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Davies speaking at the World Economic Forum Summit on the Global Agenda 2008.

Sir Howard Davies (born 12 February 1951) is a British economist. Davies served as Director of the London School of Economics and Political Science from 2003 to May 2011, having decided to resign from the position on 3 March 2011 following concern over the institution's decision to accept funding from a foundation controlled by the Libyan leader's son Saif al-Islam Gaddafi, and over the LSE Libya Links. He has previously served as the first chairman of the Financial Services Authority.

Life and career[link]

Howard Davies was educated at Bowker Vale County Primary School, Manchester Grammar School, the Memorial University of Newfoundland and Merton College, Oxford, where he gained a First Class MA degree in Modern History and Modern Languages. In 1979 he was awarded a Harkness Fellowship to attend Stanford Graduate School of Business from where he obtained an MS degree in management sciences.

Davies was executive chairman of the Financial Services Authority from 1997-2003. He was the first chairman of the FSA, the single financial regulator for the UK financial sector. He formed it from nine previously separate bodies. He was deputy governor of the Bank of England from 1995 to 1997, when the incoming Labour government asked him to create the new regulator.

On 1 October 2003, Davies left the FSA to become director of the London School of Economics. He tendered his resignation in March 2011, in the wake of publicity over donations made to the school by a charity associated with a son of the Libyan dictator Muammar Gaddafi.^[1] The School however asked him to stay on until a suitable replacement is found, and he left office on 1 May 2011, following the appointment of Professor Judith Rees as interim director.

Davies was previously employed by McKinsey and Company and was Special Advisor to the Chancellor of the Exchequer. He was also previously employed at the Treasury and the Foreign and Commonwealth Office, which included a posting of Private Secretary to the British Ambassador to France. Davies served for three years as Director General of the Confederation of British Industry. From 1985 to 1986 he was Special Advisor to Chancellor of the Exchequer Nigel Lawson. From 1987 to 1992 he was Controller of the Audit Commission. He was also a non-executive director of GKN between 1989–1995, and a member of the International Advisory Board of Natwest bank from 1991-95. From 1995 to 2004 he was founder Chairman of the Employers Forum on Age, a body formed to oppose ageism at work. From 2002 to 2010 he was a Trustee of the Tate Gallery (where he served as interim Chair 2008-9) and is a member of the governing body of the Royal Academy of Music. He is the Patron of Working Families, a campaigning charity which supports the rights of parents in the workplace. In 2004 he was elected to an Honorary Fellowship of Merton College, Oxford and became a non-executive Director of Morgan Stanley. From 2006 to 2010 he was a non-executive Director of Paternoster Ltd. Davies is a member of the advisory board of the China Banking Regulatory Commission (since 2003) and from 2004 to 2010 was also a member of the advisory Board of the China Securities Regulatory Commission. In 2009 he was appointed as an advisor to the Investment Strategy Committee of the Government Investment Corporation of Singapore and in 2011 joined its International Advisory Board. In 2010 he became a non-executive Director of Plc Prudential Plc, and in 2011 joined the Board of the Royal National Theatre.

Since 2011, he has been a Professor of Practice at the Institute of Political Studies in Paris (Sciences Po) where he teaches course in the regulation of financial markets and in central banking at the Paris School of International Affairs.^[2]

He chaired the judges of the Man Booker Prize for fiction in 2007. He is a supporter of Manchester City and Lancashire County Cricket Club. He plays cricket for Barnes Common CC and Powerstock and Hooke CC.

Books and writing[link]

Davies has published four books - Chancellors Tales (Polity Press 2006), with co-author David Green, Global Financial Regulation: the Essential Guide (Polity Press 2008) and "Banking on the Future: the fall and rise of central banking (Princeton University Press 2010), and "The Financial Crisis: who's to blame" (Polity Press 2010).

He writes regularly for The Financial Times, The Times Higher Education Supplement, Project Syndicate and Management Today.

Davies features as a character in the David Hare play The Power of Yes which premiered at London's National Theatre in October 2009.

