Paul Volcker

Paul Adolph Volcker Jr.[3] (/ˈvoʊlkər/; born September 5, 1927) is an American economist. He was Chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987. He is widely credited with ending the high levels of inflation seen in the United States during the 1970s and early 1980s. He was the chairman of the Economic Recovery Advisory Board under President Barack Obama from February 2009[4] until January 2011.[5]

Paul Volcker
Chair of the President's Economic Recovery Advisory Board
In office
February 6, 2009 – February 6, 2011
PresidentBarack Obama
Preceded byPosition established
Succeeded byJeff Immelt (Council on Jobs and Competitiveness)
12th Chairman of the Federal Reserve
In office
August 6, 1979 – August 11, 1987
PresidentJimmy Carter
Ronald Reagan
DeputyFrederick Schultz
Preston Martin
Manley Johnson
Preceded byWilliam Miller
Succeeded byAlan Greenspan
President of the Federal Reserve Bank of New York
In office
May 2, 1975 – August 5, 1979
Preceded byAlfred Hayes
Succeeded byAnthony Solomon
Under Secretary of the Treasury for International Affairs
In office
PresidentRichard Nixon
Personal details
Paul Adolph Volcker Jr.

September 5, 1927 (age 91)
Cape May, New Jersey, U.S.
Political partyDemocratic[1][2]
  • Barbara Bahnson
    (m. 1954; died 1998)
  • Anke Dening (m. 2010)
Children2 (with Bahnson)
EducationPrinceton University (BA)
Harvard University (MA)
London School of Economics

Early life and education

Volcker was born to a Jewish family [6] in Cape May, New Jersey, the son of Alma Louise (née Klippel) and Paul Adolph Volcker.[7] All his grandparents were German immigrants. Volcker grew up in Teaneck, New Jersey, where his father was the township's first municipal manager. Paul Sr. thrived in the role for 20 years as he improved the burgeoning town's economic stability and the local government's effectiveness.[8] Paul Jr. has three younger siblings: Ruth, Louise, and Virginia. As a child, he attended his mother's Lutheran church, while his father went to an Episcopal church. Volcker graduated from Teaneck High School in 1945,[7] but not before he participated in several student groups and impressed his peers and teachers with his knowledge of politics.[9]

Volcker's undergraduate education was at Princeton University; he graduated summa cum laude in 1949 from the policy-oriented Woodrow Wilson School. In his senior thesis, Volcker criticized the Federal Reserve's post-WWII policies for failing to curb inflationary pressures.[10] Following a summer as a research assistant at the New York Fed, he moved to Harvard University to earn an M.A. in political economy from its Graduate School of Arts and Sciences and Graduate School of Public Administration. He worked a second summer as a New York Fed research assistant before graduating in 1951. After Harvard, Volcker attended the London School of Economics from 1951 to 1952 as a Rotary Foundation Ambassadorial Fellow under Rotary's Ambassadorial Scholarships program.[11]


In 1952 he joined the staff of the Federal Reserve Bank of New York as a full-time economist. He left that position in 1957 to become a financial economist with the Chase Manhattan Bank. In 1962, Robert Roosa, who had been his mentor at the Federal Reserve, hired him at the Treasury Department as director of financial analysis.[12] In 1963, he became deputy under secretary for monetary affairs. He returned to Chase Manhattan Bank as vice president and director of planning in 1965.

Appointed by the Nixon Administration, Volcker served as under secretary of the Treasury for international monetary affairs from 1969 to 1974. He played an important role in President Nixon's decision to suspend gold convertibility of the dollar on August 15, 1971, which resulted in the collapse of the Bretton Woods system. Volcker considers the suspension of gold convertibility "the single most important event of his career."[13] Because of his position as under secretary, Volcker served as a board member for OPIC and Fannie Mae.[14] Across the policies he worked on, he acted as a moderating influence on policy, advocating the pursuit of an international solution to monetary problems and acting as a negotiator with other nations' policymakers.[15] After leaving the U.S. Treasury, he spent a year as a senior fellow at Princeton's Woodrow Wilson School (his alma mater). In 1975, he became president of the Federal Reserve Bank of New York, and he retained that role until he became Federal Reserve Chair in August 1979.

