Dwight Anderson is the principal of Ospraie Management, LLC, New York, which serves as investment adviser to the Ospraie Funds. Established in February 2000, the Ospraie Funds actively invest on a global basis in various commodity markets and other basic industry investments. In addition to overseeing the Ospraie Funds, Anderson was the head of the basic industries group at Tudor Investment Corporation from 1999 to 2003. Prior to joining Tudor, he was an associate director and later a managing director in charge of the basic industries and commodities group at Tiger Management. Previously, he was an associate at JP Morgan & Co. Anderson holds an MBA from the University of North Carolina and an AB in history from Princeton University.
Andrew Ang is an associate professor of finance at Columbia Business School. He specializes in empirical asset pricing and applications of econometrics to financial problems. He has worked in the areas of macro-modeling of the term structure, valuation models with time-varying expected returns, nonlinearities in asset returns, and asset allocation. Recently, he has imposed no-arbitrage conditions to investigate how movements in macro fundamentals drive the variation in bond yields and how information in the whole yield curve can be used to predict economic growth and inflation. A faculty research fellow of the National Bureau of Research, Ang is the recipient of several prizes and grants, including grants from the National Science Foundation and grants from major industry organizations. He holds a PhD in finance from Stanford University.
Paul B. Bennett is senior vice president and chief economist of the New York Stock Exchange. As the head of the NYSE’s research department, Bennett is responsible for analytic support for the exchange’s various business and public policy activities and for support of academic and other professional research into equities market issues. Before joining the NYSE in 2001, Bennett was the senior vice president responsible for capital markets research at the Federal Reserve Bank of New York. During his Fed career, which began in 1978, he was also vice president for Fedwire funds and securities transfers and editor of the bank’s research journal. Bennett has published numerous papers on finance, economics, and securities markets in both academic and practitioner journals. He earned a BA in economics from the University of Chicago and a PhD in economics from Princeton University.
Ben S. Bernanke is chairman and a member of the Board of Governors of the Federal Reserve System. He also serves as chairman of the Federal Open Market Committee. Before his appointment as chairman, Bernanke was chairman of the President’s Council of Economic Advisers. Previously, Bernanke had served the Federal Reserve System in several roles: as a member of the Board of Governors of the Federal Reserve System from 2002 to 2005; as a visiting scholar at the Federal Reserve Banks of Philadelphia, Boston, and New York; and as a member of the academic advisory panel at the Federal Reserve Bank of New York. He has also taught at Princeton University, Stanford University, New York University, and the Massachusetts Institute of Technology. Bernanke has published many articles on a wide variety of economic issues and is the author of several books. He served as the director of the Monetary Economics Program of the National Bureau of Economic Research and as a member of the NBER’s business cycle dating committee. He received a BA in economics from Harvard University and a PhD in economics from the Massachusetts Institute of Technology.
Nicholas P.B. Bollen is an associate professor of finance at Vanderbilt University’s Owen Graduate School of Management. He was the 2005 recipient of the school’s Research Productivity Award. Bollen’s research includes studies of option pricing, mutual fund performance, empirical market microstructure, and hedge fund risk. Recent projects analyze the behavior of investors in socially responsible mutual funds, trading costs and price patterns on the Pink Sheets, and the effectiveness of statistical screens to identify potentially fraudulent reporting in the hedge fund industry. Bollen earned a BA in physics and economics from Cornell University and MBA and PhD degrees from Duke University.
Stephen J. Brown is the David S. Loeb Professor of Finance and coordinator of undergraduate finance studies at the Leonard N. Stern School of Business at New York University. He joined the NYU faculty in 1986 following appointments as a member of the technical staff at Bell Laboratories and as associate professor at Yale University. Brown has served as president and as secretary-treasurer of the Western Finance Association, has served on the board of directors of the American Finance Association, was a founding editor of the Review of Financial Studies, and is currently a member of the board of the Society of Quantitative Analysis. He is a managing editor of the Journal of Financial and Quantitative Analysis and has served on the editorial boards of the Journal of Finance, the Pacific-Basin Finance Journal, and other journals. The author of numerous articles and five books, Brown graduated from Monash University in Australia and earned MBA and PhD degrees at the University of Chicago.