He was appointed Knight Bachelor in the Queen's Official Birthday Honours 2000. He is married with two sons.

References[link]

External links[link]

• Column archive at Project Syndicate
• Blog at Financial Times
• Profile at Forbes
• Profile at Global Policy
• Profile at World Economic Forum
• Works by or about Howard Davies (economist) in libraries (WorldCat catalog)
• Lord Woolf's Inquiry into the LSE and Libya, March, 2011. Make a submission.

Howard Davies is the name of:

• Howard Davies (rugby player), Wales rugby union international
• Sir Howard Davies (economist), Former Director of the London School of Economics and former British financial regulator
• Howard Davies (director) (born 1945), English theatre director
• Howard R. Davies (1895–1973), British motorcycle racer
• Howard Davies (athlete) (born 1906), South African athlete

See also[link]

• Howard Davis (disambiguation)

This disambiguation page lists articles about people with the same name. If an internal link led you here, you may wish to change the link to point directly to the intended article.

Paul Volcker
Chairperson of the President's Economic Recovery Advisory Board
In office February 6, 2009 – February 23, 2011
President	Barack Obama
Preceded by	Position established
Succeeded by	Jeffrey Immelt (Council on Jobs and Competitiveness)
Chairman of the Federal Reserve
In office August 6, 1979 – August 11, 1987
President	Jimmy Carter Ronald Reagan
Preceded by	William Miller
Succeeded by	Alan Greenspan
President of the Federal Reserve Bank of New York
In office May 2, 1975 – August 5, 1979
Preceded by	Alfred Hayes
Succeeded by	Anthony Solomon
Personal details
Born	Paul Adolph Volcker, Jr. (1927-09-05) September 5, 1927 (age 84) Cape May, New Jersey, U.S.
Political party	Democratic Party
Alma mater	Princeton University Harvard University London School of Economics
Profession	Economist

Paul Adolph Volcker, Jr.^[1] (born September 5, 1927) is an American economist. He was the Chairman of the Federal Reserve under United States 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 in the 1970s and early 1980s. He was the Chairman of the Economic Recovery Advisory Board under President Barack Obama from February 2009^[2] until January 2011.^[3]

Early life[link]

Volcker was born in Cape May, New Jersey, the son of Alma Louise (née Klippel) and Paul Adolph Volcker.^[4][5] His grandparents were all German immigrants.^[4] Volcker grew up in Teaneck, New Jersey, where his father was the township's first municipal manager. As a child, he attended his mother's Lutheran church, while his father went to an Episcopal church. Volcker graduated from Teaneck High School^[6] in 1945.

Volcker's undergraduate education was at Princeton University; he graduated in 1949. He earned his M.A. in political economy from Harvard University's Graduate School of Arts and Sciences and Graduate School of Public Administration in 1951 and then attended the London School of Economics from 1951 to 1952 as a Rotary Foundation Ambassadorial Fellow, under the Rotary's Ambassadorial Scholarships program.

Volcker has received honorary degrees from several educational institutions including: Hamilton College (1980), University of Notre Dame, Princeton University, Dartmouth College, New York University, University of Delaware,^[7] Fairleigh Dickinson University, Bryant College, Adelphi University, Lamar University, Bates College (1989), Fairfield University (1994), Northwestern University (2004), Rensselaer Polytechnic Institute (2005), Brown University (2006), Georgetown University (2007), Syracuse University (2008), Queen's University at Kingston in Canada (2009), and Amherst College (2011).^[8]

Career[link]

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.^[9] 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.

From 1969 to 1974, Mr. Volcker served as under-secretary of the Treasury for international monetary affairs. He played an important role in the decisions leading to the U.S. suspension of gold convertibility in 1971, which resulted in the collapse of the Bretton Woods system. In general he acted as a moderating influence on policy, advocating the pursuit of an international solution to monetary problems. After leaving the U.S. Treasury, he became president of the Federal Reserve Bank of New York from 1975 to 1979, leaving to become the chairman of the Federal Reserve in August 1979.

