E. Gerald Corrigan
Gerry Corrigan | |
---|---|
7th President of the Federal Reserve Bank of New York | |
In office January 1, 1985 – July 19, 1993 | |
Preceded by | Anthony M. Solomon |
Succeeded by | William McDonough |
10th President of the Federal Reserve Bank of Minneapolis | |
In office 1980–1984 | |
Preceded by | Mark H. Willes |
Succeeded by | Gary H. Stern |
Personal details | |
Born | Edward Gerald Corrigan June 13, 1941 Waterbury, Connecticut, U.S. |
Died | May 17, 2022 Dedham, Massachusetts, U.S. | (aged 80)
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 of the Federal Reserve Bank of New York and Vice-Chairman of the Federal Open Market Committee.[1] Corrigan served as a partner and managing director in the Office of the Chairman at Goldman Sachs and was appointed chairman of GS Bank USA, the bank holding company of Goldman Sachs, in September 2008 until retiring in 2016.[2] He was also a member of the Group of Thirty, an influential international body of leading financiers and academics.
Education
Corrigan earned a
Career
Federal Reserve
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
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.[3]
Post-Federal Reserve; Goldman Sachs
Corrigan joined Goldman Sachs in 1994 and has been a partner and managing director in the Office of the Chairman since 1996. He served 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.
Since 1999, Corrigan has served as Chairman of the Counterparty Risk Management Policy Group (CRMPG).
In 2005, the Global Association of Risk Professionals awarded their "Risk Manager of the Year" designation to Corrigan.[6]
In a major article in April, 2009 about
The article went on, though, relative to the episode as a whole, "A.I.G.'s search for [private] capital was fruitless" and the
In February, 2010, Corrigan faced inquiry in the
In the May 7, 2010, Goldman public stockholders' meeting, the company "announced the creation of an internal committee that will examine possible conflicts of interest and other issues such as transparency and disclosure. It's headed by Vice Chairman [Michael] Evans and ... Corrigan, chairman of Goldman Sachs Bank USA. No board members are involved." The report on this development was part of a larger analysis of the role of the board of directors in the oversight of the management, business and ethics of the company, in light of the intense scrutiny of the company's role in the national and global financial crises of recent years.[9]
Philanthropic giving
In 2007, Corrigan donated $5 million to Fordham University to establish the Corrigan Chair in International Business and Finance at the Graduate School of Business Administration.[11]
Personal
Corrigan was married to Cathy Minehan, President of the Federal Reserve Bank of Boston from 1994 to 2007.[12]
Corrigan died at the age of 80 on May 17, 2022, from complications of Alzheimer's disease at a facility in Dedham, Massachusetts.[13][14]
See also
- Global financial crisis of 2008–2009
- Financial crisis of 2007–2010
References
- ^ "E. Gerald Corrigan - Federal Reserve Bank of New York". Federal Reserve Bank of New York. Retrieved 2008-05-01.
- ^ a b "E. Gerald Corrigan: Biographical Summary" (PDF). University of North Texas. Retrieved 2008-05-01.
- ^ "The Council on Foreign Relations from 1921 to 1996 - Historical Roster of Directors and Officers".
- ^ Counterparty Risk Management Policy Group.
- ^ Statement by E. Gerald Corrigan, Managing Director, Goldman, Sachs & Co. before the Committee on Financial Services U.S. House of Representatives
- ^ GARP 2005 Risk Manager of the Year: E. Gerald Corrigan Archived 2010-01-13 at the Wayback Machine
- ^ "Geithner, as Member and Overseer, Forged Ties to Finance Club" by Jo Becker and Gretchen Morgenson, The New York Times, 4/26/09 (p. A1 4/27/09 NY ed.). Retrieved 4/27/09.
- ^ "Goldman Sachs: the bank they love to hate: Goldman Sachs's role in the Greek financial crisis has further dented the Wall Street giant's image", by Iain Dey and Dominic Rushe, The [London] Sunday Times, February 28, 2010. Retrieved 2010-07-30.
- ^ "Goldman's Silent Board", by Richard Teitelbaum, Bloomberg Markets, July 7, 2010 9:46 AM AST. Retrieved 2010-07-30.
- ^ E. Gerald Corrigan '63: Investing Wisely Archived 2008-09-07 at the Wayback Machine
- ^ Economics Alumnus Donates $5 Million to Fordham University
- ^ Cathy Minehan Biography | United Way of Massachusetts Bay and Merrimack Valley Archived 2009-08-13 at the Wayback Machine
- ^ Roberts, Sam (May 25, 2022). "E. Gerald Corrigan, Who Helped Ease '87 Stock Crash, Dies at 80". The New York Times. Retrieved May 25, 2022.
- ^ "E. GERALD "JERRY" CORRIGAN". Legacy.com.