Kyle Bass - Hayman Investor Letter - February 2011 - Fed Governors Attachment

Federal ReserveBackgrounds and Bios

February 2011

CONFIDENTIAL

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Board of Governors

Academic ExperienceFed / Government

ExperienceCorporate Experience

Corporate Mgmt. Experience

• BA, Economics, Harvard 1975

• PhD, Economics, MIT 1979

• Professor of Economics and Public Affairs Princeton 1985

Ben BernankeChairman

Chairman since Feb 1, 2006Governor from Sep 02‐June 05

Public Affairs, Princeton, 1985‐1996

• Assistant and Associate Professor of Economics, 1979‐1985, Stanford Graduate School of Business

• Served as Director of the Monetary Economics Program

• Chairman of President’s Council of Economic Advisors from June 2005 – Jan 2006

• None noted • None Noted

of the National Bureau of Economic Research (NBER) and as a member of NBER’s Business Cycle Dating Committee

Janet Yellen

• BA, Economics, Brown 1967

• PhD, Economics, Yale 1971

• Professor Emeritus (Economics)

• President & CEO of the 12th

District Federal Reserve Bank, San FranciscoJa et e e

Vice ChairGovernor since Oct 4, 2010

Governor from Aug 94–Feb 97

at UC Berkeley. Faculty member since 1980

• Assistant Professor of Economics, 1971‐76

• Faculty, London School of Economics and Political Science, 1978‐80

• Chairman of President’s Council of Economic Advisors from Feb 1997 – Aug 1999

• Chairman of Economic Policy Committee of OECD, 1997‐99

• Economist for Fed Board of Governors, 1977‐78

• None noted • None noted

Kevin WarshGovernor

Governor since Feb 24, 2006Resigning March 31, 2011

• AB, Public Policy (with emphasis in Economics), Stanford 1992

• JD, Harvard, 1995

• Special Assistant to the President for Economic Policy, and Executive Secretary of the National Economic Council, 2002‐06

• Morgan Stanley Investment Banking, Mergers & Acquisitions, VP and Executive Director, 1995‐2002

• None noted


Board of Governors (Cont'd)Fed / Government Corporate Mgmt




Elizabeth Duke

• Bachelor’s Degree, UNC ChapelHill

• MBA Old Dominion University

• Director, Board of Directors of the Richmond Fed, 1998‐2000

• Member of the Fannie Mae National Advisory Council

• Virginia Council on Economic• Board of Directors, American

Bankers Association 1996‐2006

• Senior Executive Vice President and COO of TowneBank(Virginia)

• EVP at WachoviaElizabeth DukeGovernor

Governor since Aug 5, 2008

• MBA, Old Dominion University

• Graduate of Stonier Graduate School of Banking as well as Virginia Bankers School of Bank Management

• Virginia Council on Economic Education

• Virginia Legislative Subcommittee to Study Capital Access and Business Financing

• Board of Commissioners of the Norfolk Airport Authority

Bankers Association, 1996 2006 (Chairman 2004‐2005)

• Board of Directors and President of Virginia Bankers Association

at ac o a

• EVP at SouthTrust Bank

• President & CEO, Bank of Tidewater

• Vice President and CFO, Bank of Virginia Beach

A i S f S f

Daniel TarulloGovernor

Governor since Jan 28 2009

• AB, Georgetown 1973

• MA, Duke University 1974

• JD, University of Michigan Law School 1977

• Professor of Law, Georgetown University Law Center

• Taught at Harvard Law School (title unknown)

• Assistant Secretary of State for Economic and Business Affairs; Deputy Assistant to the President for Economic Policy, Assistant to the President for International Economic Policy, 1993‐98

• Served as President Clinton’s personal representative to G7/G8

• Practiced law in Washington DC, tenure unknown

• None noted

Governor since Jan 28, 2009 (title unknown)