In 1975, Mr. Volcker also became a senior fellow in the Woodrow Wilson School of Public and International Affairs at Princeton University.

Chairman of the Federal Reserve[link]

Paul Volcker, a Democrat,^[10] was appointed Chairman of the Board of Governors for the Federal Reserve System in August 1979 by President Jimmy Carter and reappointed in 1983 by President Ronald Reagan.^[11]

Volcker's Fed is widely credited with ending the United States' stagflation crisis of the 1970s. Inflation, which peaked at 13.5% in 1981, was successfully lowered to 3.2% by 1983.^[12]

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.

Volcker's Fed 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 the high interest rates on the construction and farming sectors, culminating in indebted farmers driving their tractors onto C Street NW and blockading the Eccles Building.^[13]

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.^[14]

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.^[15]

Congressman Ron Paul also said in a 2011 presidential debate that "If I had to name a Federal Reserve chairman that did a little bit of good, that would be Paul Volcker."

Post-Fed[link]

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 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.^[16]

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." ^[17] However, while Volcker did not implicate the Secretary General in the selection process, 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."^[18] 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 currently serves as chairman of the Board of Trustees of the International House in Manhattan, 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.^[19]

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.^[20]

Paul Volcker appeared in the Charles Ferguson's movie Inside Job. He was interviewed about current Wall Street CEO pay, claiming it is "excessive." ^[21]

Volcker was an economic advisor to President Barack Obama, heading the President's Economic Recovery Advisory Board.^[22][23][24] 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.^[25][26][27] 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.^[28][29] Volcker left the board when its charter expired on February 6, 2011, without being included in discussions on how the board would be reconstituted.^[30]

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.^[31] 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.^[32]

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."^[33]

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."^[34]

World Justice Project[link]

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.

Personal life[link]

Volcker married Barbara Bahnson, the daughter of a physician, on September 11, 1954. She died on June 14, 1998, having suffered from lifelong diabetes, as well as rheumatoid arthritis. They had two children, Janice, a nurse and a Georgetown University graduate,^[35] and James, a research assistant and a New York University graduate^[36] who was born with cerebral palsy, as well as four grandchildren.^[9][37][38] Over Thanksgiving, 2009, he became engaged to marry Anke Dening, a long-time assistant.^[39] They eloped in February 2010.^[40]

Volcker is an avid fly-fisherman,^[41] having recounted, "The greatest strategic error of my adult life was to take my wife to Maine on our honeymoon on a fly-fishing trip."^[42][43] Volcker is also known as "Tall Paul" for his height of 6 feet 7 inches (2.01 m),^[44][45] standing exactly a foot (30 cm) taller than his wife when they first met.^[9]

Works[link]

• 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

See also[link]

• List of U.S. political appointments that crossed party lines
• Volcker Rule
• Distinguished German-American of the Year

References[link]

Further reading[link]

• Treaster, Joseph (2004). Paul Volcker: the making of a financial legend. Hoboken, N.J.: John Wiley Sons. ISBN 978-0-471-42812-1. 

• Morris, Charles W. (2009). The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets. PublicAffairs. ISBN 978-1-58648-752-2. 

External links[link]

• Official biography from the Federal Reserve Bank of New York
• The Independent Inquiry Committee into The United Nations' Oil-for-Food Program official website
• Paul Volcker at WhoRunsGov at The Washington Post
• Appearances on C-SPAN
• Paul Volcker on Charlie Rose
• Paul Volcker at the Internet Movie Database
• Paul Volcker collected news and commentary at The New York Times
• Works by or about Paul Volcker in libraries (WorldCat catalog)
• Interview transcript from PBS Commanding Heights, September 26, 2000
• Time for Paul Volcker To Resign, Nile Gardiner, Ph.D., The Heritage Foundation, April 21, 2005
• Current Economic Recovery Fragile, Corporations Undergo "Healthy Changes," Former Fed Chair Paul Volcker Says in Ubben Lecture, Paul Volcker, DePauw University, October 8, 2003
• Rethinking the Bright New World of Global Finance, Paul Volcker, International Finance, Spring 2008
• How to Reform Our Financial System, Paul Volcker, The New York Times, January 30, 2010

v t e Chairmen of the Federal Reserve Hamlin Harding Crissinger Young Meyer Black Eccles McCabe Martin Burns Miller Volcker Greenspan Bernanke

