1999 Annual Meeting Speakers

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Edward I. Altman is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. Since 1990, he has directed the research effort in Fixed Income and Credit Markets at the NYU Salomon Center and is currently the Vice-Director of the Center. Prior to serving in his present position, Professor Altman chaired the Stern School’s MBA Program for 12 years. He has been a visiting Professor at the Hautes Etudes Commerciales and Universite de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the Australian Graduate School of Management in Sydney and Luigi Bocconi University in Milan.

Dr. Altman has an international reputation as an expert on corporate bankruptcy and credit risk analysis. He was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris for his accumulated works on corporate distress prediction models and procedures for firm financial rehabilitation and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation for his work on Default Rates on High Yield Corporate Debt and was named "Professor Honorario" by the University of Buenos Aires in 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and a member of its Scientific and Technical committee and to serveral foreign central banks. Dr. Altman was named the Max L. Heine endowed professorship at Stern in 1988. He received his MBA and Ph.D. in Finance from the University of California, Los Angeles.

Professor Altman is one of the founders and an Executive Editor of the international publication, the Journal of Banking and Finance and Advisory Editor of a publisher series, the John Wiley Frontiers in Finance Series. Professor Altman has published over a dozen books and over 100 articles in scholarly finance, accounting and economic journals.

Dr. Altman’s primary areas of research include bankruptcy analysis and prediction, credit and lending policies, risk management in banking, corporate finance, and capital markets. He has been a consultant to several government agencies, major financial and accounting institutions and industrial companies, and has lectured to executives in North American, south America, Europe, Australia-New Zealand, Asia and Africa. He has testified before the U.S. Congress, the New York State Senate and several other government and regulatory organizations and is a Director and a member of the Advisory Board of a number of corporate, publishing, academic and financial institutions.

Peter L. Bernstein, is a global leader of the investment community. A Harvard graduate and former member of the research staff of the Federal Reserve Bank of New York, he served as an Air Force captain in World War II in the Office of Strategic Services. After teaching economics at Williams College and a five year stint in commercial banking, he joined an investment advisory firm managing both individual and institutional portfolios. Bernstein was the first editor of "The Journal of Portfolio Management" and remains as consulting editor. He lectures in the United States and abroad and has authored seven books in economic and finance with articles appearing regularly in professional journals and popular press.

Bernstein's latest book, Against the Gods: The Remarkable Story of Risk, was published by John Wiley & Sons in September 1996. This book won the Edwin G. Booz Prize for the most insightful, innovative management book published in 1996 and in 1998, the Clarence Arthur Kelp/Elizur Wright Memorial Award from The American Risk and Insurance Association (ARIA) in recognition as an outstanding original contribution to the literature of risk and insurance. In 1992 Capital Ideas: The Improbable Origins of Modern Wall Street was published by the Free Press and in 1997 Princeton University Press published Bernstein and Fabozzi's Streetwise: The Best of the Journal of Porfolio Management. For many years, Bernstein was a Trustee and member of the Finance Committee of the College Retirement Equities Fund (CREF). Currently, he is a trustee emeritus of the AIMR Investment Management Workshop. In May 1997, Mr. Bernstein received the Award for Professional Excellence from the Association for Investment Management & Research, AIMR's highest honor and in 1998 was chosen by them to receive the annual Graham and Dodd award for Excellence in Financial Writing.

Alan S. Blinder is currently the Gordon S. Rentschler Memorial Professor of Economics and Co-Director of the Center of Economic Policy Studies at Princeton University, and Vice Chairman of the G7 Group.

Dr. Blinder was the Vice Chairman of the Board of Governors of the Federal Reserve System from June 1994 until January 1996. In this position, he represented the Fed at various international meetings, and was a member of the Board's committees on Bank Supervision and Regulation, Consumer and Community Affairs, and Derivative Instruments. He also chaired the Board in the Chairman's absence.

Before becoming a member of the Board, he served as a Member of President Clinton's original Council of Economic Advisers from January 1993 until June 1994. There he was in charge of the Administration's macroeconomic forecasting and also worked intensively on budget, international trade, and health care issues.

Dr. Blinder was born on October 14, 1945 in Brooklyn, New York. He earned his A.B. at Princeton University in 1967, M.Sc at London School of Economics in 1968, and Ph.D. at the Massachusetts Institute of Technology in 1971 -- all in Economics. At Princeton, Dr. Blinder chaired the Department of Economics from 1988 to 1990, and founded Princeton's Center for Economic Policy Studies. He has taught at Princeton since 1971.