Chairman of the Federal Reserve

President Jimmy Carter nominated Paul Volcker to serve as chairman of the Board of Governors of the Federal Reserve System on July 25, 1979.[16] He was confirmed by the Senate on August 2, 1979, and took office on August 6, 1979.[17] President Ronald Reagan renominated Volcker to a second term in 1983.[18][19]

Inflation emerged as an economic and political challenge in the United States during the 1970s. The monetary policies of the Federal Reserve board, led by Volcker, were widely credited with curbing the rate of inflation and expectations that inflation would continue. US inflation, which peaked at 14.8 percent in March 1980, fell below 3 percent by 1983.[20][21] The Federal Reserve board led by Volcker raised the federal funds rate, which had averaged 11.2% in 1979, to a peak of 20% in June 1981. The prime rate rose to 21.5% in 1981 as well, which helped lead to the 1980–1982 recession,[22] in which the national unemployment rate rose to over 10%. Volcker's Federal Reserve board elicited the strongest political attacks and most widespread protests in the history of the Federal Reserve (unlike any protests experienced since 1922), due to the effects of high interest rates on the construction, farming, and industrial sectors, culminating in indebted farmers driving their tractors onto C Street NW in Washington, D.C. and blockading the Eccles Building.[23] US monetary policy eased in 1982, helping lead to a resumption of economic growth.

Volcker's high interest rate caused immediate and drastic drops in investment into the real economy. One sector hit hard was machine tools. The birthplace of replaceable metal parts is New England, and in 1980 that region was still the center of the US machine tool sector. By 1981, firms that had been in business for a hundred years had steep layoffs, and major cuts in pay. At Brown and Sharpe in Rhode Island, violent conflict between striking workers and the police set in.[24] In Springfield, Vermont, Jones and Lamson went into steep decline and was sold by 1989 to a financial engineer (at one point, the president of J&L had been the Chair of Boston Federal Reserve).[25][26] In New Hampshire, Kingsbury Machine Tool went from 3 shifts a day with hefty bonuses to laying off hundreds between 1982 and 1989.[27]

The late seventies were a time when Japanese productivity was rising, so that internally to Japan, machine tools fell in price by 12%. The dollar should have depreciated given the relative fall in prices of Japanese tradables, so that the now-cheaper Japanese products would have remained at a price comparable to American-made products in US stores. Instead, precisely the opposite happened: The Volcker interest rate shock made the dollar appreciate in value. In effect, the Volcker shock put Japanese-made products on sale at US stores.[28] The US current account was in permanent deficit by the nineties. Volcker himself tried to remedy the situation by the Plaza Accord in 1986, which called for Germany and Japan to revalue relative to the US dollar.[29] The revaluation did take place, but perhaps by then too much damage had occurred in the industrial base, because the machine tool sector never recovered.

The combination of the Fed's tight money policies and the expansive fiscal policy of the Reagan Administration (large tax cuts and a major increase in military spending) produced large federal budget deficits and significant macroeconomic imbalances in the U.S. economy. The combination of growing federal debt and high interest rates led to a substantial rise in federal net interest costs. The sharp rise of interest costs and large deficits led Congress to take some steps towards fiscal constraint.[30]

Nobel laureate Joseph Stiglitz said about him in an interview:

Paul Volcker, the previous Fed Chairman known for keeping inflation under control, was fired because the Reagan administration didn't believe he was an adequate de-regulator.[31]

Congressman Ron Paul, well known as a harsh critic of the Federal Reserve, has offered qualified praise of Volcker:

Being in Congress in the late 1970s and early 1980s and serving on the House Banking Committee, I met and got to question several Federal Reserve chairmen: Arthur Burns, G. William Miller, and Paul Volcker. Of the three, I had the most interaction with Volcker. He was more personable and smarter than the others, including the more recent board chairmen Alan Greenspan and Ben Bernanke.[32]

In 1983, Volcker received the U.S. Senator John Heinz Award for Greatest Public Service by an Elected or Appointed Official, an award given out annually by Jefferson Awards.[33]

In 2015, Volcker donated his public service papers to Princeton University's Seeley G. Mudd Manuscript Library.[34]

Post-Federal Reserve

Alan Greenspan, Paul Volcker and Ben Bernanke - 2014 (13896577879)
Volcker in 2014 with Alan Greenspan and Ben Bernanke

After leaving the Federal Reserve in 1987, he became chairman of the prominent New York investment banking firm, Wolfensohn & Co., a corporate advisory and investment firm run by James D. Wolfensohn (who later became president of the World Bank).