E. Gerald Corrigan, a managing director at Goldman Sachs, joined the firm in 1994 and became a partner in 1996. He is cochair of the firmwide risk management committee, vice chair of the firmwide business practices committee, and a member of the firmwide commitments committee. He is involved in a wide range of strategic and transactional projects around the world on behalf of the firm and its clients. Before joining Goldman in 1994, Corrigan spent twenty-five years with the Federal Reserve System, beginning in 1968 as an economist at the New York Fed. In subsequent years, he held a variety of staff and official positions and in 1979 became a special assistant to Paul Volcker, then Federal Reserve Board chairman. In 1980 Corrigan became president of the Federal Reserve Bank of Minneapolis, a position he held until his return to the New York Fed in 1985 as its president and chief executive officer. In that capacity, he served as vice chairman and as a permanent voting member of the Federal Open Market Committee. In 1991 he was named chairman of the Basel Committee on Banking Supervision. He received a BS in economics from Fairfield University and an MA and PhD in economics, both from Fordham University.
Gerald P. Dwyer Jr. is a vice president at the Federal Reserve Bank of Atlanta and heads the research department’s financial team. In addition to coordinating the research analysis of the department’s financial economists, he pursues research on financial markets and banking, especially the implications of the digital revolution for financial and economic growth. His research has appeared in various economics and finance journals, including the American Economic Review, the Economic Journal, the Journal of Monetary Economics, the Journal of Political Economy, and the Review of Financial Studies. Dwyer is on the editorial board of the Journal of Financial Stability and Economic Inquiry. He has been a visiting scholar at the Federal Reserve Banks of Atlanta, St. Louis, and Minneapolis as well as an economist for the Federal Reserve Bank of Chicago. Currently an adjunct faculty member of the University of Carlos III in Madrid, he was previously a faculty member at Texas A&M University, Emory University, the University of Houston, and Clemson University. He received a BA in business, government, and society from the University of Washington, an MA in economics from the University of Tennessee, and a PhD in economics from the University of Chicago.
Franklin R. Edwards holds the Arthur F. Burns Chair in Free and Competitive Enterprise and is director of the Center for the Study of Futures Markets at the Graduate School of Business at Columbia University. His areas of expertise include hedge funds, corporate governance, financial markets and regulation, and derivatives markets. Edwards teaches MBA courses related to corporate governance, hedge funds, and financial markets and institutions. He is the author of the 1996 book The New Finance: Regulation and Financial Stability and the 1992 textbook Futures and Options. In addition, he has authored more than a hundred professional articles dealing with financial institutions, hedge funds, corporate governance, derivatives markets, energy markets, and financial regulation. He holds a PhD in economics from Harvard University and a JD from New York University Law School.
Robert A. Eisenbeis is executive vice president and director of research at the Federal Reserve Bank of Atlanta. He advises the bank president on monetary policy and related matters and oversees the research, public affairs, and statistical reports departments. He joined the Atlanta Fed in 1996 as senior vice president and director of research and was promoted in 2004. Prior to joining the Atlanta Fed, he served as Wachovia Professor of Banking and associate dean for research at the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. From 1968 to 1975 he worked at the Federal Deposit Insurance Corporation, serving as assistant director of research and chief of financial and economic research. In 1976 Eisenbeis returned to the Federal Reserve Board of Governors, where he had begun his career, and over the next six years held the positions of assistant to the director, associate research division officer, and senior deputy associate director in the division of research and statistics. He has coauthored several books on banking and statistics, and his research in the field of banking and finance has been widely published in leading journals. Eisenbeis was a founding member of the Shadow Financial Regulatory Committee and is presently a member of the Financial Economists Roundtable. He is a past member of the board of directors of the National Association for Business Economics and was recently made an honorary fellow. A graduate of Brown University, he received MA and PhD degrees from the University of Wisconsin at Madison.