Dr. Blinder is the author or co-author of 12 books, including the textbook Economics: Principles and Policy (with William J Baumol) now in its 7^th edition, from which well over a million college students have learned introductory economics. He has also written scores of scholarly articles on such topics as fiscal policy, monetary policy, and the distribution of income. From 1985 until joining the Clinton Administration, Dr. Blinder wrote a lively monthly column in Business Week magazine.

Dr. Blinder served briefly as Deputy Assistant Director of the Congressional Budget Office when that agency started in 1975 and has testified many times before Congress on a wide variety of public policy issues. He is a Governor of the American Stock Exchange, a Trustee of the Russell Sage foundation, and has been elected to the American Philosophical Society and the American Academy of Arts and Sciences.

Till Guldimann is Vice Chairman of Infinity, a subsidiary of SunGard Data Systems, Inc. Prior to the formation of Infinity, Mr. Guldimann was Vice Chairman of Infinity Financial Technology, which he joined after a 21-year career at J.P. Morgan & Co. where he last headed the bank's Global Research Group. Under Mr. Guldimann's leadership, J.P. Morgan developed and launched RiskMetrics, establishing a worldwide standard in methodology and data for market measurement. Previously, Mr. Guldimann was responsible for developing the bank's market risk control systems and was chairman of J.P. Morgan's Market Risk Committee. Mr. Guldimann is a native of Switzerland and has held positions in New York, Zurich, London, Hong Kong and Tokyo. Mr. Guldimann holds a Dipl. El. Ing. degree (MSEE) from ETH, the Swiss Federal Institute of Technology, and an M.B.A. degree from Harvard Business School.

James Warren Harris is currently the Chief of the Strategic Assessments Group, which produces integrated medium- and long-term studies on international economic and security issues.

Dr Harris joined the CIA in April 1980 in the Office of Economic Research and subsequently worked in Office of East Asian Analysis and the Office of Transnational Issues. During 1980-89, he served as an analyst on Southeast Asian issues and as deputy chief of both the Northeast Asia and China Divisions. From 1990-95, he served as Chief of the China Division, Office of East Asian Analysis, directing research and policy support to the Executive Branch on economic, political, and military issues in China, Taiwan, and Hong Kong.

Dr Harris since has created several new analytic programs devoted to economic and security issues--including the Integrated Regional Threat Group, the Strategic Economic Unit, and the Strategic Assessments Group, which brought these efforts together under one organization within OTI. The Group's work emphasizes integrated analysis, over-the-horizon issues, and outreach into centers of expertise outside CIA. Its analysis is tailored for senior policymakers at NSC, the Department of State, Treasury and other economic agencies, and the Department of Defense and its commands.

Prior to joining the CIA, Dr Harris held teaching positions at Western Michigan University and Wayne State University. During 1978-79, he was on the faculty of the University of Singapore, where he taught international trade and finance. While in Singapore, he was a consulting economist for the Applied Research Centre and the Institute for Southeast Asian Studies. He also lectured in time series analysis at the Singapore Civil Service Development Institute.

Dr Harris, who was born and raised in Detroit, Michigan, holds a PhD and MA in Economics from Wayne State University. His fields included economic development and econometrics; more recently he has focused on international finance. He majored in mathematics and economics as an undergraduate at Monteith College, an experimental curriculum at Wayne State. His postdoctoral studies have included a semester at the Kennedy School of Government at Harvard University and course work at the Center for Creative Leadership at the University of Maryland.

Mr. Heller, a former governor of the Federal Reserve System, has had a long and distinguished career in risk management, banking, government service and education. He joined the Board of Directors of Fair, Isaac and company in 1994. In 1996, he assumed the additional post of Executive Vice President. He is responsible for corporate Services including Corporate Affairs, Marketing, Information Technology, Human Resources, and Real Estate.

Prior to joining Fair Isaac, Mr. Heller served as President and CEO of Visa USA. His previous positions included Senior Vice President and Director of International Economic Research at Bank of America and Chief of the Financial Studies Division of the International Monetary Fund. He began his career as a professor of economics at UCLA after obtaining his Ph.D. from the University of California at Berkeley.

