The Credit Crisis: Limited Assets and Unlimited Liabilities
April 1, 2008 4-6 p.m.
A distinguished panel of participants enlightened attendees on the current credit crisis. Professor Vefa Tarhan opened the dialogue with an overview of the current credit crisis and his comments on why the economy is in its current state. David Marshall followed Tarhan's introduction with his perspectives on the evolving housing market and the role of financial innovation in financial crises. Joe Rizzi gave some valuable insight into collateralized debt obligations and a overview of the role of banks in the credit crisis. Finally, Chris Vincent concluded the discussion with a view on capital markets and the various economic trends and their effects on the markets.
(From left to right): Moderator, Vefa Tarhan; Panelists, David Marshall, Joseph Rizzi, and Christopher Vincent
David Marshall, Senior VP, Financial Markets Group, Federal Reserve Bank of Chicago
Prior to Marshall’s appointment to Senior VP of the Financial Markets Group, he was a vice president and economic advisor in the economic research department of the Federal Reserve Bank of Chicago. In that position Marshall served as the team leader for the department’s macroeconomics group. His research focuses on linkages between financial markets, financial institutions and macroeconomic performance. Before coming to the Federal Reserve System, Marshall was on the faculty of the Kellogg Graduate School of Management at Northwestern University. He has also served as adjunct professor of finance at the University of Chicago, and is currently associate editor for Macroeconomic Dynamics. Marshall received a B.A. from Yale University and M.S. and Ph.D. degrees in economics from Carnegie-Mellon University.
David Marshall's presentation slides are available here: "The Roots of the Current Financial Turmoil"
Joseph Rizzi, Senior Investment Strategist, CapGen Financial
For 24 years before joining CapGen, Rizzi was a member of the ABN AMRO Group or its U.S. affiliate, LaSalle Bank. He most recently served as Managing Director of LaSalle Bank Corporation’s Enterprise Risk Management unit for North America. During his tenure with the ABN AMRO Group, Rizzi worked in several areas of the company including Secured Lending and Leasing and the Corporate Banking group. From 1986 through 2000, he was a leading member of the Strategic Planning, Structured Finance or Leveraged Finance teams located in Chicago. In 2001, Rizzi began his role as a group head in Amsterdam and worked both there and New York focusing on Group Risk Management, Asset and Liability Management, and Country Management. Rizzi is a widely published author, has lectured to various professional organizations, and has taught regularly at the Amsterdam Institute in Finance. He is also adjunct professor at the University of Notre Dame’s Mendoza School of Business. Rizzi graduated from DePaul University, earned a M.B.A. from the University of Chicago, and received a J.D. from the University of Notre Dame Law School.
Joseph Rizzi's presentation slides are available here: "Structured Finance: An Inconvenient Truth "
Christopher T. Vincent, Principal, CFA, William Blair
Chris Vincent is head of the Fixed Income Group within William Blair & Company's Investment Management Department. He joined William Blair & Company in June 2002 as a fixed-income portfolio manager. Chris began his institutional investment career in 1983 and was previously a managing director/senior fixed-income portfolio manager with Zurich Scudder Investments for 14 years. Before that he was with Ralston Purina Company for five years in the treasury department in the plan sponsor role, where he was responsible for fixed-income investments for the company's benefit plans. He has been affiliated with the Uhlich Children's Advantage Network in Chicago since 1991 as a trustee, treasurer, and advisory board member. He serves on the board of the CFA Society of Chicago and is a member of the CFA Institute. Chris was inducted into the prestigious Davenport Society at the University of Missouri in 2005. Education: B.S.B.A., University of Missouri, M.B.A.; Saint Louis University.
Chris Vincent's presentation slides are available here: "Chris Vincent's Views on the Credit Crisis"
Vefa Tarhan, Ph.D., Professor of Finance, Loyola University Chicago
Before his current role at Loyola University Chicago, Tarhan was chair of the finance department at Loyola University Chicago as well as a visiting professor of finance at Northwestern University’s Kellogg Graduate School of Management. He was elected outstanding professor of the year at three different universities: Loyola University Chicago (1984), Northwestern University (1990), and Washington University (1999). His recent research has been in the field of Corporate Finance, with published articles on mergers and acquisitions of non-financial firms, mergers in the banking industry, corporate restructuring, and share repurchases. Tarhan was also a director at a private equity firm and at a commercial bank, and served as a research consultant at the Federal Reserve Bank of Chicago (1989-2001). He also conducts corporate finance training programs for and is consultant to various firms.
Vefa Tarhan's presentation slides are available here: "Introductions on the Credit Crisis"
25 East Pearson, Chicago, IL 60611
Event is FREE to all attendees - academics, practitioners, students, and other interested parties
See FLYER for more details and a printable version of this information
- Center for Integrated Risk Management and Corporate Governance
- Investment Banking and Financial Markets Club
- Economics Forum
- Center for Financial and Policy Studies
STUDENTS: (From left to right): Jennifer Samuilow, Center for Risk Management and Corporate Governance; Jordan Rosenberg, Investment Banking and Financial Markets Club; Arvind Manjegowda, Economics Forum; Ben Idstein, Economics Forum