Cynthia A. Glassman is a commissioner of the U.S. Securities and Exchange Commission. Prior to joining the SEC, she spent more than thirty years in the public and private sectors focusing on financial services regulatory and public policy issues. She began her career with the Federal Reserve System, first at the Federal Reserve Bank of Philadelphia and subsequently at the Board of Governors, where her positions included chief of the financial reports section and special assistant to then Fed Governor Henry Wallich. While at the Board of Governors, Glassman spent a year on assignment to the U.S. Department of the Treasury as a senior economist in the Office of Capital Markets Legislation during the Carter administration. Subsequently, she worked at Economists Incorporated, Furash & Company, and Ernst & Young. At Furash, she was managing director for the financial services regulatory and public policy practices. Glassman taught economics at the University of Cambridge, England, where she remains a Senior Member of Lucy Cavendish College. She received a BA in economics from Wellesley College and MA and PhD degrees in economics from the University of Pennsylvania.
Ilan Goldfajn, a partner at Gavea Investimentos in Rio de Janeiro, is responsible for the firm’s macroeconomic research and risk control. He is also a professor in the department of economics at the Pontifical Catholic University of Rio de Janeiro. Goldfajn worked as deputy governor for economic policy at the Central Bank of Brazil from 2002 to 2003 and at the International Monetary Fund from 1996 to 1999. Before that, he worked as an assistant professor at Brandeis University in Massachusetts. He has also worked as a consultant to international organizations such as the World Bank, the International Monetary Fund, and the United Nations; international banks; and the Brazilian government. Goldfajn has written several academic and policy papers. He received an MA in economics from Pontifical Catholic University of Rio de Janeiro and a PhD in economics from the Massachusetts Institute of Technology.
Sanford J. Grossman is the chairman of Quantitative Financial Strategies Inc. (QFS) and affiliated entities. QFS is a technical financial research and institutional asset-management firm founded in 1988 to develop financial investment models using Grossman’s research discoveries in the field of quantitative finance. He has held academic appointments at Stanford University, the University of Chicago, Princeton University, and the University of Pennsylvania’s Wharton School of Business. In addition, Grossman was an economist with the Board of Governors of the Federal Reserve System and was a public director of the Chicago Board of Trade. He has served as a director, vice president, and president of the American Finance Association. Grossman’s original contributions to economic research received official recognition when he was awarded the John Bates Clark Medal by the American Economic Association in 1987. He received his BA, MA, and PhD degrees in economics from the University of Chicago.
Jack Guynn is president and chief executive officer of the Federal Reserve Bank of Atlanta. In that capacity he is responsible for all the bank’s activities, including monetary policy, supervision and regulation, and operations. Prior to assuming his current position in 1996, he had served as first vice president and chief operating officer of the Atlanta Fed since 1984, responsible for the operations of the six offices that make up the Sixth Federal Reserve District. In 1995 Guynn served as chairman of the Federal Reserve System’s new financial services management committee, which was responsible for developing and implementing an integrated business plan for Reserve Bank financial services as well as coordinating system-level activities to support the plan. Active in various community affairs, he was chairman of the United Way of Metropolitan Atlanta’s 2004 campaign and is past president and a member of that organization’s board of directors. Guynn serves on the boards of trustees for Oglethorpe and Furman Universities, the board of councilors of the Carter Center, and the board of trustees of the Georgia Tech Foundation. He has also served on the boards of Georgia Tech and Georgia State University. He received a BS in industrial engineering from Virginia Tech and an MA in industrial management from Georgia Tech.