Andrew Lo is the Harris & Harris Group Professor, Massachusetts Institute of Technology. He specializes in financial engineering and computational finance and is the director of the MIT Laboratory for Financial Engineering, a research partnership between academia and industry designed to support and promote quantitative research in finance. He is co-author of The Econometrics of Financial Markets (Princeton University Press, 1997), a graduate-level textbook that develops the most important mathematical and statistical tools for implementing such financial models as portfolio optimization, linear factor-pricing models, term structure theories, and the pricing and hedging of derivative securities. Lo is also co-authoring a monograph, A Non-Random Walk Down Wall Street, (Princeton University Press, 1999), which will bring together his studies of the violations of the "Random Walk Hypothesis" and describe the implications for predicting stock-market performance.

Michael Milken is a philanthropist who founded and chairs CaP CURE (The Association for the Cure of Cancer of the Prostate). He has launched an effort to fast-track medical research by raising funds for promising scientific studies, clinical investigations and biotechnology projects. A non-profit public charity, CaP CURE is the largest private funder of these activities and, since 1993, has given more than $75 million in competitive grants to some 500 projects worldwide. CaP CURE receives profits from the sale of The Taste for Living Cookbook - Mike Milken's Favorite Recipes for Fighting Cancer. Reporting on Milken's "quest to cure cancer," Business Week said scientists "are convinced they're close to unraveling the biological details of [prostate cancer]. And Milken 'has done more to advance the cause' than anyone, says urologic surgeon William J. Catalona of Washington Univ. in St. Louis." In June 1999, Milken was cited in the Congressional Record for his "significant contribution" in devoting "untold resources and unimaginable energy to dealing with prostate cancer."

Cap CURE is building on decades of involvement in cancer research, prevention and treatment by the Milken Family Foundation, which Mr. Milken co-founded in 1982 and helped build into one of the largest private foundations in the United States. The Foundation has funded extensive programs in the fields of education and health care and continues to work closely with more than 200 organizations and advocacy groups around the world with special focus on youth, inner cities and minorities. The Milken Family Foundation's National Educator Awards and Conference has honored more than 1350 U.S. educators with $25,000 awards since the program's inception in 1985.

As chairman of the Milken Institute, Mr. Milken has brought together respected economists, demographers and social scientists to study economic growth, job formation and access to financial capital. The Milken Institute Review features articles by leading economists and public-policy thought leaders. In a recent issue of Worth magazine, Walter Mead wrote that the Milken Institute, which has hosted dozens of conferences and published hundreds of monographs over the past decade, is "hotter on the trail of a global economic cure than anybody I heard at Davos."

Milken is an investor in Knowledge Universe (KU), a family of companies that provide lifelong learning opportunities and meet the needs of individuals and businesses to realize their full potential through the acquisition of knowledge. Among the core areas addressed by KU are early childhood education, testing and assessment, career management, strategic and technology consulting, staffing and employment, and Internet commerce and content. KU's president is Thomas J. Kalinske.

As a financier, Milken is often said to have revolutionized the modern capital marketplace. Over the last 30 years, Mr. Milken helped build thousands of companies around the world including MCI, McCaw Cellular and Turner Broadcasting. The Economist said his financial innovations "are credited with fuelling much of America's rampant economic growth by enabling companies with bright ideas to get the money they need to develop them." This created millions of jobs, leading a Time Magazine bureau chief to write, in 1997, that "Milken was right in almost every sense."

A summa cum laude graduate of the University of California at Berkeley, where he was elected a member of Phi Beta Kappa, Milken received his master's degree in business administration from the University of Pennsylvania's Wharton School; he was a Joseph Wharton Fellow and the first to achieve a perfect 4.0 average. He and his wife of 31 years, Lori, have three children.

C. Richard Neu is currently a senior economist at the RAND Corporation, in Santa Monica, California, and Associate Director of RAND's Project Air Force
Dr. Neu has recently completed two years of service as the Associate Dean of the RAND Graduate School of Policy Studies. From mid-1993 through mid-1995, Dr. Neu served in Washington on the National Intelligence Council as the National Intelligence Officer for Economics. In this capacity, he served as the senior advisor to the Director of Central Intelligence on economic matters. Prior to this government service, Dr. Neu was the associate head of RAND's International Policy Department and the director of the RAND/UCLA/Harvard Center for Health Care Financing Policy Research. Before coming to RAND, Dr. Neu served in the National Security and International Affairs Division of the Congressional Budget Office and as a senior international economist at the First National Bank of Chicago.

Dr. Neu's principal research interests have been international economics, health care policy, and economic matters related to national security. He is currently leading a RAND project investigating opportunities for using the Internet and the world wide web to facilitate communication between government and citizens. Dr. Neu also contributes to the activities of the Russian-American Business Leaders Forum, a vehicle for consultation and discussion among senior executives of the two countries. Recently, he has begun to explore the economics of the performing arts.