• Visiting Professorship at Princeton

• Council on Foreign Relations

• Center for American Progress

nations, 1995‐98

• Chief Counsel for Employment Policy under Senator Edward Kennedy

• Antitrust Division of DoJ

• Commissioner of Financial Regulation for the State of

Sarah Bloom RaskinGovernor

Governor Since Oct 4, 2010

• BA, Economics, Amherst College1983

• JD, Harvard Law School 1986

gMaryland

• Conference of State Bank Supervisors (CSBS)

• CSBS Regulatory Restructuring Task Force

• Chair of Consumer Financial Products Agency Task Force

• Managing Director at the Promontory Financial Group

• None noted


• Banking Counsel, US Senate Committee on Banking

• New York Fed

Other FOMC MembersFed / Government Corporate Mgmt




William DudleyNew York

Vice Chairman• BA, New College, Sarasota 1974

• PhD, Economics, UC Berkeley

• EVP of the Markets Group at NY Fed, 2007‐09

• Economist, Federal Reserve Board, 1981‐83

• Member of the Technical

• Partner and Managing Director, Chief Economist, Goldman Sachs; Career at Goldman lasted from 1986‐2007 • None notedVice Chairman

President of NY Fed since Jan 27, 2009

1982 • Member of the Technical Consultants Group to the Congressional Budget Office from 1999‐2005

• Vice President, Morgan Guaranty Trust Company

• Bachelors, QuantitativeMethods and Information Systems, St. Cloud State University 1984

James BullardSt. Louis Fed

President since April 1, 2008

University 984

• Bachelors, Economics, St. Cloud State University 1984

• PhD, Economics, Indiana University 1990

• Adjunct faculty member and PhD adviser at Washington University, St. Louis

• Vice President and Deputy Director of Research for Monetary Analysis, St. Louis Fed

• Economist, Research Division, St. Louis Fed (joined St. Louis Fed in 1990


• Co‐Editor, Journal of Economic Dynamics and Control

Thomas Hoenig

• BA, Economics and Mathematics, Benedictine College

• MA and PhD, Economics, Iowa State

• Named Senior Vice President, Kansas City Fed, in 1986

• Named Vice President, Kansas

Kansas City FedPresident since Oct 1, 1991

• Instructor of Economics, University of Missouri, Kansas City

• Member, Board of Directors of Midwest Research Institute and Union Station

City Fed, in 1981

• Joined Kansas City Fed as an economist in the banking supervision area in 1973



Other FOMC Members (Cont'd)Fed / Government Corporate Mgmt




• Bachelor’s, Economics,

• Named First Vice President and COO, Cleveland Fed, in 1993

• Named Vice President and Secretary to the Board of Directors, Cleveland Fed, in 1988

Sandra PianaltoCleveland Fed

President since Feb 1, 2003

, ,University of Akron

• Master’s, Economics, George Washington University

• Advanced Management Program, Duke University Fuqua School of Business

ecto s, C e e a d ed, 988

• Joined the Cleveland Fed as an economist in the Research Department in 1983

• Worked as an economist for the Board of Governors of the Federal Reserve and served on the staff of the Budget Committee of the US House of


Committee of the US House of Representatives prior to joining the Cleveland Fed

• Named EVP, Boston Fed, in 2005

• Named Chief Discount Officer, Boston Fed, in 2003

• Named SVP and head of the S i i d R l ti

Eric RosengrenBoston Fed

President since July 23, 2007

• BA, Economics, Colby College

• MS and PhD, Economics, University of Wisconsin, Madison, 1986

Supervision and Regulation Department, Boston Fed, in 2000

• Named Vice President and head of Banking and Monetary Policy within the Research Department, Boston Fed, in 1991

• Named Assistant Vice President, Boston Fed, in 1989


• Joined the Boston Fed as an economist in the Research Department in 1985


Documents

Kyle Bass - Hayman Investor Letter - February 2011 - Fed Governors Attachment