Frederick Halliday, FBA (22 February^[1] 1946, Dublin, Ireland – 26 April 2010,^[2] Barcelona, Catalonia, Spain) was an Irish writer and academic specialising in International Relations and the Middle East, with particular reference to the Cold War, Iran, and the Arabian peninsula.

Biography[link]

Born in Dublin, Ireland in 1946 to an English father, businessman Arthur Halliday, and an Irish mother, Rita (née Finigan), Halliday attended the Marist School, Dundalk (1950–1953) and Ampleforth College (1953–1963) before going up to The Queen's College, University of Oxford in 1964 to read Philosophy, Politics and Economics (PPE), graduating in 1967, and then on to the School of Oriental and African Studies (1969–1969).^[1] His doctorate at the London School of Economics (LSE), on the foreign relations of the People's Democratic Republic of Yemen, was awarded in 1985, 17 years after beginning it (Sale 2002). From 1973 to 1985, he was a fellow of the Transnational Institute^[3] Amsterdam and Washington. From 1969 to 1983, he served as a member of editorial board of the New Left Review.

In 1983, he took up a teaching position at the LSE and from 1985 to 2008 was Professor of International Relations there. After recovering from illness in 2002-3, he was made Montague Burton Professor of International Relations at the LSE in 2005, but in 2008 he retired and became an ICREA research professor at IBEI, the Institut Barcelona d'Estudis Internacionals, in Barcelona where he intensely collaborated with the LSE Alumni Association Spain.

Halliday was also a columnist for openDemocracy and La Vanguardia. In 2002, he was elected Fellow of the British Academy.

A committed linguist, and advocate of the centrality of language to understanding contemporary globalisation, Halliday was competent in twelve languages, including Latin, Greek, Catalan, Persian, French, German, Spanish, Italian, Russian, Portuguese, Arabic, and English. From 1965, he travelled widely in the Middle East, visiting every country from Afghanistan to Morocco, and giving lectures in most. He met and interviewed several key Islamic fighters, rebels, and religious leaders and politicians over the years.

Fred Halliday was highly skeptical of the cooperative projects planned between LSE and the Gaddafi Foundation, the charitable foundation led by Saif al-Gaddafi, the son of the Libyan leader Muammar al-Gaddafi. Halliday's views were expressed in a "Note of Dissent" addressed to the LSE Council on 4 October 2009.^[4]

Personal[link]

Halliday was formerly married to Professor Maxine Molyneux and they have one son, Alex. His brother is the historian Jon Halliday.

On his concept of 'home': "when he was asked which of his many homes and journeys was his favourite, his reply was unfailingly ‘the next one’."^[5]

Halliday died in Barcelona on 26 April 2010, aged 64, after a year long battle with cancer.^[2][6]

Books[link]

