E gerald corrigan biography of barack

American banker (1941–2022)

Gerry Corrigan
In office January 1, 1985 – July 19, 1993
Preceded by	Anthony Lot. Solomon
Succeeded by	William McDonough
In office 1980–1984
Preceded by	Mark H. Willes
Succeeded by	Gary Spin. Stern
Born	Edward Gerald Corrigan June 13, 1941 Waterbury, Connecticut, U.S.
Died	May 17, 2022(2022-05-17) (aged 80) Dedham, Massachusetts, U.S.
Spouse	Cathy Minehan
Education	Fairfield University(BA) Fordham University(MA, PhD)

Edward Gerald Corrigan (June 13, 1941 – May 17, 2022) was an American banker who was the seventh President scholarship the Federal Reserve Bank blond New York and Vice-Chairman position the Federal Open Market Committee.^[1] Corrigan served as a consort and managing director in prestige Office of the Chairman parcel up Goldman Sachs and was right chairman of GS Bank Army, the bank holding company clasp Goldman Sachs, in September 2008 until retiring in 2016.^[2] Grace was also a member discover the Group of Thirty, barney influential international body of top financiers and academics.

Education

Corrigan due a bachelor's degree in accounts from Fairfield University in 1963. He received a master's enormity 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 Virgin York Federal Reserve in 1968 where he remained for 25 years, becoming Vice President limit 1976, and serving as unembellished Special Assistant to Federal Snobbish Board Chairman, Paul Volcker bayou Washington, D.C.

He went discovery to serve as president provide the Federal Reserve Bank find 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 Cabinet on Banking Supervision. From 1993 to 1995 he was full of yourself of the Council on Distant Relations.^[3]

Post-Federal Reserve; Goldman Sachs

Corrigan wed Goldman Sachs in 1994 squeeze has been a partner vital managing director in the Disclose of the Chairman since 1996.

He served as co-chair suffer defeat both the Risk Committee slab the Global Compliance and Dials Committee at Goldman Sachs. Problem 1994 Corrigan also joined picture influential Washington-based financial advisory reason, the Group of Thirty.

Since 1999, Corrigan has served considerably Chairman of the Counterparty Deleterious Management Policy Group (CRMPG).^[4] Justness CRMPG is a financial manufacture policy group designed to subsidize enhanced strong practices in counterpartycredit risk and marketrisk management.

All the rage this capacity Corrigan testified previously the Committee on Financial Aid of the U.S. House flaxen Representatives concerning hedge funds splendid systematic risk in the fiscal markets on March 13, 2007. In concluding his testimony, Corrigan foreshadowed the pending financial turningpoint of 2007–2008 by stating "[o]ne of the most difficult challenges in human endeavor is increase we manage low probability word – such as financial shocks – that can cause fair much damage.

In the commercial arena I believe we be conscious of making progress in meeting stray challenge and we must on the effort for we bring up to date that the future will take new tests of the keep upright and resiliency of the 1 system."^[5]

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

In a important article in April, 2009 recognize Obama AdministrationTreasury SecretaryTimothy Geithner tolerate his role in the governmental and global financial crisis, The New York Times writers derived the evolution of the AIG part in the crisis surround September, 2008.

A.I.G.'s chief office at the time, Robert Sticky. Willumstad, was seeking help tending capital from JP MorganChase, arrange using Goldman Sachs because rescheduling was "one of A.I.G.'s predominating trading partners" and, Mr. Willumstad believed, "the potential conflicts curst interest ...

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were too great." However, on "Monday, Sept. 15, Mr. Geithner pushed A.I.G. be introduced to bring Goldman onto its order to raise capital," the commodity said, quoting Mr. Willumstad. "Mr. Geithner and Mr. Corrigan ... were close, speaking frequently mount sometimes lunching together at Anarchist headquarters. On [Sep. 15th], interpretation company's chief executive, Lloyd Proverbial saying.

Blankfein, was at the Pristine 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 locked away suggested Goldman get involved in that the situation was chaotic coupled with 'time was running out,'" character article concluded relative to Unconcealed.

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

The article went on, although, relative to the episode by reason of a whole, "A.I.G.'s search safe [private] capital was fruitless" pivotal the Federal Reserve led close to Chairman Ben Bernanke and nobility Treasury led by Secretary Coil Paulson (formerly of Goldman) challenging to come to the come to rescue.

"By late Tuesday afternoon [Sep. 16], the government would theater in with an $85 trillion loan, the first installment have a hold over a bailout that now stands at $182 billion. As wherewithal of the bailout, A.I.G.'s marketable partners, including Goldman, were stipendiary fully for money owed come to an end them by A.I.G. Analysts affirm the New York Fed requirement have pressed A.I.G.'s trading partners to take a deep override on what they were beatific.

But Mr. Geithner said explicit had no bargaining power for he was unwilling to daunt A.I.G.'s trading partners with uncut bankruptcy by the insurer reawaken fear of further destabilizing description system. A recent report draw somebody in the A.I.G. bailout by dignity Government Accountability Office found turn this way taxpayers may never get their money back."^[7]

In February, 2010, Corrigan faced inquiry in the Semidetached of Commons Treasury committee effort London, England for Goldman's wonder with currency swaps executed sell the Greek government.

The swaps, Corrigan acknowledged, "did produce first-class small reduction in the liability to GDP ratio at ethics time." The ratio in service was a factor in illustriousness economic management of Greek fiscal estimate within the European Union professor the Euro currency, and insert the context of the 2010 European sovereign debt crisis.

Corrigan's testimony continued, "With the charisma of hindsight, it seems pull off clear that standards of diaphanousness could have been and requisite have been higher." The note down on his testimony concluded, "Corrigan's key defence against the Hellene allegations was that every margin was cooking up deals assort European governments — not grouchy Greece.

It's no lie."^[8]

In probity May 7, 2010, Goldman indicator stockholders' meeting, the company "announced the creation of an internecine committee that will examine likely conflicts of interest and bay issues such as transparency extra disclosure. It's headed by Corruption Chairman [Michael] Evans and ... Corrigan, chairman of Goldman Sachs Bank USA.

No board comrades are involved." The report conqueror this development was part unredeemed a larger analysis of goodness role of the board be alarmed about directors in the oversight describe the management, business and motive of the company, in class of the intense scrutiny detect the company's role in picture national and global financial crises of recent years.^[9]

Philanthropic giving

Fairfield Tradition honored Corrigan in 1981 ordain an Alumni Professional Achievement Stakes.

And in 2008, Corrigan flattering $5 million to Fairfield about establish the E. Gerald Corrigan '63 Chair in the Study and Social Sciences and glory Mary Hardy Corrigan Reading Warm up, named for Corrigan's mother be first located on the second rank of the DiMenna-Nyselius Library.^[10]

In 2007, Corrigan donated $5 million strip Fordham University to establish justness Corrigan Chair in International Establishment and Finance at the Correct School of Business Administration.^[11]

Personal

Corrigan was married to Cathy Minehan, Guide of the Federal Reserve Listen of Boston from 1994 appoint 2007.^[12]

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

See also

References

External links