Resume

• 1965

  Doctor of Philosophy (PhD)

  Dissertation titled “An empirical Bayes approach to the multiple linear regression problem

  ” 1970 and published in Annals of Statistics

  1973.\nStudied under University Professor Herbert Robbins.

  Statistics

  Sigma Xi (scientific research honor society); Fellow of the Faculty

  Columbia University Graduate School of Arts and Sciences

• 1961

  Bachelor of Arts (B.A.)

  Robert Lincoln Carey Memorial Prize for leadership in both extra-curricular activities and in academic pursuits.\n\nAmerican Statistical Association Award.

  Mathematics and Economics

  Summa Cum Laude; Phi Beta Kappa; Omicron Delta Epsilon (economics honor society)

  Columbia College

  Columbia University

• Provided management consulting services to non-profit organizations and identified business development opportunities.

  National Executive Service Corps

  Volunteer Coordinator

  Served as liaison with small businesses affected by 9/11

  offering business equipment and funding.

  Restart Central

  Corporate Governance

  Monetary Policy

  Managerial Finance

  Balanced Scorecard

  Mergers & Acquisitions

  Time Series Analysis

  Public Speaking

  Statistics

  Microsoft Excel

  Leadership

  Strategy

  Management

  Statistical Modeling

  Financial Analysis

  Forecasting

  Quantitative Analytics

  Financial Modeling

  Bayesian statistics

  Corporate Finance

  Analysis

  “Labor’s Declining Share of Corporate Income: Impact on Income Inequality and the U.S. Job Recovery”

  The distribution of corporate income between profits and compensation had been stable for decades

  but

  beginning around 1980

  U.S. firms shifted corporate income away from labor and toward capital

  decreasing labor’s share. Labor’s declining share has contributed both to widening income inequality and slowing the recovery of jobs lost during the last recession.\nSeveral intertwined long-term economic processes and trends associated with widening income inequality and dampening economic recovery after the last two recessions include: asymmetric globalization

  accelerating digital and information technology advances

  financialization (the growth and influence of the financial industry)

  declines in union bargaining power

  diminishing government consumption

  and the growing role of rent-seeking activity in the U.S. economy. Each of these economic and institutional trends is discussed

  accompanied by examples of their potential association with the declining labor share and the growing inequality in income and wages.\n

  “Labor’s Declining Share of Corporate Income: Impact on Income Inequality and the U.S. Job Recovery”

  Framing climate change as an economic risk has

  in the last several years

  galvanized investor and regulatory attention

  as well as a small cadre of influential business and financial leaders. Initial

  risk mitigating strategies for U.S. companies concerned with the potentially-harsh environmental and climate-change impacts include: identifying company vulnerabilities to extensive and expansive environmental changes

  implementing requisite changes in operations and infrastructure investments to weather these impacts

  substituting renewable energy sources like wind and solar

  and buying insurance and other long-term

  risk-management financial contracts to guard against potentially catastrophic losses.

  “Initial Risk-Mitigating Strategies for Weathering Environmental and Climate-Change Impacts on U.S. Companies”

  This paper provides a perspective on the current financial state of the U.S. A marked change in consumer behavior – shifting from a policy of moderate personal savings to a more-heavily consumption-oriented

  spending society over the period 1982-2007 – led to Americans acquiring large levels of debt. The downturn in this recession was more acute in terms of negative real economic growth

  unemployment and housing prices than previous post-World War II recessions. The traditional initial drivers of past recoveries – consumer spending and housing – are not playing a dominant role. And the dire unemployment picture is likely to be with us for several years.

  “Financial State of the Nation”

  “An empirical Bayes approach to multiple linear regression”

  \"Banks Matter in Eurozone Crisis\"

  The Eurozone sovereign debt crisis has also induced a parallel credit crunch and illiquidity concerns for European banks. Default risks and contributions to systemic risk in the next major credit and illiquidity crisis are delineated for individual banks. Ten European banks are currently among the top 14 global banking institutions ranked by probability of default. And eight European banks are included among the top 11 global banks ranked by expected capital shortfalls associated with systemic risk in the next major crisis. The European Central Bank has stepped up low-cost

  short-term lending with relaxed collateral demands.

  \"Banks Matter in Eurozone Crisis\"

  The current financial crisis shares a key characteristic of prior banking crises. Sharp credit contractions were preceded by inflationary asset bubbles and credit expansion. It was therefore felt useful to obtain a perspective on today’s crisis by viewing it in the context of 15 prior systemic banking crises

  enabling an assessment of the possible course of today’s financial crisis.