Dr. Neu holds a B.S. in economics from the California Institute of Technology and a Ph.D. in economics from Harvard University.

Robert T. Parry took office February 4, 1986, as the tenth chief executive of the Federal Reserve Bank of San Francisco. He is currently serving his third, full, five-year term. The San Francisco Fed serves the Twelfth Federal Reserve District, which covers the nine western states, as well as American Samoa, Guam, and the Northern Mariana Islands.

Mr. Parry was born in Harrisburg, Pennsylvania. He received a B.A. degree from Gettysburg College and was elected to Phi Beta Kappa. He attended the University of Pennsylvania, where he received an M.A. and a Ph.D. in economics. He also has received honorary doctorates from Gettysburg College and Southern Utah University.

Mr. Parry first became associated with the Federal Reserve System when he joined the Board of Governors in Washington, D.C., a position he held for five years. Before his association with the Fed, he was an assistant professor of economics with the Philadelphia College of Textiles and Science.

Mr. Parry left the Board to join Security Pacific National Bank as a vice president. He was subsequently promoted to chief economist, to senior vice president, and finally to executive vice president and chief economist of Security Pacific Corporation and its principal subsidiary, Security Pacific National Bank.

Mr. Parry is a past president of the National Association of Business Economists; a member of the American Economic Association; a director of the National Bureau of Economic Research; a member of the Advisory Board to the Pacific Rim Bankers Program; a director and member of the Executive Committee of the San Francisco Bay Area Council; a director and member of the Bay Area Economic Forum; a member of the University of Pennsylvania Economics Visiting Committee; a member of the Executive Board of the Boy Scouts of America; and a member of the United Way Board of Directors.

Leslie Rahl is the President and founder of Capital Market Risk Advisors, Inc., consultants headquartered in New York specializing in risk management, valuation, strategy, and independent risk oversight in all financial sectors of the capital markets. She is a pioneer in the swaps and derivatives business, and was the founder of the interest rate cap, collar and floor business. Prior to forming Capital Market Risk Advisors, she was President of Leslie Rahl Associates, Inc. a consulting firm specializing in swaps, options and derivative products.

Ms. Rahl spent 19 years at Citibank's, including 9 years as head of Citibank's Derivatives Group in North America. She launched the Caps and Collars business in 1983 as an extension of the proprietary options arbitrage portfolio she ran and was a pioneer in the development of the swaps and derivatives business. She has extensive trading, trading management and structuring experience and managed an 85-person unit of traders, financial engineers and originators. Euromoney, Greenwich and others consistently rated her team #1. Before starting the derivatives business, she was a proprietary options trader and before that she structured municipal guaranteed investment contracts. From 1979 to 1981 she was the division head for the Stock Transfer Division, and prior to that assignment, was the Division Head for the Global Investing Division (precious metals and foreign securities). In addition to trading, origination, and line management, she has extensive experience in strategic planning and financial control.

Ms. Rahl was named among the Top 50 Women in Finance by Euromoney in 1997 and was profiled in both the 5^th Anniversary and the 10^th Anniversary issues of Risk Magazine. She was selected among "Who's Who in Derivatives" by Risk Magazine and was profiled in Fortune magazine's column, "On the Rise" and Institutional Investor's "The Next Generation of Financial Leaders".

Ms. Rahl was a Director of the International Swaps Dealers Association (ISDA) for five years, is currently on the board of Directors for the International Association of Financial Engineers (IAFE) and the Fischer Black Memorial Foundation. She is also a member of the Board of Advisors of The Financial Engineering program at the MIT-Sloan School, and is active in all key areas of the industry.

Her articles have appeared in publications ranging from Directorship to Treasury and Risk Management. She has been the keynote speaker at many conferences around the world sponsored by organizations including The Wall Street Journal, ISDA, The CFTC, Kent-Chicago, Euromoney, The IAFE, The Financial Executives Institute, Risk, The Chicago Board of Trade, and the CBOE and has spoken on topics ranging from Risk Management & Measurement, to VAR, to Asian Restructuring.

Ms. Rahl received her undergraduate degree in Computer Science from MIT in 1971 and her MBA from the Sloan School at MIT in 1972.

As Chief Strategy Officer, William Raduchel is a member of Sun's executive committee, which handles day to day operations and long-term strategy planning efforts for Sun Microsystems, Inc. Raduchel became the chief strategy officer in 1998 with continued responsibility for all corporate planning and development, including mergers and acquisitions. Raduchel drives the company's long-term strategy and planning process.

