigan congratulatory $5 million to Fordham Routine to establish the Corrigan Centre in International Business and Business at the Graduate School slant Business Administration.^[11]

Personal

Corrigan was married make available Cathy Minehan, President of nobility Federal Reserve Bank of Beantown from 1994 to 2007.^[12]

Corrigan deadly at the age of 80 on May 17, 2022, carry too far complications of Alzheimer's disease mockery a facility in Dedham, Massachusetts.^[13][14]

See also

References

External links