Who's Who of Wall Street
During the financial crisis of 2008. Global Investors lost trillions of dollars
in mortgage backed securities, real estate investments, retirement
funds and the stock market. Millions of people lost their jobs and
millions of families lost their homes and life
savings. Hundreds of banks failed and over a million businesses declared
bankruptcies. The ramifications of the financial crisis are still being felt in
2011 with banks closing even after the economic recovery of 2010. In
many countries, the
pressures of national austerity measures, inflation, tax increases
and civil unrest are on the rise as taxpayers ended up paying the
bill for the
banking bailouts, failed government policies and economic stimulus programs.
We were perplexed by how many governments, Nobel-Prize winning
economists and investors failed to foresee a crisis of such
magnitude and on such a global scale. We also saw the rise of new
economic and investment celebrities and the decline of others. We
were fascinated with a handful of experts whose claim to fame is their
prediction of the financial
crisis. When these experts warned the public,
they were either ignored or ridiculed. So we decided to study the
subject and see who are these experts? Did they actually predict the
financial crisis or just claim that they did? Why did the other experts miss the crisis? What lessons can we learn from these two important
years in history? And more importantly, can these lessons help us
anticipate or prevent future similar crises?
Many critical questions have been asked by journalists and
bloggers around the world and lately few academic researchers
ventured into the topic. But until today, we did not find
comprehensive or concrete answers that satisfied us. So, we decided
to embark on this not-for-profit research project in the public
interest. It is our hope that our work contributes, even if in
some small way, to the improvement of financial journalism
and academic research on this topic.
The project attempts to provide answers to the following five sets of
research
questions:
-
Why did the world's top economists fail to predict the financial
crisis? (Others who missed the crisis, include government
leaders, award-winning scientists, market analysts and
investors). Was the crisis predictable or was it a Black Swan
(unpredictable) event? Are government policy makers competent
enough to manage the nation's financial freedom and security?
Are economists and their policies helping or hurting our
economic growth? Do we need to re-define the education of
economic science and the role that economists play in our
financial markets, government policies and business regulations?
-
Who is to
blame for the financial crisis? Who contributed to the
creation of the crisis? Can they be held responsible
for their actions or inactions? Was there a conspiracy by some
Wall Street executives and government officials? Do investors
have legal cause to seek compensation for damages caused by Wall
Street firms?
- Who predicted
the financial crisis and the ensuing economic crisis?
Is there a documented evidence supporting their claims? Were those who warned about the crisis lucky or did they have a clear logic behind their
predictions? Can we use their knowledge to predict future crises?
What are their future predictions? How do their predictions
compare with each other? Where do the experts agree and where do they
disagree? How accurate are their economic predictions? Can they
be relied on for investment decisions?
- Who are the
top winners and losers of the financial crisis? Top
investors, economists, intellectuals, government officials,
think tanks, and universities that lost or won because of the
crisis.
- What are the lessons we can learn to
avoid future
crises? What the the economic policy lessons? What are the
investor's lessons? Do we need more or less financial regulations?
To answer the preceding questions we spent hundreds of hours
researching the Internet to find the most relevant news stories,
articles, interviews, blog posts and statements about the subject. We ended with a
list of what we consider to be the world's top Wall Street executives, economists, investors,
financial journalists and
opinion leaders (pre and post the crisis). Collectively, these experts have the most influence in shaping the public
debate and awareness of the
financial markets, academic research, government policies and the
actions of Wall Street investors.
Who are the subject of our research?
The Who's Who of Wall Street and the US Economy:
(Names are listed in no particular order)
Top Government Officials and Policy Makers:
Federal Reserve Chairmen Paul Volker, Alan
Greenspan and Ben Bernanke and Treasury Secretaries Timothy Geithner,
Hank Paulson, John W. Snow, Paul O'Neill and Robert Rubin. Current
and former members of the Council of Economic Advisors, Austan
Goolsbee, Cecilia Rouse, Katherine Baicker, Matthew J. Slaughter,
Edward P. Lazear, Donald B. Marron, Christina Romer, Arthur M. Okun,
Edwin G. Nourse, Leon H. Keyserling, John D. Clark, Roy Blough,
Robert C. Turner, Arthur F. Burns, Neil H. Jacoby, Walter W.