Before he was appointed to his current position, Raduchel was responsible for managing information systems and resources for Sun as well as its subsidiaries and operating companies.

From 1989 to 1991, Raduchel was vice president of finance and chief financial officer, where he was instrumental in improving Sun's balance sheet and bringing focus to Sun's return on assets and cash management. He also served as acting vice president of human resources in 1991 and 1992. Raduchel joined Sun in October 1988.

Prior to Sun, he served as vice president for document systems in Xerox Corporation's strategic business office and also held various executive positions at Data Resources, Inc. (a McGraw-Hill company), the Institute of Defense Analyses and Harvard University.

Mr. Raduchel earned a B.A. in economics from Michigan State University and an M.A. and Ph.D in economics from Harvard University. He serves on the boards of Ross Technologies, Inc. and Technology Funding Venture Partners IV.

Kenneth J. Singleton is the C.O.G. Miller Distinguished Professor of Finance at The Graduate School of Business , Stanford University. After receiving his Ph.D. in Economics from the University of Wisconsin, he taught in the Economics Department at the University of Virginia and the Graduate School of Industrial Administration at Carnegie Mellon University, and held short-term visiting positions at the University of Chicago and University of Tokyo. He has been on the finance faculty at Stanford since 1987. During the fall of 1991 and all of 1992, while on leave from Stanford, he was a Vice-President in the Fixed Income Research Department of Goldman Sachs and Co.

His research interests include: Econometric methods for estimation and testing of dynamic asset pricing models; modeling of term structures of government and defaultable bond yields; measuring and managing market, credit, and liquidity risks; debt financing in emerging economies.

His Professional Awards/Activities include: Irving Fisher Dissertation Award (1978); Frisch Prize from the Econometric Society (1988); Smith-Breeden Distinguished Paper Prize from the Journal of Finance (1997); Fellow of the Econometric Society (1988); Research Associate, National Bureau of Economic Research (since 1982).

Robert James Thomson became US managing editor of the Financial Times in September 1998, taking prime editorial responsibility for the newspaper’s ambitious drive into the US market, which has seen the paper’s circulation rise sharply over the past year.

He has been a journalist since early 1979 when he joined The Herald in Melbourne, where he worked as a finance and general affairs reporter before becoming the paper’s Sydney correspondent.

In 1983 he was hired by the Sydney Morning Herald to be a senior feature writer and that paper sent him to Beijing in 1985 when the Financial times shared a China bureau with the Sydney paper. He wrote extensively about Chinese economic and social reform and was in Beijing for the Financial times during the Tiananmen crisis.

Mr. Thomson was appointed Tokyo correspondent for the Financial Times in 1989 and covered Japanese finance and politics during a period of great upheaval in that country. He was the spectacular excesses of the Japanese "bubble economy" and watched the unfolding economic debacle in the early 1990s and the unprecedented fall of the Liberal Democratic Party.

In 1994, the FT selected him to be Foreign News Editor, overseeing the paper’s network of correspondents, a post he held for two years, before he was appointed Editor of the Weekend financial Times and Assistant Editor of the Financial Times in 1996.

Under his editorship, the Weekend FT was redesigned and became the fastest growing broadsheet newspaper in the UK and a model for other weekend newspapers around the world. In the summer of 1998, Mr. Thomson was chosen to take the helm in the US.

Steven Trachtman is a Principal Consultant in the Financial Services Technology Practice within Management Consulting Services of PricewaterhouseCoopers LLP in New York.

Mr. Trachtman is a technology and business leader with over twenty five years experience in financial, information technology, operations, and risk management within the global financial services industry. He is an international capital markets, and corporate/institutional banking, operations and management control expert.

Mr. Trachtman has managed the processing (and risk management) resources for high value, high volume, and time sensitive financial information and instruments. As a business-focused technologist, he leads teams in performing analyses, in creating strategies and solutions, and in implementing projects utilizing proven and state-of-the-art resources.

Prior to joining PricewaterhouseCoopers Mr. Trachtman was an Executive Consultant with IBM Global Services, and the President of a start-up consulting firm. He has performed in managerial positions in systems and operations at Credit Suisse First Boston, Chase, and Citibank.

Mr. Trachtman has earned a Master Business Administration from the City University of New York and a Bachelor of Business Administration from the University of Miami (Coral Gables, FL). He has also completed post-graduate studies at New York University in Computer Science.

Mr. Trachtman has been a guest expert on CNN’s Business Unusual, and on Reuters Television. He has also been featured in Bloomberg Magazine.