David A. Hsieh is professor of finance at the Fuqua School of Business, Duke University. He also taught at the Graduate School of Business at the University of Chicago. Hsieh’s current research focuses on the risk and return of hedge funds. In 1990 Hsieh won the Smith-Breeden First Prize for the best paper in the Journal of Finance with Nobel Laureate Merton Miller. In 1999 he won the Fischer Black Memorial Foundation’s Robert J. Schwartz Memorial Prize for the best paper on hedge funds with William Fung. In 2004 he received a Graham and Dodd Award of Excellence from the CFA Institute for an article in the Financial Analyst Journal. Currently, he is the finance editor of Management Science. Hsieh received a BSc from Yale University for a double major in economics and mathematics and a PhD in economics from the Massachusetts Institute of Technology.
Gay Huey Evans is president of Tribeca Global Management (Europe) Ltd., a company she joined in 2006. Previously, she was the director of markets at the Financial Services Authority (FSA) responsible for the UK Listing Authority, supervision of all market infrastructure providers, market policy, and market surveillance. Prior to joining the FSA, she worked with Bankers Trust Company. In February 2006 Huey Evans was appointed to the European Commission’s Expert Group on Alternative Investment Funds. She has also served as chairman of the Joint Forum, a group of experts working under the umbrella of the Basel Committee on Banking Supervision; the International Organization of Securities Commissions; and the International Association of Insurance Supervisors. In addition, she was the chairman of the International Swaps and Derivatives Association. She is a co-opted member of Tate’s Audit Committee, a trustee of Wigmore Hall, and a governor of the Benjamin Franklin House in London. Huey Evans is also a manager of the Cambridge Endowment for Research in Finance. She holds a BA in economics from Bucknell University.
Reuben Jeffery III is a commissioner and the tenth chairman of the Commodity Futures Trading Commission. Previously, he was the special assistant to the president and senior director for international economic affairs at the National Security Council. He has also served as the representative and executive director of the Coalition Provisional Authority Office (CPA) at the Pentagon and as an adviser to Ambassador Bremer in Iraq. Prior to joining the CPA in 2003, Jeffery served as special adviser to the president for Lower Manhattan Development. In this capacity, he helped coordinate ongoing federal efforts in support of the longer-term recovery and redevelopment of Lower Manhattan in the aftermath of September 11, 2001. Jeffery also spent eighteen years working for Goldman, Sachs & Co. He received a BA in political science from Yale University and JD and MBA degrees from Stanford University.
Edward J. Kane is the James F. Cleary Professor of Finance at Boston College. From 1972 to 1992 he was the Everett D. Reese Chair of Banking and Monetary Economics at Ohio State University. A founding member of the Shadow Financial Regulatory Committee, Kane rejoined the organization in 2005. He served for twelve years as a trustee and member of the finance committee of Teachers Insurance. Currently, he consults for the World Bank and is a senior fellow in the Federal Deposit Insurance Corporation’s Center for Financial Research. Kane has served as a consultant for numerous agencies, including the Federal Home Loan Bank Board, the World Bank, various components of the Federal Reserve System, and three foreign central banks as well as the Congressional Budget Office, the Joint Economic Committee, and the Office of Technology Assessment of the U.S. Congress. He is a past president and fellow of the American Finance Association and a former Guggenheim fellow. He also served as president of the International Atlantic Economic Society and the North American Economics and Finance Association. Kane is a longtime research associate of the National Bureau of Economic Research. Besides authoring three books, he has published widely in professional journals and currently serves on eight editorial boards. He received a BS from Georgetown University and a PhD from the Massachusetts Institute of Technology.