Stewart, Raymond J. Saulnier, Joseph S. Davis, Paul W. McCracken,
Karl Brandt, Henry C. Wallich, Walter W. Heller, James Tobin, Kermit
Gordon, Gardner Ackley, John P. Lewis, Otto Eckstein, James S.
Duesenberry, Merton J. Peck, Warren L. Smith, Paul W. McCracken,
Hendrik S. Houthakker, Herbert Stein, Ezra Solomon, Marina v.N.
Whitman, Gary L. Seevers, William J. Fellner, Paul. W. MacAvoy,
Burton G. Malkiel, Charles L. Schultze, William D. Nordhaus, Lyle E.
Gramley, George C. Eads, Stephen M. Goldfeld, Murray L. Weidenbaum,
William A. Niskanen, Jerry L. Jordan, Martin Feldstein, William
Poole, Beryle W. Sprinkel, Thomas Gale Moore, Michael L. Mussa,
Michael J. Boskin, John B. Taylor, Richard L. Schmalensee, David F.
Bradford, Paul Wonnacott, Laura D'Andrea Tyson, Alan S. Blinder,
Joseph E. Stiglitz, Martin N. Bailey, Alicia H. Munnell, Janet L.
Yellen, Jeffrey A. Frankel, Rebecca M. Blank, Martin N. Bailey,
Robert Z. Lawrence, Kathryn L. Shaw, R. Glenn Hubbard, Mark B.
McClellan, Randall S. Kroszner, N. Gregory Mankiw, Kristin J.
Forbes, and Harvey S. Rosen
Top Wall Street CEOs and Investment Bankers:
Brady Dougan,
CEO of Credit Suisse; Brian Moynihan, CEO of Bank of America
Merrill Lynch; Baudouin Prot, CEO of BNP Paribas (BNP Paribas CIB); Vikram Pandit, CEO Citigroup (Citi
Institutional Clients Group);
Robert E. (Bob) Diamond Jr., CEO of
Barclays Capital; Josef Ackermann, CEO of Deutsche Bank;
Lloyd Blankfein, Goldman Sachs; Stuart Gulliver, CEO of HSBC; Jamie Dimon, CEO of JPMorgan Chase (J. P. Morgan Investment Bank); James
P. Gorman, CEO of Morgan Stanley; Oswald Grübel, CEO of UBS (UBS
Investment Bank); Nicholas Moore, CEO of
Macquarie Group; Stephen Hester, CEO of Royal Bank of Scotland; and
Kenichi Watanabe, CEO of Nomura Securities
Top Wall Street Investors:
George Soros,
Warren Buffett, John Paulson, Brian Rogers, Susan Byrne, David Herro, Ron Baron,
Daniel Loeb, Eddie Lampert, Carl Icahn, Martin Whitman, Mohamed El
Erian, Arnold Van Den Berg, Bruce Berkowitz, Carl Icahn, Charles
Brandes, Chuck Akre, David Dreman, Donald Smith, Donald Yacktman,
Edward Lampert, Edward Owens, Glenn Greenberg, Ian Cumming, James
Barrow, Jean-Marie Eveillard, Joel Greenblatt, John Griffin, John
Hussman, John Keeley, Julian Robertson, Lee Ainslie,
Mario Gabelli, Martin Whitman, Mason Hawkins, Michael Price, Prem
Watsa, Richard Aster Jr, Richard Perry, Robert Rodriguez, Ron Baron,
Ronald Muhlenkamp, Ruane Cunniff, Seth Klarman, Steve Mandel, Tom
Gayner, Tweedy Browne, Wallace Weitz, and Wilbur Ross
Top Wall Street Economists, Experts and Opinion Leaders:
Renowned economists,
financial analysts, investment advisors and intellectuals, including Nassim Taleb,
Peter Schiff, Dean Bakers, Med Jones, Bill Ackman, Robert Gnaizda, Raghuram
Rajan, Brooksley Born, Marc Faber, Nouriel Roubini, Anirvan Banerji, Len Zacks, David Gardner, Tom Gardner, Philip Davis, Matthew
Bradbard, Frederic Ruffy, Michael Filloon, Robert Weinstein, Ian
