E. Gerald Corrigan

Infobox_President | name =E. Gerald Corrigan
nationality =American


imagesize =150px
order =7th President of the Federal Reserve Bank of New York
term_start =January 1, 1985
term_end =July 19, 1993
president =
predecessor =Anthony M. Solomon
successor =William J. McDonough
birth_date =Birth date and age|1941|6|13|mf=y
birth_place =Waterbury, Connecticut
death_date =
death_place =
alma_mater =Fairfield, B.A.
Fordham, M.A, Ph.D
profession =Economist|

E. Gerald Corrigan (born in Waterbury, Connecticut on June 13, 1941) is an American banker who was the 7th President of the Federal Reserve Bank of New York and Vice-Chairman of the Federal Open Market Committee. [cite web|url=http://www.newyorkfed.org/aboutthefed/ECorriganbio.html|title=E. Gerald Corrigan - Federal Reserve Bank of New York|publisher=Federal Reserve Bank of New York|accessdate=2008-05-01] Dr. Corrigan has been a partner and managing director in the Office of the Chairman at Goldman Sachs since 1996.cite web|url=http://govinfo.library.unt.edu/tdrc/hearings/13mar00/gcorrigan.pdf|title=E. Gerald Corrigan: Biographical Summary|publisher=University of North Texas|accessdate=2008-05-01|format=PDF] In 2005, the Global Association of Risk Professionals awarded their "Risk Manager of the Year" designation to Dr. Corrigan. [ [http://www.garp.com/newsreleases/2006/20060222-00.pdf GARP 2005 Risk Manager of the Year: E. Gerald Corrigan] ]

Career

Federal Reserve

Dr. Corrigan began his career at the New York Federal Reserve in 1968 where he remained for twenty-five years, becoming Vice President in 1976, and serving as a Special Assistant to Federal Reserve Board Chairman, Paul Volcker in Washington, D.C. He went on to serve as president of the Federal Reserve Bank of Minneapolis from 1980 to 1984 and President of the Federal Reserve Bank of New York from 1985 until 1993.

From 1991 to 1993 he was Chairman of the Basel Committee on Banking Supervision. From 1993 to 1995 he was director of the Council on Foreign Relations. [cite web
url=http://www.cfr.org/about/history/cfr/appendix.html
title=The Council on Foreign Relations from 1921 to 1996 - Historical Roster of Directors and Officers]

Post-Federal Reserve

Dr. Corrigan joined Goldman Sachs in 1994 and has been a partner and managing director in the Office of the Chairman since 1996. He serves as co-chair of both the Risk Committee and the Global Compliance and Controls Committee at Goldman Sachs. In 1994 Corrigan also joined the influential Washington-based financial advisory body, the Group of Thirty.

And since 1999, Dr. Corrigan has served as Chairman of the Counterparty Risk Management Policy Group (CRMPG). [ [http://www.crmpolicygroup.org/ Counterparty Risk Management Policy Group.] ] The CRMPG is a financial industry policy group designed to promote enhanced strong practices in counterparty credit risk and market risk management. In this capacity Dr. Corrigan testified before the Committee on Financial Services of the U.S. House of Representatives concerning hedge funds and systematic risk in the financial markets on March 13, 2007. In concluding his testimony, Dr. Corrigan foreshadowed the pending financial crisis of 2007–2008 by stating " [o] ne of the most difficult challenges in human endeavor is how we manage low probability events – such as financial shocks – that can cause so much damage. In the financial arena I believe we are making progress in meeting that challenge and we must continue the effort for we know that the future will bring new tests of the stability and resiliency of the financial system." [ [http://www.house.gov/apps/list/hearing/financialsvcs_dem/htcorrigan031307.pdf Statement by E. Gerald Corrigan, Managing Director, Goldman, Sachs & Co. before the Committee on Financial Services U.S. House of Representatives] ]

Education

Dr. Corrigan earned a bachelor's degree in economics from Fairfield University in 1963. He received a master's degree in 1965 and a Ph.D. in 1971, both in economics, from Fordham University.

Fairfield University honored Dr. Corrigan in 1981 with an Alumni Professional Achievement Award. And In 2008, Dr. Corrigan donated $5 million to Fairfield University to establish the E. Gerald Corrigan '63 Chair in the Humanities and Social Sciences and the The Mary Hardy Corrigan Reading Room, named for Dr. Corrigan's mother and located on the second level of the DiMenna-Nyselius Library. [ [http://www.fairfield.edu/fn_w07corrigan.html E. Gerald Corrigan '63: Investing Wisely] ]

References

External links

* [http://www.ny.frb.org/aboutthefed/ECorriganbio.html Federal Reserve Bank of New York Profile]
* [http://www.fairfield.edu/pr_0607magis.html E. Gerald Corrigan gives $5 million to Fairfield University]