In 1993 he chaired the Group of 30 Report on the Derivatives market entitled "Derivatives: Practices and Principles" [35] with several appendices and a survey on how practices may have changed since the original 1993 report.[36] The Group of 30 is a "consultative group on international economic and monetary affairs." Volcker is their Chairman emeritus.[37]

In 1996, he took up the chair of the Independent Committee of Eminent Persons (Volcker Commission) to look into the dormant accounts of Jewish victims of the Holocaust lying in Swiss banks. This included a "massive accounting of Swiss bank records." In the midst of a contentious process (the committee was formed by three Jewish representatives and three representatives of Swiss banks), he was able to bring about an agreement among the parties for a settlement of $1.25 billion.[38]

In 2000 he accepted the Chairmanship of the IFRS Trustees, the not-for-profit funding arm of the International Accounting Standards Board (later the IFRS). The IFRS is a private sector enterprise based in London which seeks to develop a single global accounting model, subject to adoption country by country under their rules of law.[39]

In April 2004, the United Nations assigned Volcker to research possible corruption in the Iraqi Oil for Food program. In the report summarizing its research, Volcker criticized Kojo Annan, son of then-UN Secretary-General Kofi Annan, and the Swiss company Cotecna Inspection SA, Kojo's employer, for trying to conceal their relationship. He concluded in his March 2005, report that "there is no evidence that the selection of Cotecna, in 1998, was subject to improper influence of the Secretary General in the bidding or selection process."[40] While Volcker did not implicate the Secretary General in the selection process, however, he did cast serious doubt on Kofi Annan, whose "management performance ... fell short of the standards that the United Nations Organization should strive to maintain."[41] Volcker was a director of the United Nations Association of the United States of America between 2000 and 2004, prior to his being appointed to the Independent Inquiry by Kofi Annan.

As of October 2006, he is the current chairman of the board of trustees of the influential Washington-based financial advisory body, the Group of Thirty, and is a member of the Trilateral Commission. He has had a long association with the Rockefeller family, not only with his positions at Chase Bank and the Trilateral Commission, but also through membership of the trust committee of Rockefeller Group, Inc., which he joined in 1987. That entity managed, at one time, the Rockefeller Center on behalf of the numerous members of the Rockefeller family. He is former chairman and an honorary trustee of International House, the cultural exchange residence and program center in New York City. He is a founding member of the Trilateral Commission and is a long-time member of the Bilderberg Group.

In January 2008, he endorsed Democratic presidential candidate Barack Obama.[42]

On April 8, 2008, he was the featured speaker at The Economic Club of New York, and spoke about the issues and causes of the U.S. recession, and critiqued the U.S. financial system and Federal Reserve policies.[43]

Paul Volcker appeared in the Charles Ferguson's movie Inside Job. He was interviewed about current Wall Street CEO pay, claiming it is "excessive."[44]

Volcker was an economic advisor to President Barack Obama, heading the President's Economic Recovery Advisory Board.[45][46][47] During the financial crisis, Volcker has been extremely critical of banks, saying that their response to the financial crisis has been inadequate, and that more regulation of banks is called for.[48][49][50] Specifically, Volcker has called for a break-up of the nation's largest banks, prohibiting deposit-taking institutions from engaging in riskier activities such as proprietary trading, private equity, and hedge fund investments.[51][52] Volcker left the board when its charter expired on February 6, 2011, without being included in discussions on how the board would be reconstituted.[53]

On January 21, 2010, President Barack Obama proposed bank regulations which he dubbed "The Volcker Rule," in reference to Volcker's aggressive pursuit of these regulations.[54] Volcker appeared with the president at the announcement. The proposed rules would prevent commercial banks from owning and investing in hedge funds and private equity, and limit the trading they do for their own accounts.[55] According to SEC Commissioner Luis A. Aguilar, "[t]he success or failure of the Volcker Rule will depend on the manner in which banking entities comply with the letter and spirit of the rule, and on the willingness of regulators to enforce it." [56]

Volcker has been known to defy the stereotype of a Wall Street insider. A profile in The Week for February 5, 2010, claimed that Volcker doesn't even buy the conventional wisdom that "financial innovation" is necessary for a healthy economy. In fact, he likes to say, "the only useful banking innovation was the invention of the ATM."[57]

On April 6, 2010, at the New-York Historical Society's Global Economic Panel, Volcker commented that the United States should consider adding a national sales tax similar to the Value Added Tax (VAT) imposed in European countries, stating "If, at the end of the day, we need to raise taxes, we should raise taxes." [58]

World Justice Project

Paul Volcker serves as an honorary co-chairman for the World Justice Project. The World Justice Project works to lead a global, multi-disciplinary effort to strengthen the rule of law for the development of communities of opportunity and equity.