Bezek, Joseph Shaefer, Michael Anderson, Chimin Sang, Kurtis
Hemmerling, Osman Gulseven, Andrew Wilkinson , Frederic Ruffy,
Philip Davis, Rocco Pendola, David Van Knap, Marc Gerstein, Hao Jin,
George Spritzer, Lawrence Weinman, Frank Constantino, Dirk
Quayle, Brad Case, Alan Brochstein, Michael Johnston, Tom Lydon,
Brad Case, Richard Shaw, Todd Feldman, Prieur du Plessis, Chris
Ciovacco, Leith van Onselen, Tim Iacono, Felix Salmon, Cullen Roche,
John Mason, John Mauldin, Karl Denninger, Ben Strubel, Matthew
Bradbard, Michael Filloon, Michael Fitzsimmons, Marc Chandler,
Cliff Wachtel, Andrew Wilkinson, Ralph Shell, Steven Kiel, Philip
Mause, Nicholas Marshi, Michael Filloon, John Petersen, Joseph
Shaefer Kurt Wulff, Clayton Reeves, Ian Bezek Xiaofan Zhang, Glen
Bradford, Jeff Pierce, Tom Lydon, Chip Krakoff, Bill James, Roger
Nusbaum, J. Bruun, Irfan Chaudhry, David Hunkar Martin Hutchinson,
Marc Chandler, John Mauldin, Charles Lewis Sizemore, Gary Gordon, Ananthan Thangavel, Greg Ho, Alan Brochstein, Chris Ciovacco, Marc
Chaikin, Chuck Carnevale, Robert Prechter, Brian Foglia, Dian Chu, Ralph Shell,
Lionel Barber and Jeff Miller
Top Economic Think Tanks and Research Organizations:
Brookings
Institution, American Enterprise Institute, Center for Economic
Policy Analysis, Institute for International Economics, American
Enterprise Institute, Brookings Institution, Cambridge Energy
Research Associates, Cato Institute, Center for Economic Policy
Analysis, Century Foundation, Committee for Economic Development,
Economic Policy Institute, Economic Research Council (London),
Employment Policy Foundation, Economic Strategy Institute, Heritage
Foundation, Institute for International Economics, International
Institute of Management , Jerome Levy Economics Institute, Joint
Center for Political and Economic Studies, Kiel Institute of World
Economics, National Bureau of Economic Research, National Center for
Public Policy Research, Progressive Policy Institute Rochester,
Center for Economic Research, Theoretical Research Institute United
for a Fair Economy, Urban Institute, Washington Institute for Policy
Studies, Greenlining Institute, and Center for Economic and Policy Research.
Top Economics and Financial Journalists:
Matt
Winkler,
John Micklethwait, Josh Tyrangiel, Andy
Serwer, David Schlesinger, Chrystia Freeland, Matthew Bishop, Ken
Auletta, Susie Gharib, Paul Kangas, Linda O'Bryon, Gretchen
Morgenson, Steve Burkholder, Steve Burkholder, Nanette Byrnes,
Christopher Palmeri, David Skeel, Martin Z. Braun,Alan Murray, Kevin
Delaney, Jonathan Krim, Darren McDermott, Neil McIntosh, Almar
Latour, Li Yuan, Greg Bartalos, John Kimelman, Ed Lin, Fleming
Meeks, Bob O'Brien, Steven Sears, Johanna Bennett, Murray Coleman,
Alexander Eule, Teresa Rivas, David Englander, Miriam Gottfried,
Grace L. Williams, Richard Rescigno, Lauren R. Rublin, Phil
Roosevelt, David Schutt, Andrew Bary, Michael Santoli, Thomas G.