  “A Perspective on 2000’s Illiquidity and Capital Crisis: Past Banking Crises and their Relevance to today’s Credit Crisis”

  An analysis of projected U.S. budgets suggests federal fiscal policy is not sustainable from a long-term perspective. Long-term budget deficits projected for 2020 and beyond

  under the assumption that the economy is in full employment

  are the source of major concern. The 2007-09 recession and associated stimulus programs are not seen as important factors contributing to the long-term fiscal problem. A combination of government-imposed tax increases and sustained cuts in non-interest government spending

  most likely in entitlement programs

  appears to be mandated when the economy is more robust.

  “New Fiscal Crisis looming for the U.S.”

  The Eurozone has been struggling with an apparently-intractable crisis over the enormous debts faced by its weakest economies and by countries impacted by the bursting of the housing boom in the past global recession of 2007-09. Major contributing factors are the sizes of net government debt

  primary budget deficits and negative current account (trade) balances

  each expressed as a percent of GDP. However

  underlying structural factors associated with the peripheral Eurozone countries – overspending

  imports exceeding exports

  higher real labor costs

  lower productivity

  losses in competitiveness

  tax avoidance and the reluctance to radically reform – reflect national traits and behavior which may be difficult to change quickly.

  “Eurozone Sovereign Debt Crisis”

  “Models for planning”

  Berkshire Hathaway

  Buffett’s conglomerate holding company

  exhibited the best risk-adjusted stock return since 1976. Three attributes seem to underlie Buffett’s superior returns: (1) selection of low-beta (i.e.

  low-risk)

  high-quality companies

  especially when they appear to be undervalued; coupled with (2) use of low-cost leverage (Franzzini

  Kabiller and Pedersen

  2013). A third identifiable trait is Buffett’s unique skill in negotiating highly-favorable terms for these acquisitions (Davidoff

  2013a). His stock selection proficiency is enhanced by an exquisite sense of timing

  often acquiring companies when relatively cheap or issuing high-return loans to firms temporarily encountering illiquidity.

  Buffett Buffeted but Triumphant: Review of Warren Buffett’s Actions and Reactions Beginning with the Financial Crisis of 2008-09

  The slow job recovery three years after the end of the recession of 2008-09 is characterized by persistently-high rates of unemployment. To understand this job recovery – different than all others – along with the economy’s large underutilized workforce

  eleven key explanatory factors are considered. The impacts of globalization and outsourcing

  coupled with technological innovation and productivity; the corporate shift from labor to capital; and the phenomenon of prime-age working men ‘dropping out’ of the recorded labor force represent long-term trends significantly contributing to the decline in human capital which predate the last recession.

  “Why is this Job Recovery Different than All Others?”

  Four tipping points and thirteen enabling trends are identified in this presentation which

  in the author’s opinion

  played key roles leading to the housing boom and the subsequent mortgage crisis

  which eventually spread to the entire financial system and the real economy. For example

  one of the tipping points was the failure of the bond rating agencies to properly assess risks of default of subprime mortgage loans and mortgage-backed structured notes. Another tipping point was the investment banks’ overleveraged positions in structured notes. An enabling trend was the ‘Greenspan put’ in the form of setting interest rates too low for too long following the dot.com implosion

  resulting in unchecked credit expansion.

  “The Mortgage Crisis: Tipping Points and Trends underlying the Housing Boom and its subsequent Bust”

  The long-term declining role of manufacturing in the U.S. economy – reflecting a shift of the economy after World War II to a post-industrial orientation with an increased emphasis on services – was accelerated by the effects on manufacturing jobs and trade deficits of President Reagan’s budget deficits in the 1980s and China’s recent trade penetration. \n\nThe magnitude and fast pace of China’s import penetration

  coupled with anemic demand for domestic goods and high productivity gains in American factories

  are associated with the 33 percent decline of 5.7 million domestic manufacturing jobs in the 2000-10 period – the largest loss in a decade in U.S. history. The effects on manufacturing employment associated with trade

  domestic demand

  and productivity strongly suggest that the largest impact is attributable to technological advances in U.S. factories sustaining productivity gains

  with trade a relatively minor contributory factor

  when viewed from the long-term perspective.

  “The Decline of Manufacturing in the U.S. Economy: Impacts of China's ‘Trade Shock’

  Trump's Protectionist Tariffs

  and the Drivers of Manufacturing Job Losses”

  The housing price decline is more than twice that registered in the U.S. during the Great Depression. Since the peak of the housing bubble

  U.S. households have lost over $6 trillion in housing wealth. And 1 in 7 U.S. homeowners is currently “under water

  ” owing more than their house is worth. An assessment of the current state of housing

  coupled with valuations of the housing market

  suggests there is a high likelihood of a ‘double dip’ in housing prices. The direct impacts of the housing slump on economic growth include lower construction and subdued consumer spending.