Volcker Alliance

In 2013, Volcker founded the nonprofit organization the Volcker Alliance to address the challenge of effective execution of public policies and to rebuild public trust in government.[59][60] The nonpartisan Alliance works toward that objective by partnering with other organizations—academic, business, governmental, and public interest—to strengthen professional education for public service, conduct needed research on government performance, and improve the efficiency and accountability of governmental organization at the federal, state, and local levels.[61]

Personal life

Volcker married Barbara Bahnson, the daughter of a physician, on September 11, 1954. They had two children, Janice, a nurse and a Georgetown University graduate,[62] and James, a research assistant and a New York University graduate[63] who was born with cerebral palsy, as well as four grandchildren.[64][65][66] His younger sister died young, and two of his three older sisters, Louise and Ruth, never married. His other older sister, Virginia, was married to and divorced from Harold Streitfeld; they have five children.[67]

Volcker is an avid fly-fisherman,[68] who recounted in 1987, "The greatest strategic error of my adult life was to take my wife to Maine on our honeymoon on a fly-fishing trip."[69][70]

Volcker is also known as "Tall Paul" for his height of 6 feet 7 inches (2.01 m),[71][72] standing exactly a foot (30 cm) taller than his first wife, Barbara, when they first met.[64] She died on June 14, 1998, having suffered from lifelong diabetes, as well as rheumatoid arthritis.

Over Thanksgiving, 2009, he became engaged to Anke Dening, a long-time assistant.[73] They married in February 2010.[74]

Honorary degrees

Volcker has received honorary degrees from several educational institutions including: Baytown Christian Academy, Hamilton College (1980), University of Notre Dame, Princeton University, Dartmouth College, New York University, University of Delaware,[75] Fairleigh Dickinson University, Bryant College, Adelphi University, Lamar University, Bates College (1989), Fairfield University (1994), Williams College (2003),[76] Northwestern University (2004), Rensselaer Polytechnic Institute (2005), Brown University (2006), Georgetown University (2007), Syracuse University (2008),[77] Queen's University at Kingston in Canada (2009), Amherst College (2011), and at the University of Toronto (2015).[78]


  • Changing Fortunes, Paul Volcker and Toyoo Gyohten, Crown, May 26, 1992, ISBN 978-1-58648-752-2
  • Forbes Great Minds Of Business, Fred Smith, Peter Lynch, Andrew Grove, Paul Volcker (Author), Pleasant Rowland, John Wiley and Paul A. Volcker, Simon and Schuster Audio, October 1, 1997, ISBN 978-0-671-57722-3
  • Good Intentions Corrupted: The Oil for Food Scandal And the Threat to the U.N., Paul Volcker, Jeffrey A. Meyer and Mark G. Califano, Public Affairs Gorgias Press, August 28, 2006, ISBN 978-1-58648-472-9
  • Keeping at it: The Quest for Sound Money and Good Government (Memoir); Public Affairs 2018, ISBN 978-1541788312[79]


In 2015, Paul Volcker had a rock band named after him.[80] A political rock band named Volcker from Portland, Oregon formed in early 2015, and released an eponymous album on January 27, 2016.[81] According to their Facebook page, the group is planning to release their second album, Gorge on Fire, this spring.[82] The band was featured on BBC Radio 4 Economics With Subtitles in August 28, 2016[83]

