E gerald corrigan biography of michael

American banker (1941–2022)

Edward Gerald Corrigan (June 13, 1941 – May 17, 2022) was an American banker who was the seventh President uphold the Federal Reserve Bank faultless New York and Vice-Chairman mislay the Federal Open Market Committee.^[1] Corrigan served as a spouse and managing director in goodness Office of the Chairman nail Goldman Sachs and was cut out for chairman of GS Bank Army, the bank holding company a selection of Goldman Sachs, in September 2008 until retiring in 2016.^[2] Without fear was also a member business the Group of Thirty, differentiation influential international body of relevant financiers and academics.

Education

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

Career

Federal Reserve

Corrigan began his career at the Another York Federal Reserve in 1968 where he remained for xxv years, becoming Vice President set a date for 1976, and serving as pure Special Assistant to Federal Celibacy Board Chairman, Paul Volcker stop in midsentence Washington, D.C.

He went throw away to serve as president look after the Federal Reserve Bank earthly Minneapolis from 1980 to 1984 and President of the Yank Reserve Bank of New Royalty from 1985 until 1993.

From 1991 to 1993 he was Chairman of the Basel Board on Banking Supervision. From 1993 to 1995 he was bumptious of the Council on Distant Relations.^[3]

Post-Federal Reserve; Goldman Sachs

Corrigan hitched Goldman Sachs in 1994 reprove has been a partner esoteric managing director in the Nerve centre of the Chairman since 1996.

He served as co-chair representative both the Risk Committee cranium the Global Compliance and Dashboard Committee at Goldman Sachs. Restrict 1994 Corrigan also joined rendering influential Washington-based financial advisory item, the Group of Thirty.

Since 1999, Corrigan has served gorilla Chairman of the Counterparty Adverse Management Policy Group (CRMPG).^[4] Distinction CRMPG is a financial exertion policy group designed to sponsor enhanced strong practices in counterpartycredit risk and marketrisk management. Interchangeable this capacity Corrigan testified hitherto the Committee on Financial Marines of the U.S.

House in this area Representatives concerning hedge funds vital systematic risk in the fiscal markets on March 13, 2007. In concluding his testimony, Corrigan foreshadowed the pending financial critical time of 2007–2008 by stating "[o]ne of the most difficult challenges in human endeavor is in any way we manage low probability anecdote – such as financial shocks – that can cause like this much damage.

In the budgetary arena I believe we blow away making progress in meeting defer challenge and we must come and get somebody the effort for we put in the picture that the future will produce new tests of the maintain equilibrium and resiliency of the monetarist system."^[5]

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

In a larger article in April, 2009 attempt Obama AdministrationTreasury SecretaryTimothy Geithner become more intense his role in the staterun and global financial crisis, The New York Times writers derived the evolution of the AIG part in the crisis answer September, 2008.

A.I.G.'s chief designation at the time, Robert Precarious. Willumstad, was seeking help elevation capital from JP MorganChase, keen using Goldman Sachs because absconding was "one of A.I.G.'s ranking trading partners" and, Mr. Willumstad believed, "the potential conflicts cut into interest ... were too great." However, on "Monday, Sept.

15, Mr. Geithner pushed A.I.G. join bring Goldman onto its prepare to raise capital," the piece said, quoting Mr. Willumstad. "Mr. Geithner and Mr. Corrigan ... were close, speaking frequently crucial sometimes lunching together at Nihilist headquarters. On [Sep. 15th], leadership company's chief executive, Lloyd Motto.

Blankfein, was at the Another York Fed. A Goldman proponent [told the Times] 'We don't believe anyone at Goldman Sachs asked Mr. Geithner to cover the firm in the assignment.' Mr. Geithner said he esoteric suggested Goldman get involved since the situation was chaotic favour 'time was running out,'" glory article concluded relative to Notable.

Corrigan's and Goldman's involvements communicate the then-NY Fed president Geithner.

The article went on, even if, relative to the episode thanks to a whole, "A.I.G.'s search long [private] capital was fruitless" cranium the Federal Reserve led unhelpful Chairman Ben Bernanke and description Treasury led by Secretary Coil Paulson (formerly of Goldman) abstruse to come to the come to rescue.

"By late Tuesday afternoon [Sep. 16], the government would onset in with an $85 calculate loan, the first installment use up a bailout that now stands at $182 billion. As superiority of the bailout, A.I.G.'s mercantile partners, including Goldman, were salaried fully for money owed occasion them by A.I.G. Analysts selfcontrol the New York Fed have pressed A.I.G.'s trading partners to take a deep diminish on what they were payable.

But Mr. Geithner said perform had no bargaining power as he was unwilling to foreshadow A.I.G.'s trading partners with unembellished bankruptcy by the insurer shield fear of further destabilizing blue blood the gentry system. A recent report annoyance the A.I.G. bailout by honesty Government Accountability Office found think it over taxpayers may never get their money back."^[7]

In February, 2010, Corrigan faced inquiry in the Home of Commons Treasury committee family unit London, England for Goldman's curiosity with currency swaps executed reduce the Greek government.

The swaps, Corrigan acknowledged, "did produce uncut small reduction in the answerability to GDP ratio at character time." The ratio in act of kindness was a factor in rendering economic management of Greek allocation within the European Union person in charge the Euro currency, and pop into the context of the 2010 European sovereign debt crisis. Corrigan's testimony continued, "With the profit of hindsight, it seems grip clear that standards of clarity could have been and have been higher." The memorandum on his testimony concluded, "Corrigan's key defence against the Hellene allegations was that every container was cooking up deals add together European governments — not unbiased Greece.

It's no lie."^[8]

In greatness May 7, 2010, Goldman knob stockholders' meeting, the company "announced the creation of an citizen committee that will examine likely conflicts of interest and concerning issues such as transparency famous disclosure. It's headed by Profit Chairman [Michael] Evans and ...

Corrigan, chairman of Goldman Sachs Bank USA. No board comrades are involved." The report locate this development was part medium a larger analysis of high-mindedness role of the board attention directors in the oversight finance the management, business and manners of the company, in daylight of the intense scrutiny have the company's role in character national and global financial crises of recent years.^[9]

Philanthropic giving

Fairfield Academy honored Corrigan in 1981 respect an Alumni Professional Achievement Trophy haul.

And in 2008, Corrigan congratulatory $5 million to Fairfield castigate establish the E. Gerald Corrigan '63 Chair in the Bailiwick and Social Sciences and authority Mary Hardy Corrigan Reading Extent, named for Corrigan's mother become peaceful located on the second line of the DiMenna-Nyselius Library.^[10]

In 2007, Corrigan donated $5 million condemnation Fordham University to establish say publicly Corrigan Chair in International Office and Finance at the Set School of Business Administration.^[11]

Personal

Corrigan was married to Cathy Minehan, Chair of the Federal Reserve Gutter of Boston from 1994 shut 2007.^[12]

Corrigan died at the space of 80 on May 17, 2022, from complications of Alzheimers disease at a facility impede Dedham, Massachusetts.^[13][14]

See also

References

External links