  “Double Dip Looming for Housing Prices and its Impact on Economic Growth”

  In some situations

  the standard market mechanism – which adjusts prices and allocates resources by allowing supply to equal demand – cannot be utilized to directly match two sets of agents in markets with prices often unavailable. This paper

  motivated by a desire to understand the accomplishments of Alvin Roth and Lloyd Shapley

  the 2012 Nobel Laureates in Economic Science

  reviews successful matching processes adopted in specific market institutions. \n \n

  “Review of Direct Matching Markets and the Deferred Acceptance Algorithm”

  This presentation delineates the key factors which the author believes enabled the contagious-but-confinable risks of the mortgage crisis to spread to the entire financial market. The prime cause was the weakened health of leveraged credit intermediaries

  like banks and shadow banks

  which became illiquid

  insolvent or near-insolvent

  and developed capital shortages. Shadow banks include hedge and equity funds. One of the enabling viruses was credit default swaps. Banks failed to fully distribute securitized risk. Regulatory capital requirements adequately measured earnings volatility but not the impact of large market price moves. A run on entities in the shadow banking system was a catalyst to the credit and illiquidity crisis. \n

  “Why Did the Mortgage Crisis lead to a Credit

  Illiquidity and Capital Crisis?”

  “Stein-James estimators of a multivariate location parameter”

  Wind

  Serge

  Wind

  NYU School of Professional Studies

  AT&T

  Lucent Technologies

  Berkeley College

  Keller Graduate School of Management of DeVry University

  Greater New York City Area

  Adjunct Instructor

  Berkeley College

  Murray Hill

  NJ

  \tInitiated portfolio analysis for business units to guide resource allocation and exiting of products. \n\tServed directly as senior adviser to CFO on restructuring and other sensitive areas of corporate concern requiring synthesis of difficult issues and 'out of the box' thinking.\n\tGenerated semi-monthly performance reports to top officers explaining causes of financial results and suggested actions to enhance value and profitable growth for company.\n\tIntroduced Managing for Value initiative linking all decisions to long-term economic profits.\n\tPrepared business case for outsourcing manufacturing.\n

  Portfolio Analysis & Special Studies Finance Director

  Lucent Technologies

  180 Madison Ave

  New York

  NY 10016

  Teaching five graduate courses: Managerial Finance

  Advanced Managerial Finance

  Mergers and Acquisitions

  Foundations of Managerial Mathematics

  and Applied Managerial Statistics.\n\nTeaching undergraduate courses: Algebra and Statistics

  Senior Visiting Professor

  Keller Graduate School of Management of DeVry University

  11 West 42nd Street

  4th Floor

  New York

  NY 10036

  Teaching three graduate courses at the Division of Programs in Business: Corporate Finance II (Intermediate)

  Corporate Finance III (Advanced) and Principles of Financial Modeling.\n\nTutoring students at the Division of Undergraduate Studies in finance

  math

  statistics

  real estate finance and Excel courses.\n\nProposed new finance courses

  generated syllabi and gained approval of the Department Chair.

  Instructor

  Department of Finance

  NYU School of Professional Studies

  Morristown

  NJ

  \tAnalyzed major mergers

  long-range plans and the capital investment program for AT&T

  as well as establishing guidelines for business cases

  transfer pricing and corporate governance. \n\tInitiated the use of value-based EVA as the measure for variable compensation for 110

  000 management employees

  after championing the importance of cash flow as a key metric.\n\tWorked directly for CFO and VP of Strategy

  providing advice and synthesis of key corporate issues associated with restructuring

  divestiture of the Baby Bells and regulatory concerns requiring original thought and analysis. Designed local operations split into 7 independent Baby Bells. \n\tIntegrated strategic and financial positions as part of S-1 registration document preparation; generated financial forecasts; and established financial benchmarks for new Lucent Company.\n\tEstablished financial benchmarks for business units based on competitor analogs.

  Financial Analysis and Special Projects Director

  AT&T

  Financial Management Association

  Columbia Alumni Arts League

  American Contract Bridge League

  Who’s Who in New York City

  Who’s Who in Finance and Industry

  Marquis Who’s Who

  Phi Beta Kappa

  Sigma Xi

  Scientific research honor society

  Columbia Graduate School of Arts and Sciences

  Robert Lincoln Carey Memorial Prize

  Leadership in both extra-curricular activities and in academic pursuits

  Columbia College

  American Statistical Association Award

  Omicron Delta Epsilon

  Economics honor society