See also


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  2. ^ Silk, Leonard (November 8, 1987). "Volcker on the CRASH". The New York Times. Retrieved November 30, 2017.
  3. ^ Rebello, Kathy (June 3, 1987). "Inflation fighter: 'A time to leave'". USA Today. Archived from the original on February 1, 2013. Retrieved November 30, 2017.CS1 maint: BOT: original-url status unknown (link)
  4. ^ "Obama Announces Economic Advisory Board". Archived from the original on May 24, 2011. Retrieved March 12, 2011.
  5. ^ Zeleny, Jeff (November 26, 2008). "Obama Names Volcker to Head New Economic Panel". The New York Times. Retrieved November 30, 2017.
  6. ^,7340,L-3619625,00.html. Missing or empty |title= (help)
  7. ^ a b Treaster (2004), pp. 87–92.
  8. ^ Griffin, Robert. "Looking Back on the History of Teaneck". Teaneck Public Library. Retrieved September 16, 2018.
  9. ^ "Teaneck High School Yearbook". Missing or empty |url= (help); |access-date= requires |url= (help)
  10. ^ Volcker, Paul (1949). The Problems of Federal Reserve Policy since World War II (Thesis).
  11. ^ "Paul A. Volcker". Federal Reserve Bank of New York. Retrieved September 16, 2018.
  12. ^ Treaster (2004), p. 38.
  13. ^ Silber (2012) p. 2.
  14. ^ Nomination of Paul A. Volcker Hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-Sixth Congress, First Session, on the Nomination of Paul A. Volcker, to Be Chairman, Board of Governors, Federal Reserve System (Report). July 30, 1979. p. 52.
  15. ^ Conderacci, Greg; Janssen, Richard F. (July 26, 1979). "Balm for Business: Volcker's Nomination As Chairman of the Fed Is Being Widely Hailed". Wall Street Journal.
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  17. ^ "Senate Confirms Miller and Volcker". The New York Times. August 3, 1979. Retrieved November 30, 2017.
  18. ^ Robert D. Hershey, Jr. (June 3, 1987). "Volcker Out after 8 Years as Federal Reserve Chief; Reagan Chooses Greenspan". The New York Times. Retrieved November 30, 2017.
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  32. ^ Chan, Sewell (December 11, 2010). "The Fed? Ron Paul's Not a Fan". The New York Times. Retrieved November 30, 2017.
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  38. ^ Treaster (2004), p. x.
  39. ^ "Annual Report of the IFRS Trustees Foundation" (PDF). Archived from the original (PDF) on September 11, 2015.
  40. ^ Independent Inquiry Committee into the United Nations Oil-for-Food Programme – Second Interim Report (29 March 2005) Archived August 5, 2009, at the Wayback Machine p.77.
  41. ^ Traub, James. 2006. The Best Intentions: Kofi Annan and the UN in the Era of American Power. New York: Picardor, n.d., p. 420.
  42. ^ Calmes, Jackie (January 31, 2008). "Volcker Joins List of Obama Backers". Washington Wire. The Wall Street Journal. Retrieved November 30, 2017.
  43. ^ The Economic Club of New York: April 8, 2008 Transcript 101st Year, 395th Meeting, (8 April 2008) p. 2, and pp. 5–8.
  44. ^ 101st Year, 395th Meeting, (8 April 2008) Archived October 31, 2008, at the Wayback Machine pp. 2, 5–8.
  45. ^ Kudlow, Lawrence (June 27, 2008). "Where's Bernanke's Inner Volcker?". Archived from the original on September 18, 2012. Retrieved November 30, 2017.CS1 maint: BOT: original-url status unknown (link)
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  48. ^ Werdigier, Julia (December 8, 2009). "Volcker Criticizes Calls to Limit Bank Regulation". The New York Times. Retrieved November 30, 2017.
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  52. ^ McGrane, Victoria (January 4, 2010). "'Big is bad' catches on in Congress". The Politico. Retrieved November 30, 2017.
  53. ^ Onaran, Yalman (January 6, 2010). "Volcker Sidelined as Obama Reshapes Economic Advisory Panel". Bloomberg. Retrieved November 30, 2017.
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  56. ^ Aguilar, Luis (December 10, 2013). "Statement on the Volcker Rule: Reducing Systemic Risk By Banning Excessive Proprietary Trading with Depositors' Money". Retrieved November 30, 2017.
  57. ^ "Spotlight" in The Week, 2010 February 5 (Volume 10 Issue 449), p. 38.
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  59. ^ "Paul Volcker Launches Volcker Alliance". Forbes. May 12, 2015.
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  74. ^ Caren Bohan, Kristina Cooke: "Cheap cigars, politics and the Volcker Rule". Reuters. March 12, 2010. Retrieved November 30, 2017.
  75. ^ "Honorary Degrees / UD Alumni Relations". Archived from the original on July 16, 2011. Retrieved March 12, 2011.
  76. ^ "Honorary Degrees". Office of the President.
  77. ^ Syracuse University honorary degrees 2008
  78. ^ "Former Fed Chairman Paul Volcker to Be Honored at Amherst College Commencement May 22". Amherst College. May 3, 2011. Retrieved November 30, 2017.
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  • Morris, Charles R. (2009). The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets. PublicAffairs. ISBN 978-1-58648-752-2.
  • Silber, William L. (2013). Volcker: The Triumph of Persistence. Bloomsbury Press. ISBN 978-1-620-40292-4.
  • Treaster, Joseph (2004). Paul Volcker: The Making of a Financial Legend. Hoboken, N.J.: John Wiley Sons. ISBN 978-0-471-42812-1.

