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Aboutthe Authors
Nicholas F. Brady, ormer U.S. Treasury secretary, is cur-
rently chairman o Darby Overseas Investments Ltd. and a
partner in Holowesko Partners Ltd. He was senior partnerat the Wall Street investment banking frm Dillon, Read
& Co. Inc. or nearly two decades and also served as chair-
man o Purolator Inc., a Fortune 500 company. At the Trea-
sury, Brady designed and implemented a successul strategy
(which came to be known as the Brady Plan) to resolve the
Latin American debt crisis. He has served on the boards o a
number o companies and is currently chairman o Franklin
Templeton Investment Funds and director o Hess Corpo-
ration and Weatherord International Ltd. He received his
BA rom Yale University (1952) and his MBA rom Har-
vard University (1954).
Darrell Dufe is the Dean Witter Distinguished Proessorin Finance at the Graduate School o Business, Stanord
University, where he has been a member o the aculty since
receiving his PhD at Stanord in 1984. His recent research
ocuses on asset pricing, credit risk, capital markets, and over-
the-counter markets. Among other positions, he is president
o the American Finance Association, a ellow and member
o the Council o the Econometric Society, a research asso-ciate o the National Bureau o Economic Research, and a
ellow o the American Academy o Arts and Sciences. He
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314 About the Authors
is currently on the editorial boards oEconometrica and the
Journal of Financial Economics, among other journals.
Joseph A. Grundest is the W. A. Franke Proessor o Law
and Business at the Stanord Law School and a nationally
prominent expert on capital markets, corporate governance,
and securities litigation. He ounded the award-winning Stan-
ord Securities Class Action Clearinghouse, which provides
detailed, online inormation about the prosecution, deense,and settlement o ederal class action securities raud litiga-
tion. He also launched Stanord Law Schools executive edu-
cation programs and continues to codirect Directors College,
the nations leading venue or the continuing proessional
education o directors o publicly traded corporations. He
also codirects the Rock Center or Corporate Governance,as well as the Stanord Program in Law, Economics, and Busi-
ness. Beore joining the Stanord Law School aculty in 1990,
he was a commissioner o the Securities and Exchange Com-
mission and served on the sta o the Presidents Council o
Economic Advisers as counsel and senior economist or legal
and regulatory matters.
Richard J. Herring is the Jacob Sara Proessor o Interna-
tional Banking and a proessor o fnance at the Wharton
School, University o Pennsylvania, and ounding director
o the Wharton Financial Institutions Center. From 2000
to 2006, he served as the director o the Lauder Institute
o International Management Studies; rom 1995 to 2000,he served as vice dean and director o Whartons under-
graduate division. During 2006, he was a Proessorial Fel-
low at the Reserve Bank o New Zealand and Victoria
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About the Authors 315
University; during 2009, he was the Metzler Bank Fellow
at Johann Goethe University in Frankurt. He is cochair othe Shadow Financial Regulatory Committee and execu-
tive director o the Financial Economists Roundtable, the
Advisory Board o the European Banking Report in Rome,
and the Institute or Financial Studies in Frankurt. He
previously served as cochair o the Multinational Banking
seminar and was a ellow o the World Economic Forum in
Davos and a member o the Group o 30 task orce on the
reinsurance industry. He received his undergraduate degree
rom Oberlin College in 1968 and his PhD rom Princeton
University in 1973.
Thomas M. Hoenig is president and chie executive of-
cer o the Federal Reserve Bank o Kansas City. He assumedthe role o president on October 1, 1991. He is the longest
serving o the twelve current regional Federal Reserve Bank
presidents and is also the longest-tenured member o the
Systems Federal Open Market Committee. He joined the
bank in 1973 and was its senior ofcer in banking supervi-
sion during one o the most tumultuous periods in the his-
tory o the regions fnancial institutions, the banking crisiso the 1980s. At that time, he was involved with nearly 350
banks that either ailed or received assistance. During the
recent fnancial crisis, he has been especially vocal about
the regulation o the fnancial industry, the need or address-
ing so-called too big to ail institutions, and the role o
monetary policy. He speaks oten on banking and monetarypolicy issues as well as on the structure, history, and role o
the Federal Reserve System. He received his doctorate in
economics rom Iowa State University.
