OPENING Remarks
R. Glenn Hubbard
Dean and Russell L. Carson Professor of Finance and Economics at Columbia Business School
Glenn Hubbard was named dean of Columbia Business School on July 1, 2004. A Columbia faculty member since 1988, he is also the Russell L. Carson Professor of Finance and Economics. Professor Hubbard received his BA and BS degrees summa cum laude from the University of Central Florida, where he received the National Society of Professional Engineers Award. He also holds AM and PhD degrees in economics from Harvard University. After graduating from Harvard, Professor Hubbard began his teaching career at Northwestern University, moving to Columbia in 1988. He has been a visiting professor at Harvard’s Kennedy School of Government and Harvard Business School, as well as the University of Chicago. Professor Hubbard also held the John M. Olin Fellowship at the National Bureau of Economic Research. In addition to writing more than 100 scholarly articles in economics and finance, Professor Hubbard is the author of two leading textbooks on money and financial markets, as well as co-author of Seeds of Destruction; The Mutual Fund Industry; The Aid Trap: Hard Truths About Ending Poverty, and Healthy, Wealthy, and Wise: Five Steps to a Better Health Care System. His commentaries appear frequently in Business Week, the Wall Street Journal, the New York Times, the Financial Times, the Washington Post, Nikkei, and the Daily Yomiuri, as well as on television (on PBS’s Nightly Business Report) and radio (on NPR’s Marketplace).
In government, Professor Hubbard served as deputy assistant secretary of the U.S. Treasury Department for Tax Policy from 1991 to 1993. From February 2001 until March 2003, he was chairman of the U.S. Council of Economic Advisers under President George W. Bush. While serving as CEA chairman, he also chaired the Economic Policy Committee of the OECD. In the corporate sector, he is currently a director of ADP, BlackRock Closed-End Funds, KKR Financial Corporation, and Met Life. Professor Hubbard is married to Constance Pond Hubbard. They live in Manhattan with their two sons.
Keynote Speakers
Howard Marks
Chairman of Oaktree Capital Management
Since the formation of Oaktree in 1995, Mr. Marks has been responsible for ensuring the firm's adherence to its core investment philosophy, communicating closely with clients concerning products and strategies, and managing the firm. From 1985 until 1995, Mr. Marks led the groups at The TCW Group, Inc. that were responsible for investments in distressed debt, high yield bonds, and convertible securities. He was also Chief Investment Officer for Domestic Fixed Income at TCW. Previously, Mr. Marks was with Citicorp Investment Management for 16 years, where from 1978 to 1985 he was Vice President and senior portfolio manager in charge of convertible and high yield securities. Between 1969 and 1978, he was an equity research analyst and, subsequently, Citicorp’s Director of Research. Mr. Marks holds a B.S.Ec. degree cum laude from the Wharton School of the University of Pennsylvania with a major in Finance and an M.B.A. in Accounting and Marketing from the Graduate School of Business of the University of Chicago, where he received the George Hay Brown Prize. He is a CFA® charterholder and a Chartered Investment Counselor.
Mark T. Gallogly `86
Cofounder and Managing Principal of Centerbridge Partners
Mark T. Gallogly is cofounder and managing principal of Centerbridge Partners. Centerbridge is a multi strategy investment firm. The firm is focused on private equity and credit investing. Prior to founding Centerbridge in October 2005, Mr. Gallogly was at the Blackstone Group for 16 years. At Blackstone, he was most recently a senior managing director, the head of private equity and a member of the firm’s management committee and the private equity group’s investment committee.
Throughout his 30-year career in investing and finance, Mr. Gallogly has been involved in a broad spectrum of industries, businesses and investment cycles. He has served on numerous public and private company boards of directors. He is currently on President Obama's Economic Recovery Advisory Board, the advisory council of the Hamilton Project, an economic policy group at the Brookings Institution, Columbia Business School board of overseers and the board of directors of the Dana Corporation.
Mr. Gallogly graduated with honors from the University of Notre Dame and attended Sophia University in Tokyo. He received his MBA from Columbia Business School in 1986. He lives in New York City with his wife, Lise Strickler, and their three daughters.
Steve Case
Chairman and CEO, Revolution, Co-founder, America Online
Steve Case is one of America’s best-known and most accomplished entrepreneurs and philanthropists, and a pioneer in making the Internet part of everyday life.
Steve co-founded America Online (AOL) in 1985, when the Internet was in its infancy. Under Steve’s leadership, AOL became the world’s largest and most valuable Internet company, and helped drive the worldwide adoption of a medium that has transformed business and society. AOL’s early focus on ease of use and social media set the stage for its rapid growth, and at its peak nearly half of Internet users in the United States used AOL. In 1992, AOL became the first Internet company to go public, and was the best performing stock of the 1990s, with a 11,616% return. Steve then negotiated what remains the largest merger in business history, bringing together AOL and Time Warner in a transaction that gave AOL shareholders a majority stake in the combined company. To facilitate the merger, Steve agreed to step down as CEO when the merger closed.