External links

Government offices
Preceded by
Alfred Hayes
President of the Federal Reserve Bank of New York
Succeeded by
Anthony Solomon
Preceded by
William Miller
Chair of the Federal Reserve
Succeeded by
Alan Greenspan
Political offices
New office Chair of the President's Economic Recovery Advisory Board
Succeeded by
Jeff Immelt
as Chair of the Council on Jobs and Competitiveness
AWB oil-for-wheat scandal

The AWB oil-for-wheat scandal (also known just as the AWB scandal) refers to the payment of kickbacks to the regime of Saddam Hussein in contravention of the United Nations Oil-for-Food Humanitarian Program. AWB Limited is a major grain marketing organisation based in Australia. For much of the 20th and early 21st century, it was an Australian Government entity operating a single desk regime over Australian wheat, meaning it alone could export Australian wheat, which it paid a single price for. In the mid-2000s, it was found to have been, through middlemen, paying kickbacks to the regime of Saddam Hussein, in exchange for lucrative wheat contracts. This was in direct contradiction of United Nations Sanctions, and of Australian law.

AWB delivered 90% of the Iraqi wheat market, before its practices were questioned in 2005. United Nations investigator Paul Volcker found that the Australian Wheat Board, and later AWB Limited, were not the only, but certainly the largest source of kickbacks to the Iraqi regime. The Australian Government also launched a Royal Commission, which recommended that criminal proceedings commence against 12 people. Ultimately, criminal charges were dropped by the Australian Federal Police. Several Australian civil cases were however successful. Since the payments were discovered, AWB Limited has undergone a major restructuring, losing its monopoly supply of Australia wheat exports, and appointing an entirely new management. However, its profitability continues to suffer.

Although AWB and by extension the Australian Government were not the only entities to be implicated in the Oil-for-Food scandal, the event earned a place in Australian political consciousness.

Charles R. Morris

Charles R. Morris (born 1940) is a lawyer, former banker, and author. He has written thirteen books, and is a regular contributor to the Los Angeles Times, The Wall Street Journal, and The Atlantic Monthly.

Dileep Nair

Dileep Nair was the United Nations Under-Secretary-General for Internal Oversight Services and head of the United Nations Office of Internal Oversight Services. In that capacity, he oversaw investigations of wrongdoings related to the United Nations in a range of countries including within the headquarters. The Oil-for-food scandal was initially investigated by Dileep Nair's office before turning it over to the investigating body headed by former United States Federal Reserve Chairman, Paul Volcker.

Nair completed a bachelor's degree in mechanical engineering from McGill University in Montreal in 1973. From 1974, he worked in Singapore's Housing and Development Board. And in 1979, he joined the Administrative Service, working in the Ministry of Finance. During his time in the finance ministry, he earned a master's degree in public administration from the Kennedy School of Government at Harvard University in the United States.

In 1986, Nair rose to the post of Deputy Secretary at the Ministry of Trade and Industry where he was involved in the Uruguay Round of General Agreement on Tariffs and Trade (GATT) negotiations, as well as with the Association of Southeast Asian Nations (ASEAN). From 1989 to 1997, Nair was Singapore's Deputy Secretary at the Ministry of Defence. In 1997, he left the civil service to become the CEO of the Post Office Savings Bank of Singapore; the bank was acquired in 1998 by the Development Bank of Singapore and Nair stayed on as DBS's Managing Director.

Nair was appointed to a five-year term as United Nations Under-Secretary-General for Internal Oversight Services on 24 April 2000, succeeding Karl Paschke in that position. In 2000, he wanted to determine vulnerability of the United Nations' Oil-for-Food Programme for Iraq. Benon Sevan, the head of the programme, along with UN Deputy Secretary-General Louise Frechette, rejected any such investigation, claiming that it would be too expensive to be worthwhile.In 2004, Nair was investigated for unspecified internal accusations of graft and sexual harassment against female staff. Nair relinquished his post upon expiration of his five-year contract and returned to his native Singapore on 23 April 2005. Subsequently, in May 2006, Secretary General Kofi Annan sent a letter to Nair clearing him again of all the allegations from the staff union and expressed regret at the extended period of unnecessary and unmerited public innuendo that Nair had been subjected to.

He was appointed the Singapore Consul General in the emirate of Dubai in August 2005 and served there for 6 years. In June 2011, Nair was appointed as the Singapore Ambassador to Laos and was posted in Vientiane. After completing his term in 2013, Nair was appointed as Singapore's High Commissioner to Ghana, residing in Singapore. Nair completed his term in 2017. Nair is currently an Independent Director on three public listed companies in Singapore: Keppel Data Centre REIT, Thakral Corporation, and Singapore Reinsurance. Nair is also on the board of the Agri-Food & Veterinary Authority of Singapore and the Health Sciences Authority of Singapore.