• Edited and introduced Russia, China and the West 1953–1966, by Isaac Deutscher, OUP 1969, Penguin 1970. Serbo-Croat, German translations.
• Translated and introduced Marxism and Philosophy by Karl Korsch, NLB 1970.
• Arabia without Sultans, Penguin 1974, reprinted 1975, 1979; Italian, Japanese, Persian, Arabic, Turkish translations.
• Iran: Dictatorship and Development, Penguin 1978, reprinted 1979 twice; Japanese, Norwegian, Swedish, German, Spanish, Turkish, Arabic, Persian, Chinese translations.
• Mercenaries in the Persian Gulf, Russell Press, 1979. Persian translation.
• Soviet Policy in the Arc of Crisis, Institute for Policy Studies, Washington, 1981: issued as Threat from the East? Penguin 1982; Japanese, French, Arabic translations.
• The Ethiopian Revolution, with Maxine Molyneux, Verso, London 1982.
• The Making of the Second Cold War, Verso, London 1983, reprinted 1984, 1986, 1988. German, Persian, Spanish, Japanese translations.
• State and Ideology in the Middle East and Pakistan, edited by Fred Halliday and Hamza Alavi, Macmillan, 1988.
• Cold War, Third World, Radius/Hutchinson, 1989. Published in USA as From Kabul to Managua, Pantheon, 1989. Arabic and Japanese translation.
• Revolution and Foreign Policy: the Case of South Yemen, 1967 1987, Cambridge University Press, 1990.
• Arabs in Exile, The Yemeni Community in Britain, I.B. Tauris, 1992. (new version 2010)
• Rethinking International Relations, Macmillan, 1994. Japanese, Spanish and Portuguese translations.
• From Potsdam to Perestroika, Conversations with Cold Warriors, (BBC News and Current Affairs Publications, 1995.
• Islam and the Myth of Confrontation, I.B. Tauris, 1996. Arabic, Persian, Turkish, Indonesian, Polish, Spanish translations.
• Revolution and World Politics: The Rise and Fall of the Sixth Great Power, Macmillan,1999. Turkish translation.
• Nation and Religion in the Middle East, London: Saqi Books, 2000. Arabic translation
• The World at 2000: Perils and Promises, Palgrave, 2001. Greek and Turkish translations.
• Two Hours That Shook the World. 11 September 2001, Causes and Consequences, London: Saqi, 2001. Arabic, Swedish translations.
• The Middle East in International Relations. Power, Politics and Ideology. Cambridge: Cambridge University Press, 2005. Italian, Polish translation.
• 100 Myths About the Middle East. London: Saqi Books, 2005. Arabic, Italian, Turkish, Portuguese and Spanish translations.
• Britain's First Muslims, I.B.Tauris, 2010. (revised, new introduction, of 1992 book)
• Political Journeys: The openDemocracy Essays London: Saqi Books. 2011. (Collection of columns written for openDemocracy between 2004 and 2009)
• Shocked and Awed: How the War on Terror and Jihad have Changed the English Language., London: I.B.Tauris, 2011. (final edits and additions made after his death)
• Caamano in London: The Exile of a Latin American Revolutionary. London: Institute for the Study of the Americas, University of London. 2011.
• Political Journeys: The openDemocracy Essays. London: Saqi Books, 2011.

References[link]

Interviews[link]

• NPR, 13 October 1994: " ...the possible threat of another military showdown in Iraq."
• Peter Snow, Interview: "About attempts to construct an alternative, broad based government to replace the Taliban", BBC, 28 October 2001.
• John Humphrys, Interview: "Will the talks in Germany on the future of Afghanistan lead to a genuinely broad based government?," BBC, 25 November 2001.
• Nadeem Azam, Interview: "Are Islam and the West at Loggerheads?," 1lit.com, undated 2001/2002.
• Jennifer Byrne, Interview, ABC (Australia), 9 April 2002.
• ESRC Society Today, 24 May 2005
• Jonathan Sale, "Passed/failed: Fred Halliday, Academic and Writer. 'My PhD thesis on South Yemen took me 17 years'", The Independent, 15 May 2002.

Articles and commentary[link]

• Nadeem Azam, "Are Islam and the West at Loggerheads?" 1lit.com, undated 2001/2002
• Edward Russell-Walling, "The web of bilateral relations spun anew", Gulf News, 8 November 2001.
• Helena Cobban, "Fred Halliday Misinformed?" Just World News, 2 February 2003.
• Mohammed Almezel, "Full democracy not possible in Gulf region in foreseeable future, says British author", Gulf News, 3 January 2004.
• Fred Halliday, "LSE: and the Qaddafi Foundation: A Dissenting Note", 4 October 2009.
• Danny Postel, "Who Is Responsible? An Interview with Fred Halliday" 23 November 2005.