Donlan, Jonathan R. Laing, Jay Palmer, Jack Willoughby, Bill Alpert,
Sandra Ward, Jacqueline Doherty, Kopin Tan, Robin G. Blumenthal,
Lawrence C. Strauss, Leslie P. Norton, Vito J. Racanelli, Gene
Epstein, Mark Veverka, Jim McTague, Tom Sullivan, Anita Peltonen,
Christopher C. Williams, Dimitra DeFotis, Susan Witty, Neil A.
Martin, Theresa W. Carey, Mike Hogan, Suzanne McGee, Rhonda Brammer,
Pauline Yuelys, Teresa Vozzo, Darrell Preston,
Liz Willen, David Dietz, Eddie Baeb, William Selway, Michael Marois
and Andrew Pratt, Darren Gersh, Guy Adami, Pierre Alexandre,
Daniel Altman, Brett Arends, Erin Arvedlund, Peter Barnes, Maria
Bartiromo, Robert A. Bennett, Janet Bodnar, Deirdre Boltonm, Marcus
Brauchli, John Brooks, Erin Burnett, Thom Calandra, David Callahan,
Justin Catanoso, Bill Coffin, James C. Collin, Peter Cook, Jim
Cramer, Janet Elizabeth Dyer, David Enrich, Sharon Epperson, Pimm
Fox, Charlie Gasparino, Bill Griffeth, Christine Harper, John Helmer,
Michael Hudson, Paul Kangas, Tom Keene, Ken Silverstein, Zachery
Kouwe, Lawrence Kudlow, Jean Lee, Michael Lewis, Betty Liu, James
Michaels, David J. Morrow, Scott Patterson, Carl Quintanilla, JJ
Ramberg, Louis Rukeyser, Merryle Rukeyser, William S. Rukeyser, Rick
Santelli, Erik Schatzker, Stephen B. Shepard, Andrew Ross Sorkin,
Betsy Stark, Allyson Stewart-Allen, Gerri Willis, Tanya Beckett,
Nils Blythe, Louise Botting, Sally Bundock, Mickey Clark, Declan
Curry, Evan Davis, Peter Day, Stephanie Flanders, B. C. Forbes,
Steve Forbes, David Goodhart, Liam Halligan, Simon Jack, Martin
Lewis, Norman Macrae, James Morgan, Robert Peston, Jeff Randall, and
Andrew Verity, Jim Jubak and Jon Markman, Jack Otter, Rachel
F. Elson, Nelson Wang, Megan Jordan, Ray Martin, Alexis
Christoforous, Edwin Finn, Randall W. Forsyth, Jonathan Dahl, Janet
Paskin, James B. Stewart, Jeff Nash, Steven Kutz, Jack Hough, Bill
Bischoff, Jonathan Hoenig, Jilian Mincer, AnnaMaria Andriotis, Catey
Hill, Jonnelle Marte, and Sarah Morgan, and Eric Schurenberg, Jill
Schlesinger, and
Bill Emmott and Greg Ip
By compiling this list we had a starting point for our research. For better or for worse, the collective opinions and actions of
these people influence the performance of the US economy and many of
our investment decisions.
We recognize that this is not an
exhaustive list and we expect to add more names as we
progress in our research. We'd like to reiterate that the
objective of this research project is the study of the financial
crisis of 2008-2009 and the key experts connected with it. The objective is not to debate economic or
financial theories.
There are numerous academic research projects that cover these
theories. So,
we did not cover historical scholars like Adam Smith, John Maynard
Keynes, Milton
Friedman, Ludwig von Mises, Friedrich Hayek, Vilfredo Pareto, and
others
Continue to the next research sections:
-
Why did the world's top economists fail to predict the financial
crisis?
-
Who is to
blame for the financial crisis?
- Who predicted the
financial crisis and the ensuing economic crisis?
- Who are the
top winners and losers of the financial crisis?
- What are the lessons we can learn to
avoid future
crises?
|
London
School of Economics
Financial Journalism Ethics
Expert
Economic
Predictions
Dean Baker's
Predictions
Med Jones
Predictions
Nouriel Roubini's
Predictions
Peter Schiff's
Predictions
The Rise & Fall of Financial Assets
City
University
London
Challenges of Financial
Journalism
Knowledge
@
Wharton
University
Wall Street
Economic
&
Financial
Research
|