Exotic option

In finance, an exotic option is an option which has features making it more complex than commonly traded vanilla options. Like the more general exotic derivatives they may have several triggers relating to determination of payoff. An exotic option may also include non-standard underlying instrument, developed for a particular client or for a particular market. Exotic options are more complex than options that trade on an exchange, and are generally traded over the counter (OTC).

G. William Miller

George William Miller (March 9, 1925 – March 17, 2006) served as the 65th United States Secretary of the Treasury under President Carter from August 6, 1979 to January 20, 1981. He previously served as the 11th Chairman of the Federal Reserve, where he began service on March 8, 1978.

Miller came from a corporate background, rather than from economics or finance, an unusual background for a Federal Reserve Chairman. He is also the only person to have served both as Federal Reserve Chairman and as Treasury Secretary.

John Sitaras

John Sitaras is an American fitness professional, the creator of the Sitaras Method and the founder of Sitaras Fitness in New York City. The method developed by him supposes an initial comprehensive evaluation system similar to a general medical examination, in order to design individualized routines according to each student's genetic aptitude, level of fitness, health conditions, and personal goals. As the students make progress, the evaluation is resumed periodically to reassess the routines and track their physical changes. He is the personal trainer of several high-profile people from various fields, like business magnate George Soros, online marketing savaant and entrepreneur Harrison Gevirtz, economist and former Federal Reserve Chairman Paul Volcker, former General Electric CEO Jack Welch (who recovered from muscular atrophy under Sitaras' supervision), journalist Charlie Rose, record executive David Geffen or NASCAR champion Jimmie Johnson (who was the first racing driver to become the Associated Press Male Athlete of the Year and who won seven championships).

List of presidents of the Federal Reserve Bank of New York

The Federal Reserve Bank of New York (New York Fed) is one of 12 regional reserve banks of the Federal Reserve System, which is the American central bank. It is described as being the most important of the banks, due to it being in the world's center of finance and serving as the Federal Open Market Committee's operating arm. This is also due to its conducting of open market operations and foreign exchange market intervention.

Marjorie Deane

Marjorie Deane (1914 - 2 October 2008) was a British financial journalist and author, who worked for The Economist from 1947 to 1989, and has been called "a pathbreaker for female financial journalists" by Paul Volcker, the former chairman of the US Federal Reserve.

Maryam Nemazee

Maryam Nemazee (Persian: مریم نمازي‎; born 1976) is an Iranian British broadcast journalist, currently working with Al Jazeera English.

Nancy Teeters

Nancy Hays Teeters (July 29, 1930 – November 17, 2014) was the first woman to serve on the Federal Reserve Board of Governors. Appointed by President Jimmy Carter, she served from 1978-1984. She was known for her public statements in which she dissented from the mainstream opinion of the Board and Chairman Paul Volcker.

Paul Volcker Committee

The Paul Volcker Committee (Independent Inquiry Committee) was formed to investigate alleged corruption and fraud in the United Nations Oil-for-Food Programme in Iraq.

The committee was appointed by UN Secretary General Kofi Annan during April 2004, following calls for a Security Council inquiry, which was approved in Resolution 1538. The three member inquiry was chaired by former Federal Reserve Chairman and United Nations Association of the United States of America director Paul Volcker. The other members of the inquiry were South African Justice Richard Goldstone and Swiss Professor of Criminal Law Mark Pieth. The committee's 60 members of staff, which included three support personnel on loan from the UN, operated on a $30 million budget drawn from the UN Oil-for-Food escrow account.

The Independent Inquiry Committee (IIC) into the United Nations Oil-for-Food Programme released its interim report during February 2005.


A plutocracy (Greek: πλοῦτος, ploutos, 'wealth' + κράτος, kratos, 'power') or plutarchy is a society that is ruled or controlled by people of great wealth or income. The first known use of the term in English dates from 1631. Unlike systems such as democracy, capitalism, socialism or anarchism, plutocracy is not rooted in an established political philosophy. The concept of plutocracy may be advocated by the wealthy classes of a society in an indirect or surreptitious fashion, though the term itself is almost always used in a pejorative sense.

President's Council on Jobs and Competitiveness

The President's Council on Jobs and Competitiveness, originally the President's Economic Recovery Advisory Board (PERAB), was an ad hoc panel of non-governmental experts from business, labor, academia and elsewhere that President of the United States Barack Obama created on February 6, 2009. The board reported to Obama and his economic team on possible ways to improve the nation's economy. Obama announced this new board on November 26, 2008, and also announced that it would be chaired by former Federal Reserve Chairman Paul Volcker with campaign economic adviser Austan Goolsbee as staff director and chief economist.

