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Fixing Our Broken Economy

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Fixing Our Broken Economy SPRING/SUMMER 2009 the Alumni Magazine of NYU Stern STERNbusiness FIXING OUR BROKEN ECONOMY Stern confronts the financial crisis by creating a set of recommendations for policy- makers, a book published in March, and an “instant” MBA course Berkley Center is 25 Years Young ■ Managing Barcelona ■ What Would Hamilton Do? ■ Boeing, GE, and the Economy ■ Fond Memories of Trinity Place ■ Dean Cooley Reflects on the School a letter fro m the dean A year ago, few could Our faculty were highly motivated to process what have imagined how far off was happening in the global economy and transform course the economy would their insight into valuable classroom lessons. It quick- veer these past eight ly became clear to me that Stern could make a con- months. Our last cover tribution beyond the classroom. Thus commenced story called for a new what we initially called the White Papers Project. The understanding of risk. In 18 white papers were hand-bound and distributed to this issue, the economy Washington policymakers in December. In March, takes center stage again. they were published under the title Restoring It’s fair to say that over the past eight months, what Financial Stability: How to Restore a Failed System went wrong, why, and what can be done about it were (Wiley, 2009). The collection was written by 33 the focus of most of our seminars, conferences, guest finance and economics faculty and ably edited by speakers, and faculty, particularly of finance and eco- finance professors Matt Richardson and Viral nomics. For the NYU Stern community, there’s been Acharya. An account of this collective achievement is nothing more riveting – or engaging. on page 22. We were fortunate to welcome another distin- As the recession drags on, some economists believe guished roster of guest speakers. The academic year that innovation will help lead us out of it. This gives kicked off with a chat with John Paulson (BS ’78), extra impetus to our celebration of the 25th anniver- founder and president of leading hedge fund group sary of the NYU Stern Berkley Center for Paulson & Co. As of September, he figured the econ- Entrepreneurial Studies (page 13). More and more omy was already in the sixth inning of a crisis double students are finding their way to the Center, partici- header (page 2). Jeff Immelt, chairman and CEO of pating in its programs and business plan competitions GE, joined us in October for a GE Live event, talking and finding inspiration, whether in entrepreneurship not just to a Stern audience but simultaneously to six in general, or in social entrepreneurship in particular, other business school audiences around the world. as evidenced by the crowd at the Fifth Annual Satter His description of how GE planned to navigate in the Conference on entrepreneurship in November (page year ahead made it clear just how challenging it is to 6). Stern is unique in developing a methodology for steer a diverse giant in such difficult times (page 4). teaching entrepreneurship, and we have economics Jim McNerney, chairman, president, and CEO of professor William Baumol, the Berkley Center’s aca- Boeing, discussed how Boeing is proceeding to fly demic director, to thank for that. through the turbulence (page 26). As you may know, I shall be stepping down as Banking issues were the subject of our faculty dean after this academic year to return to teaching research in this issue. Credit cards caught marketing and other projects (page 18). These seven years have professor Priya Raghubir’s attention as she researched been a very rewarding period of growth for the School why consumers prefer to use just about anything to and personal growth for me. It has been my privilege pay for purchases as long it’s not cash (page 30). to serve the School and to work with such an involved Economics professor Richard Sylla looked into how and supportive alumni body, and I am grateful to Alexander Hamilton handled a couple of bank crises, have had the opportunity. I hope I get the chance to with some startling parallels to today (page 34). As speak with each of you in June at the Global Alumni for the banking industry, this was a period of rapid Conference in Barcelona. You can get a glimpse into and jarring consolidation. Charlie Scharf (MBA ’91), what awaits you by reading this issue’s interview CEO of retail financial services for JPMorgan Chase, with Andreu Puig Sabanes (MBA ’91), general man- was in the thick of it, charged with integrating WaMu ager of Barcelona (page 12). into Chase after their merger (page 8). Thomas F. Cooley Dean STERNbusiness A publication of New York University Stern School of Business contents SPRING/SUMMER 2009 President, New York University John E. Sexton 2 Public Offerings John Paulson talks about winning in a losing market; the Stern community Dean, NYU Stern School of Business fêtes Dean Emeritus Abe Gitlow as he turns 