Randall S. Kroszner became a member of the Board of Governors of the Federal Reserve System in March 2006. Previously, he was professor of economics at the Graduate School of Business of the University of Chicago. He had also served the Federal Reserve System in several roles: as a visiting scholar at the Board of Governors and at the Federal Reserve Banks of New York, St. Louis, Kansas City, and Minneapolis and as a research consultant and a member of the academic advisory panel at the Federal Reserve Bank of Chicago. In addition, he was a visiting scholar at the American Enterprise Institute, a research associate at the National Bureau of Economic Research, and a director at the National Association for Business Economics. Kroszner also served as a member of the President’s Council of Economic Advisers from 2001 to 2003. He received an ScB in applied mathematics-economics from Brown University and MA and PhD degrees in economics from Harvard University.
Bruce N. Lehmann is a professor of finance and economics in the Graduate School of International Relations and Pacific Studies of the University of California, San Diego. Previously, he taught at Columbia University for ten years. Lehmann is a specialist in financial economics, with expertise in the pricing of capital assets, their volatility, and the markets in which they trade. Lehmann is founding coeditor of the Journal of Financial Markets and has served as associate editor of the Review of Financial Studies and the Review of Quantitative Finance and Accounting. He has served as a director of the Western Finance Association, as a member of the Scientific Advisory Board of Investment Technology Group Inc., and on the boards of directors of First Boston Investment Funds Inc. and BEA Associates Inc. He currently serves on the investment advisory board of the University of California Retirement System and Endowment and on the investment committee of the UC San Diego Foundation. Lehmann earned his AB in economics and history from Washington University and his MA and PhD degrees in economics from the University of Chicago.
Richard R. Lindsey is president of Bear, Stearns Securities Corporation and a member of the management committee of The Bear Stearns Companies Inc. He is also a senior managing director of Bear, Stearns & Co. Inc., where he serves on the firm’s board of directors. In addition to his responsibilities at Bear Stearns, Lindsey is the vice chairman of the board of directors of the Options Clearing Corporation and is chairman of the International Association of Financial Engineers. Before joining Bear Stearns, Lindsey was the director of market regulation for the U.S. Securities and Exchange Commission. Prior to that, he was a finance professor at Yale University in the School of Management. Lindsey has done extensive work in the areas of market microstructure (the design of algorithmic trading strategies) and the pricing of derivative securities. He has a BS in chemical engineering from the Illinois Institute of Technology, an MS in chemical engineering from the University of California, Berkeley, an MBA from the University of Dallas, and a PhD in finance from UC Berkeley.
Andrew W. Lo is the Harris & Harris Group Professor of Finance at the Sloan School of Management at the Massachusetts Institute of Technology and the director of MIT’s Laboratory for Financial Engineering. Previously, he taught at the University of Pennsylvania’s Wharton School. His research interests include the empirical validation and implementation of financial asset pricing models; the pricing of options and other derivative securities; financial engineering and risk management; trading technology and market microstructure; statistics, econometrics, and stochastic processes; computer algorithms and numerical methods; financial visualization; nonlinear models of stock and bond returns; hedge fund risk and return dynamics and risk transparency; and, most recently, evolutionary and neurobiological models of individual risk preferences and financial markets. Lo is an associate editor of several journals, has published numerous articles in finance and economics journals, and has coauthored two books. He is a former governor of the Boston Stock Exchange and currently serves as a research associate of the National Bureau of Economic Research and as a member of the NASD’s Economic Advisory Board. Lo is also founder and chief scientific officer of AlphaSimplex Group LLC. He received his PhD in economics from Harvard University.
Cathy E. Minehan is president and chief executive officer of the Federal Reserve Bank of Boston and currently chairs the Conference of Presidents of the Federal Reserve Banks. She is an expert in payment systems and serves on the Payment System Policy Advisory Committee, which considers issues related to systemic risk in national and international payment systems. Minehan also focuses her energies on areas of structural economic development within New England and is a member of the board of directors of the Boston Private Industry Council. Minehan serves on the boards of many civic, professional, and educational organizations, including the United Way of Massachusetts Bay, Massachusetts General Hospital, the Massachusetts Business Roundtable, Jobs for Massachusetts, the New England Council, the Boston Public Library Foundation, the Boston Economic Club, the University of Rochester, and the Carroll School of Management at Boston College. Minehan began her career with the Federal Reserve in New York following her graduation from the University of Rochester. She holds an MBA from New York University.