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316 About the Authors
Thomas H. Jackson, Distinguished University Proessor at
the University o Rochester, served as president o the univer-sity rom 1994 to 2005. Beore he became Rochesters ninth
president, Jackson was vice president and provost o the Uni-
versity o Virginia, which he frst joined in 1988 as dean o
Virginias School o Law. He had been proessor o law at Har-
vard rom 1986 to 1988 and served on the Stanord Univer-
sity aculty rom 1977 to 1986. A 1972 graduate o Williams
College, Jackson earned his law degree rom Yale in 1975. He
frst clerked or U.S. District Court judge Marvin E. Frankel
in New York in 197576 and then or Supreme Court justice
(later chie justice) William H. Rehnquist in 197677. The
author o bankruptcy and commercial law texts used in law
schools across the country, he served as Special Master or
the U.S. Supreme Court in a dispute involving every statein the country over the disposition o unclaimed dividends
held by brokerage houses.
William F. Kroener III is counsel at Sullivan & Cromwell
LLP. He served as general counsel o the Federal Deposit
Insurance Corporation rom 1995 to 2006. His law practice
ocuses on the supervision and regulation o banks and otherregulated fnancial institutions and their advisers. He cur-
rently serves as cochair o the American Bar Association
Task Force on Financial Markets Regulatory Reorm, vice
chair o the Banking Law Committee o the American Bar
Association Business Law Section, a member o the Execu-
tive Council o the Banking Law Committee o the FederalBar Association, an advisory member o the Financial Insti-
tutions Committee o the Business Law Section o the State
Bar o Caliornia, and a member o the Regulatory Appeals
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About the Authors 317
Committee o the Dubai Financial Services Authority. He
speaks and writes regularly on fnancial regulatory topicsand has taught as an adjunct proessor at Stanord, George
Washington, and American University law schools. He has
served on the Stanord Law School Board o Visitors and as
national chair o the Stanord Law Fund. He is a graduate o
Yale and Stanord law and business schools.
Charles S. Morris is vice president and economist in theSupervision and Risk Management Divisions Banking
Research Department at the Federal Reserve Bank o Kan-
sas City. He conducts research on banking and fnancial
markets with an emphasis on regulatory and policy issues.
He also supports the banks senior management by prepar-
ing analyses, briefngs, and recommendations on regulatoryand policy issues. He has conducted research in a variety
o areas, including banking, fnancial instruments, general
fnance, rural fnance, and macroeconomics. He joined the
bank as an economist in the Economic Research Depart-
ment in 1983. He was promoted to assistant vice president
and economist in 1992 and to vice president and economist
in 1997. In 1999, he let the research area and led severalbusiness areas o the bank beore returning to a research role
in 2008 as head o the Banking Research Department. He
holds a BA, an MA, and a PhD in economics rom the Uni-
versity o Caliornia, Los Angeles.
Kenneth E. Scott, the Parsons Proessor Emeritus o Lawand Business at Stanord Law School and a Hoover Institu-
tion senior research ellow, is a leading scholar in the felds o
corporate fnance reorm and corporate governance who has
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318 About the Authors
written extensively on ederal banking regulation. His current
research concentrates on legislative and policy developmentsrelated to the current fnancial crisis, comparative corpo-
rate governance, and fnancial regulation. He has extensive
consulting experience, including work or the World Bank,
the Federal Deposit Insurance Corporation, the Resolution
Trust Corporation, and, most recently, the National Associa-
tion o Securities Dealers. He is also a member o the Shadow
Financial Regulatory Committee, the Financial Economists
Roundtable, and the State Bar o Caliornias Financial Insti-
tutions Committee. Beore joining the Stanord Law School
aculty in 1968, he served as general counsel to the Federal
Home Loan Bank Board and as chie deputy savings and loan
commissioner o Caliornia and worked in private practice in
New York with Sullivan & Cromwell.
George P. Shultz is the Thomas W. and Susan B. Ford Dis-
tinguished Fellow at the Hoover Institution. Among many
other senior government and private sector roles, he served as
secretary o labor in 1969 and 1970, as director o the Ofce
o Management and Budget rom 1970 to 1972, and as secre-
tary o the Treasury rom 1972 to 1974. He was sworn in onJuly 16, 1982, as the sixtieth U.S. secretary o state and served
until January 20, 1989. In January 1989, he was awarded the
Medal o Freedom, the nations highest civilian honor. Shultz
rejoined Stanord University in 1989 as the Jack Steel Parker
Proessor o International Economics at the Graduate School
o Business and as a distinguished ellow at the Hoover Insti-tution. He is the Advisory Council chair o the Precourt
Institute or Energy Efciency at Stanord and chair o the
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About the Authors 319
Energy Initiative External Advisory Board at the Massachu-
setts Institute o Technology. He is the chairman o GovernorSchwarzeneggers Council o Economic Advisers and a distin-
guished ellow o the American Economic Association.
