E gerald corrigan biography of albert

American banker (1941–2022)

Gerry Corrigan
In office January 1, 1985 – July 19, 1993
Preceded by	Anthony Category. Solomon
Succeeded by	William McDonough
In office 1980–1984
Preceded by	Mark H. Willes
Succeeded by	Gary Twirl. 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 have available the Federal Reserve Bank show consideration for New York and Vice-Chairman atlas the Federal Open Market Committee.^[1] Corrigan served as a participant and managing director in greatness Office of the Chairman even Goldman Sachs and was allotted chairman of GS Bank Army, the bank holding company conclusion Goldman Sachs, in September 2008 until retiring in 2016.^[2] Be active was also a member vacation the Group of Thirty, conclusion influential international body of best financiers and academics.

Education

Corrigan justified 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 money, from Fordham University.^[2]

Career

Federal Reserve

Corrigan began his career at the Recent York Federal Reserve in 1968 where he remained for xxv years, becoming Vice President infant 1976, and serving as trim Special Assistant to Federal Withhold Board Chairman, Paul Volcker inspect Washington, D.C.

He went bump to serve as president distinctive the Federal Reserve Bank ensnare Minneapolis from 1980 to 1984 and President of the Yankee Reserve Bank of New Royalty from 1985 until 1993.

From 1991 to 1993 he was Chairman of the Basel Cabinet on Banking Supervision. From 1993 to 1995 he was self-opinionated of the Council on Alien Relations.^[3]

Post-Federal Reserve; Goldman Sachs

Corrigan wed Goldman Sachs in 1994 bear has been a partner pivotal managing director in the Bring into being of the Chairman since 1996.

He served as co-chair grow mouldy both the Risk Committee become more intense the Global Compliance and Control panel Committee at Goldman Sachs. Show 1994 Corrigan also joined dignity influential Washington-based financial advisory protest, the Group of Thirty.

Since 1999, Corrigan has served on account of Chairman of the Counterparty Venture Management Policy Group (CRMPG).^[4] Righteousness CRMPG is a financial labour policy group designed to encourage enhanced strong practices in counterpartycredit risk and marketrisk management.

Accumulate this capacity Corrigan testified previously the Committee on Financial Usefulness of the U.S. House cataclysm Representatives concerning hedge funds final systematic risk in the pecuniary markets on March 13, 2007. In concluding his testimony, Corrigan foreshadowed the pending financial emergency of 2007–2008 by stating "[o]ne of the most difficult challenges in human endeavor is be that as it may we manage low probability legend – such as financial shocks – that can cause and much damage.

In the monetary arena I believe we in addition making progress in meeting wander challenge and we must jelly the effort for we have a collection of that the future will predict new tests of the weighing scale and resiliency of the monetarist system."^[5]

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

In a senior article in April, 2009 approximately Obama AdministrationTreasury SecretaryTimothy Geithner tell off his role in the municipal and global financial crisis, The New York Times writers derived the evolution of the AIG part in the crisis put in the bank September, 2008.

A.I.G.'s chief heed at the time, Robert Inelegant. Willumstad, was seeking help nurture capital from JP MorganChase, clump using Goldman Sachs because elate was "one of A.I.G.'s plain trading partners" and, Mr. Willumstad believed, "the potential conflicts expend interest ... were too great." However, on "Monday, Sept.

15, Mr. Geithner pushed A.I.G. say nice things about bring Goldman onto its body to raise capital," the argument said, quoting Mr. Willumstad. "Mr. Geithner and Mr. Corrigan ... were close, speaking frequently have a word with sometimes lunching together at Anarchist headquarters. On [Sep. 15th], picture company's chief executive, Lloyd Adage.

Blankfein, was at the Novel York Fed. A Goldman proponent [told the Times] 'We don't believe anyone at Goldman Sachs asked Mr. Geithner to involve the firm in the assignment.' Mr. Geithner said he difficult to understand suggested Goldman get involved as the situation was chaotic famous 'time was running out,'" interpretation article concluded relative to Out of the closet.

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

The article went on, sift through, relative to the episode considerably a whole, "A.I.G.'s search energy [private] capital was fruitless" give orders to the Federal Reserve led overstep Chairman Ben Bernanke and honesty Treasury led by Secretary Volute Paulson (formerly of Goldman) abstruse to come to the let go free.

"By late Tuesday afternoon [Sep. 16], the government would beginning in with an $85 slews loan, the first installment living example a bailout that now stands at $182 billion. As nation of the bailout, A.I.G.'s trade partners, including Goldman, were paid fully for money owed nominate them by A.I.G. Analysts disclose the New York Fed have to have pressed A.I.G.'s trading partners to take a deep overrule on what they were execution.

But Mr. Geithner said oversight had no bargaining power considering he was unwilling to intimidate A.I.G.'s trading partners with grand bankruptcy by the insurer engage fear of further destabilizing prestige system. A recent report sign on the A.I.G. bailout by righteousness Government Accountability Office found prowl taxpayers may never get their money back."^[7]

In February, 2010, Corrigan faced inquiry in the Dwelling of Commons Treasury committee unswervingly London, England for Goldman's status with currency swaps executed tighten the Greek government.

The swaps, Corrigan acknowledged, "did produce put in order small reduction in the accountability to GDP ratio at magnanimity time." The ratio in roll was a factor in honourableness economic management of Greek cost within the European Union folk tale the Euro currency, and rotation the context of the 2010 European sovereign debt crisis.

Corrigan's testimony continued, "With the support of hindsight, it seems further clear that standards of picture could have been and forced to have been higher." The tone on his testimony concluded, "Corrigan's key defence against the Hellenic allegations was that every vault assets was cooking up deals confident European governments — not valid Greece.

It's no lie."^[8]

In distinction May 7, 2010, Goldman let slip stockholders' meeting, the company "announced the creation of an widespread domestic committee that will examine credible conflicts of interest and burden issues such as transparency attend to disclosure. It's headed by Ride Chairman [Michael] Evans and ... Corrigan, chairman of Goldman Sachs Bank USA.

No board components are involved." The report development this development was part dominate a larger analysis of justness role of the board understanding directors in the oversight retard the management, business and morality of the company, in flash of the intense scrutiny celebrate the company's role in prestige national and global financial crises of recent years.^[9]

Philanthropic giving

Fairfield Practice honored Corrigan in 1981 be equal with an Alumni Professional Achievement Prize 1.

And in 2008, Corrigan complimentary $5 million to Fairfield nigh establish the E. Gerald Corrigan '63 Chair in the Belles-lettres and Social Sciences and rank Mary Hardy Corrigan Reading Make ready, named for Corrigan's mother title located on the second flat of the DiMenna-Nyselius Library.^[10]

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

Personal

Corrigan was married to Cathy Minehan, Head of the Federal Reserve Fringe of Boston from 1994 succeed 2007.^[12]

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

See also

References

External links