Atanu Saha is managing principal of Analysis Group Inc. in New York, which provides economic, financial, and strategic consulting for leading law firms, Fortune 500 companies, and government agencies. An expert in damages analysis, Saha specializes in the application of economics and finance to complex business litigation. He has provided expert testimony in matters involving valuation of securities, analysis of risk-return characteristics of investment portfolios, and securities fraud. He is the author of numerous articles in professional journals, and his research has been cited in the Wall Street Journal, the New York Times, and other leading publications. His research on hedge fund performance and reporting, conducted with Burton Malkiel of Princeton University, has attracted significant media attention. In February 2006, their research was awarded the CFA Institute’s Graham and Dodd Award for Best Perspectives paper of 2005. Saha was formerly on the faculty of Texas A&M University. He received an MA from the University of Alberta, Edmonton, and a PhD from the University of California, Davis.
Kenneth E. Scott is a senior research fellow and the Ralph M. Parsons Professor of Law and Business Emeritus at the Stanford University School of Law. An expert in public regulation of banking institutions, corporation law, and securities law, his current research focuses on legislative and policy developments related to corporate governance, bank regulation, and deposit insurance reform. Scott has authored two books and numerous articles for legal and financial journals. He has served as general counsel of the Federal Home Loan Bank Board in Washington, D.C., and as chief deputy savings and loan commissioner and head of the Los Angeles office of the state savings and loan agency. He also served in private practice with the firms of Sullivan and Cromwell in New York and Musick, Peeler, and Garrett in Los Angeles. Scott is currently a member of the board of directors of American Century Mutual Funds. He earned an AB in economics from the College of William and Mary and attended Princeton University as a Woodrow Wilson Fellow, receiving an MA in political science. He also graduated from the Stanford University Law School with an LLB.
Stephen D. Smith is a professor of finance at Georgia State University and has been a visiting scholar at the Federal Reserve Bank of Atlanta since 1990. His current research interests include the valuation of complex claims and the theory of financial intermediation. Previously Smith served on the faculties of the University of Texas at Austin and the Georgia Institute of Technology in Atlanta. His work in the areas of economics and finance has been widely published, with articles in such publications as the American Economic Review and the Journal of Finance. He is also the coauthor of Interest Rates: Principles and Applications. A member of the American Economic Association, the American Finance Association, and the Financial Management Association, he also serves on the boards of the Journal of Banking and Finance and the Journal of Risk and Insurance. He earned a BA in finance from the University of South Florida and a PhD in finance from the University of Florida.
Chester Spatt joined the U.S. Securities and Exchange Commission as chief economist in 2004. He is also the Mellon Bank Professor of Finance at the Tepper School of Business at Carnegie Mellon University and director of its Center for Financial Markets. Spatt’s research focuses on the field of financial economics with broad interests in financial markets. His coauthored 2004 paper in the Journal of Finance on asset location won TIAA-CREF’s Paul Samuelson Award for the Best Publication on Lifelong Financial Security. He has served as executive editor and one of the founding editors of the Review of Financial Studies, president and a member of the founding committee of the Society for Financial Studies, and president of the Western Finance Association. Spatt is currently an associate editor of several finance journals. He has also served as an expert for the Federal Energy Regulatory Commission in its investigation of market manipulation in the Western energy markets in 2000 and 2001. Spatt earned his undergraduate degree at Princeton University and his PhD in economics at the University of Pennsylvania.