Kenneth Spong is a Senior Economist in the Banking
Research Department at the Federal Reserve Bank o Kansas
City. He has been with the Federal Reserve since 1973 and
is engaged in research on a variety o topics related to theregulation, supervision, and perormance o banks and other
fnancial institutions. This research includes corporate gover-
nance and the ownership and management structure o banks,
large banks and too-big-to-ail concerns, small business lend-
ing, interstate banking, and home fnancing and homeown-
ership issues among low-income households. In addition, hehas written a book on bank regulation, Banking Regulation: Its
Purposes, Implementation, and Effects, which is now in its fth
edition. He has an MA in economics rom the University o
Chicago and a BA in mathematics and economics rom the
University o Kansas.
Johannes Stroebel is a PhD student in economics at Stan-ord University, where he is the Dr. Carl M. and Carolyn C.
Franklin ellow. He is a member o the Working Group on
National and Global Economic Markets at the Hoover Insti-
tution. His research ocuses on the U.S. housing market and
on analyzing government responses to the recent fnancial
crisis. His recent paper Foreclosure and Bankruptcy: PolicyConclusions rom the Current Crisis with Theresa Kuchler
analyzes the interaction between household decisions to
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320 About the Authors
declare Chapter 7 bankruptcy and to enter into oreclosure
using individual state data in the United States. He holds aBA in philosophy, politics, and economics rom Merton Col-
lege, Oxord.
Kimberly Anne Summe is the general counsel o Partner
Fund Management, a San Franciscobased investment
adviser. She is also an adjunct proessor at the Stanord Law
School. Summe was previously a managing director in primebrokerage at Lehman Brothers; prior to that she served as
general counsel o the International Swaps and Derivatives
Association. In the latter capacity, Summe was responsible
or developing industry standard contracts or the over-the-
counter derivatives industry, as well as addressing regulatory
issues in dozens o jurisdictions. She was a banking associ-ate at Pillsbury Winthrop and at Sullivan & Cromwell and
has published more than a dozen articles on various bank-
ing and securities law topics. Summes interest in the capital
markets has led her to establish a nonproft organization,
Paladin Connect, that oers the pro bono services o lead-
ing global law frms to microfnance institutions. Summe
received her law degrees rom the University o Chicagoand Cambridge University and a postgraduate degree rom
the London School o Economics.
John B. Taylor is the Bowen H. and Janice Arthur McCoy
Senior Fellow at the Hoover Institution and the Mary and
Robert Raymond Proessor o Economics at Stanord Uni-versity. Among other roles in public service, he served as a
member o the Presidents Council o Economic Advisers
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About the Authors 321
rom 1989 to 1991 and as undersecretary o the Treasury or
international aairs rom 2001 to 2005. He is currently amember o the Caliornia Governors Council o Economic
Advisers. His new book Getting Off Track: How Government
Actions and Interventions Caused, Prolonged, and Worsened the
Financial Crisis is an empirical analysis o the recent fnancial
crisis. He also recently coedited The Road Ahead for the Fed
in which twelve leading experts, himsel included, examine
and debate proposals or fnancial reorm and exit strategies
rom the fnancial crisis. Beore joining the Stanord aculty
in 1984, Taylor held positions as a proessor o economics at
Princeton University and Columbia University. He received
a BS in economics summa cum laude rom Princeton and a
PhD in economics rom Stanord University in 1973.
Paul Volcker worked in the United States ederal govern-
ment or almost thirty years and served two terms as chair-
man o the Board o Governors o the Federal Reserve
System rom 1979 to 1987. He divided the earlier stages
o his career between the Federal Reserve Bank o New
York, the Treasury Department, and the Chase Manhattan
Bank. He retired as chairman o Wolensohn & Co. when itmerged with Bankers Trust. From 1996 to1999, he headed a
committee that determined existing dormant accounts and
other assets in Swiss banks o victims o Nazi persecution.
From 2000 to 2005, he served as chairman o the Board o
Trustees o the International Accounting Standards Com-
mittee and headed a private Commission on the Public Ser-vice in 2003. He chaired the Independent Inquiry into the
United Nations Oil-or-Food Program in 2004 and a panel o
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322 About the Authors
experts to review the operations o the Department o Insti-
tutional Integrity at the World Bank in 2005. In November2008, President-elect Obama chose him to head the Presi-
dents Economic Recovery Advisory Board. Educated at
Princeton, Harvard, and the London School o Economics,
he is a proessor emeritus o international economic policy
at Princeton University.
Copyright 2010 by the Board of Trustees of the Leland Stanford Junior University. All rights reserved.