Steve then went back to his entrepreneurial roots andfounded Revolution, an investment firm that has backed more than two dozen companies, including LivingSocial, Zipcar, AddThis, Everyday Health and FedBid. Steve is also Chairman of the Case Foundation, which he established with his wife Jean. The Case Foundation has invested in hundreds of organizations, initiatives and partnerships over the past 15 years. Steve and Jean joined The Giving Pledge, started by Bill Gates and Warren Buffett, and publicly reaffirmed their commitment to give away the majority of their wealth.
Keynote Moderators
David Faber
Reporter and Co-host of CNBC's Squawk on the Street
An Emmy, Peabody, duPont, Loeb award winner and New York Times best-selling author, David Faber is a co-anchor of CNBC's "Squawk on the Street" and an anchor and coproducer of CNBC's acclaimed original documentaries and long-form programming. During the day, Faber breaks news and provides in-depth analysis on a range of business topics during the "Faber Report." In his 18 years at CNBC, Faber has broken many big financial stories including the massive fraud at WorldCom, the bailout of the hedge fund Long Term Capital Management, and Rupert Murdoch's unsolicited bid for Dow Jones. Faber has reported nine documentaries for CNBC for which he has received Loeb, Emmy, Peabody and duPont awards. His book, "The Faber Report," was published by Little, Brown in spring 2002. Faber's book, "And Then the Roof Caved In," was published in the summer of 2009 by John Wiley. David holds a bachelor's degree in English from Tufts University.
Jason Kelly
Private Equity Reporter of Bloomberg News
Jason Kelly is a New York-based reporter at Bloomberg News primarily focused on the global private-equity industry as part of Bloomberg's Investing team. He joined Bloomberg in 2002 as a member of the U.S. Technology group, where he covered companies including Intel, Motorola and Texas Instruments. A frequent contributor to Bloomberg BusinessWeek, Bloomberg Markets magazine and Bloomberg Television, he's written about topics from artificial intelligence on Wall Street to the aftermath of Hurricane Katrina. Prior to Bloomberg, Jason was the editor of digitalsouth magazine, an Atlanta-based publication focused on venture capital and start-up technology companies. He started his career at the Atlanta Journal-Constitution as part of the newspaper's Olympic coverage team. Jason is a graduate of Georgetown University.
Dan Primack
Senior Editor of Fortune
Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com, a website focused on venture capital and private equity, and the peHUB Wire, a daily email newsletter with more than 50,000 subscribers.
Prior to hitting the private equity beat in 2000, Primack covered private debt for Private Placement Letter and served as Editor and Cofounder of The 'Bury, a Roxbury, Mass.-based newspaper catering to teenagers and young adults. Primack is a graduate of Haverford College, with a degree in political science.
CLOSING Remarks
Professor Donna Hitscherich was appointed as director of the Private Equity Program in October 2010.
Professor Hitscherich now serves as Senior Lecturer in the Finance and Economics division, a position she has held since 2008 after a nearly twenty year career in investment banking and law. Donna has a long and distinguished history of teaching at Columbia, including nearly 20 years as an adjunct professor in the business school and as a lecturer in law and accounting at Columbia Law School. Professor Hitscherich was awarded the Commitment to Excellence Award by the Berkeley-Columbia Executive MBA Class of 2010 and was nominated for the Dean's Award for Innovation in the MBA Curriculum in 2002. Professor Hitscherich currently teaches Corporate Finance, Advanced Corporate Finance and Mergers and Acquisitions in the MBA and Executive MBA programs. From 1988 through 1990, Professor Hitscherich was an assistant professor of law at St. John's University School of Law, where she taught Federal Securities Regulation and Legal Ethics.
Prior to her present position at Columbia, Professor Hitscherich had a career in investment banking, during which she held positions at CS First Boston, J. P. Morgan & Co. Incorporated and Banc of America Securities. At J. P. Morgan, she was a founding member of the takeover defense team and a senior member of the advisory review committee, which was responsible for all of the M&A fairness opinions issued by the bank. As a managing director in the mergers and acquisitions group of Banc of America Securities, she was secretary of the firm's fairness opinion review committee and a major contributor to the firm's training programs for managing directors and associates. Prior to her career in investment banking, Professor Hitscherich was a corporate lawyer at Skadden, Arps, Slate, Meagher & Flom.
Professor Hitscherich is a founding member of Gnosis Advisors LLC, a financial education advisory firm and has served as an expert witness and provided litigation support in several complex securities litigations respecting various matters, including valuation, due diligence, custom and usage in the finance industry, and financing alternatives. Her research interests include mergers and acquisitions, valuation and fairness opinions. She holds a JD from St. John's University (magna cum laude) where she was a member of the St. John's Law Review, an MBA from Columbia University Graduate School of Business where she was elected to Beta Gamma Sigma and a BS from St. John's University (summa cum laude). She is admitted to the Bar in the State of New York.