90; experts discuss the future of the Thomas F. Cooley economy; GE’s Jeff Immelt is interviewed by Maria Bartiromo; experts in a three-part series advise President Obama; social entrepreneurs measure impact; Wall Streeters Vice Dean and Dean of the discuss the future of M&A; accounting gurus weigh the mark-to-market proposition Undergraduate College 8 Stern in the City Sally Blount 8 Charlie Scharf of JPMorgan Chase takes a modest approach to a huge job, By Marilyn Harris Chairman, Board of Overseers 10 Les Morgenstein’s Alloy Entertainment goes to town with the Gossip Girl William R. Berkley franchise, By Jenny Owen Chairman Emeritus, Board of Overseers 12 He’s COO of One of the World’s Great Cities Henry Kaufman 8 questions for Andreu Puig Sabanes Chief Marketing Officer 13 Special Feature – “Innovating Around Innovation” Beth Murray As the Berkley Center for Entrepreneurship celebrates its 25th anniversary, it is incubating startups, providing mentors, producing a methodology for teaching entrepreneurship, and inspiring more students, By Marilyn Harris Associate Dean, Marketing and External Relations 18 A Stronger Stern Joanne Hvala A Q&A with Dean Thomas F. Cooley Editor, STERNbusiness 22 Cover Story – How to Fix the Broken Economy Marilyn Harris Stern confronts the financial crisis by creating a set of recommendations for policymakers, a book published in March, and an “instant” MBA course Managing Editors, STERNbusiness Rika Nazem and Jenny Owen 26 Leading Indicators Stern’s CEO Series: Boeing’s Jim McNerney holds forth on the financial crisis, Contributing Writers free trade, oil prices, labor unions, and the green economy Kelly Freidenfelds, Keith Layton, 28 Prospectus Jessica Neville, Angela Parks, Faculty awards, honors, and noteworthy papers Carolyn Ritter, and Joey Schmit Office Hours – Faculty Research Contributing Photographers Don Pollard and Anne Marie Poyo Furlong 30 Monopoly Money Consumers prefer to use a credit card, or any form of scrip, to paying with cash, Illustrations By Priya Raghubir and Joydeep Srivastava Gordon Studer 34 Another Great Depression? Christophe Vorlet Just after the nation’s founding, Alexander Hamilton took on a banking crisis with eerie parallels to today’s, By Richard Sylla Design Anne Sliwinski 38 Peer to Peer Student Life in Washington Square and Beyond: Designing a new-media marketing plan to recruit priests; finance, accounting, and rock ’n’ roll make for an Letters to the Editor may be sent to: award-winning combination NYU Stern School of Business 40 Alumni Affairs Office of Public Affairs Alumni News and Events: Networking opportunities; Alumni Day; scholarship 44 West Fourth Street, Suite 10-160 money at work; webcasts of panels, speakers, and workshops New York, NY 10012 www.stern.nyu.edu 44 Class Notes [email protected] 52 Past Performance Trinity Place, former home of NYU’s graduate business school, is remembered fondly as a building with few frills and lots of character, By Marilyn Harris Public Offerings WINNING IN A LOSING MARKET: A CHAT WITH FINANCIER JOHN PAULSON NYU Stern alumnus John Paulson that most of the companies com- (BS ’78), the founder and president plaining about short-selling are of Paulson & Co., a leading hedge about to fail. He said hedge funds fund firm, spoke in September to an exist because they can show posi- audience of more than 400 Stern tive returns in all markets, adding students and alumni during a Chats that short-selling can produce pos- with Financiers event. The Chats itive returns in declining markets. with Financiers Series brings togeth- Paulson Funds were among the er academics and luminaries in the highest-performing funds in 2007 finance industry for discussions on and were awarded the Arbitrage personal experiences and current Fund of the Year, Best New Fund trends in finance. of the Year, and Management Firm Edward Altman, Max L. Heine of the Year by Absolute Return magazine. Edward Altman (left) interviewed John Paulson about his firm’s Professor of Finance, interviewed recent success in short-selling subprime credit. The conversation continued fol- Paulson about his firm’s recent her- lowing the event, as Paulson joined alded success in short-selling subprime credit. Paulson more than 35 invited NYU Stern alumni at the Union said that his investment strategies are two-fold: event- Square W Hotel for an After Market Hours event, one of driven arbitrage and distressed and bankruptcy investing. a series hosted by NYU Stern’s Dean’s Executive Board Reacting to the US Securities and Exchange Commission’s that showcases successful alumni and their diverse and recent, temporary ban on the short-selling of 87 specific creative careers. There he predicted that the financial cri- stocks, Paulson said that while he shared regulators’ con- sis would spread to Main Street in 2009 and noted that cerns about naked short-selling, he wouldn’t blame short- European markets, which tend to lag the US by approxi- selling for the market’s decline.
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