Hans R. Stoll is the Anne Marie and Thomas B. Walker Jr. Professor of Finance and the director of the Financial Markets Research Center at Vanderbilt University’s Owen Graduate School of Management. He has taught courses in derivatives markets, international finance, equities markets, investments, and corporate finance. He is the author of several books and more than sixty articles on a variety of topics in finance and financial markets. In 1999 he served as president of the American Finance Association. He has also served as president of the Western Finance Association and has been active as a member of the editorial boards of major academic finance journals. Stoll has been a visiting professor at the Board of Governors of the Federal Reserve System, the U.S. Securities and Exchange Commission, and the University of Chicago. He has been a public director of the Futures Industry Association, a member of the Economic Advisory Board of the NASD, and a public governor of the Pacific Stock Exchange. He currently serves as a public governor of the Options Clearing Corporation. Stoll received an AB from Swarthmore College and an MBA and PhD from the Graduate School of Business of the University of Chicago.
Paula Tkac is a financial economist and associate policy adviser at the Federal Reserve Bank of Atlanta, serving on the research department’s financial team. Her research focuses on portfolio management, mutual fund flows, and stock market trading volume. Before joining the bank, Tkac was an assistant professor in the department of finance and business economics at the University of Notre Dame from 1993 to 2000. Prior to that she was a lecturer in the finance and economics departments at the University of Chicago. A member of the American Economic Association, the American Finance Association, and the Western Finance Association, she has published articles in the Journal of Financial and Quantitative Analysis and Managerial and Decision Economics. She has also presented papers and served as a discussant at numerous professional conferences. Tkac earned a bachelor’s degree, master’s degree, and doctorate in economics from the University of Chicago.
Marno Verbeek has been professor of finance at RSM Erasmus University in Rotterdam since September 2000. Previously, he held positions at KU Leuven and Tilburg University and visiting appointments at Trinity College Dublin and Université Panthéon-Assas Paris II. He is also academic director of two graduate degree programs at Erasmus University Rotterdam. Verbeek’s interests are in the areas of asset pricing, professional asset management, econometrics, and empirical finance. His current research focuses on mutual funds, hedge funds, and risk management. He is author of the textbook A Guide to Modern Econometrics and has published numerous articles in international journals such as the Journal of Financial and Quantitative Analysis, the Journal of Banking and Finance, the International Economic Review, and the Review of Economics and Statistics. He holds a PhD degree in economics from Tilburg University.
Kevin M. Warsh took office as a member of the Board of Governors of the Federal Reserve System in 2006. Prior to this appointment, Warsh served as special assistant to the president for economic policy and as executive secretary of the National Economic Council. His primary areas of responsibility included domestic finance, banking and securities regulatory policy, and consumer protection. He advised the president and senior administration officials on issues related to the U.S. economy, particularly fund flows in the capital markets, securities, banking, and insurance issues. Warsh participated in the President’s Working Group on Financial Markets and served as the administration’s chief liaison to the independent financial regulatory agencies. From 1995 to 2002, Warsh was a member of the mergers and acquisitions department of Morgan Stanley & Co., ultimately serving as vice president and executive director. He received an AB in public policy from Stanford University and a JD from Harvard Law School. He also completed course work in market economics and debt capital markets at Harvard Business School and MIT’s Sloan School of Management.
Marc Zenner is the global head of the financial strategy group at Citigroup. He currently focuses on the consumer, retail, energy, and chemical sectors and advises companies on topics such as the relation between capital structure and distribution policy, acquisition financing, dividend initiations, capital allocation strategies, use of excess liquidity, valuation, and other shareholder enhancement strategies. Zenner joined Citigroup’s financial strategy group in 2000 and later became the head of ABN AMRO’s U.S. financial markets advisory group. He rejoined Citigroup in 2004 as North America head of the financial strategy group and was named global head in 2005. Prior to his career in banking, Zenner was the chairman of the finance area and a professor of finance at the Business School of the University of North Carolina at Chapel Hill. He also taught at Purdue University and Indiana University and consulted for large global corporations. Zenner earned a commercial engineering degree at Katholieke Universiteit Leuven (Belgium), an MBA at the City University in London, and a PhD in finance at Purdue University.