The council met a total of four times, with its final meeting on January 17, 2012. In 2013, the authorization for the council was not renewed, causing the council to be permanently shut down.

Richard F. Syron

Richard F. Syron is a former chairman and chief executive officer of the Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac. He previously served as chairman and CEO of Thermo Electron Corp., and as CEO of the American Stock Exchange.

Thomas W. Ross

Thomas Warren Ross Sr. is an American public official who served as the president of the University of North Carolina system from 2011 to 2016. He succeeded Erskine Bowles on January 1, 2011. Formerly, he was president of Davidson College, a private North Carolina liberal arts college from August 1, 2007 to January 1, 2011.

Ross, a native of Greensboro, North Carolina, graduated from Davidson in 1972, as did his father in 1937 and his children in 1999 and 2001. In 1975, he graduated with honors from the University of North Carolina School of Law. Ross became an attorney, chief of staff to Congressman Robin Britt, a state superior court judge for 17 years, director of the North Carolina Administrative Office of the Courts, and executive director of the Z. Smith Reynolds Foundation in Winston-Salem (2001–2007). He is a former chairman of the UNC Greensboro Board of Trustees.

Ross is the recipient of the William Rehnquist Award for Judicial Excellence, the Boy Scouts of America Distinguished Eagle Scout Award, Governing Magazine's National Public Official of the Year award (one of ten, 1994), and the Order of the Long Leaf Pine.Ross is known for his controversial sentence of a non-violent offender to 160 years in prison. In 1989, he sentenced Derek Twyman (a Canadian citizen living in North Carolina) to 160 years in prison for non-violent property crimes. In 2016, 27 years later, he was surprised to hear that Mr. Twyman was still in prison. The following year, Ross helped obtain parole for Mr. Twyman who was able to return to Canada that summer.

On August 26, 2010, Ross was elected president of the University of North Carolina system.On June 6, 2015, Ross delivered the commencement address at the North Carolina School of Science and Mathematics, a UNC member institution.Ross was fired as President by the University of North Carolina Board of Governors; he publicly stated that his departure was not voluntary. His last day at the University of North Carolina was January 3, 2016.In an article on the Washington Post on May 18, 2016, as of July 1, 2016, Ross will become the president of the Volcker Alliance, a nonpartisan organization aimed at rebuilding public trust in government that was founded by Paul Volcker.Ross was named the first Terry Sanford Distinguished Fellow at Duke University’s Sanford School of Public Policy in 2016.

Virendra Dayal

Virendra Dayal (born 29 January 1935) is a retired Indian Administrative Service officer and United Nations civil servant who served as Chef de Cabinet to Secretary General of the United Nations for more than a decade. He has served as the director of the Office of Special Political Affairs of the United Nations and as the special envoy who probed the allegations levelled against a number of India politicians including Natwar Singh, a former Minister of External affairs, in the Paul Volcker Committee report of 2005. A former Indian Administrative Service officer and a Rhodes Scholar of 1956 Dayal sat on the National Human Rights Commission of India as a member for two terms from 1998 to 2006. The Government of India awarded him the third highest civilian honour of the Padma Bhushan, in 1992, for his contributions to society.

Volcker Commission

The Volcker Commission, also known as the Independent Committee of Eminent Persons (ICEP), was established in 1996 to investigate the accounts lying dormant since the Second World War in various banks in Switzerland. The committee was headed by former United States Chairman of the Federal Reserve Paul Volcker and was composed of three representatives from the Swiss Bankers Association and three appointed by Jewish organizations.

Volcker Rule

The Volcker Rule refers to § 619 of the Dodd–Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. § 1851). The rule was originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers. Volcker argued that such speculative activity played a key role in the financial crisis of 2007–2008. The rule is often referred to as a ban on proprietary trading by commercial banks, whereby deposits are used to trade on the bank's own accounts, although a number of exceptions to this ban were included in the Dodd-Frank law.The rule's provisions were scheduled to be implemented as part of the Dodd-Frank Act on July 21, 2010, with preceding ramifications, but were delayed. On December 10, 2013, the necessary agencies approved regulations implementing the rule, which were scheduled to go into effect April 1, 2014.On January 14, 2014, after a lawsuit by community banks over provisions concerning specialized securities, revised final regulations were adopted. The rule came into effect on July 21, 2015. On August 11, 2016, several large banks requested a 5-year delay to exit illiquid investments.

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