Re: Jesuit-Trained Movers and Shakers
E. Gerald Corrigan (born June 13, 1941) is an American banker and former president of the Federal Reserve Bank of New York. He is currently a Managing Director at Goldman Sachs.
Born in Waterbury, Connecticut, Corrigan earned a bachelor's degree in economics from Fairfield University in 1963. He received a master's degree in 1965 and a Ph.D. in 1971, both in economics, from Fordham University.
In 1968, he began his career at the New York Federal Reserve, where he remained for twenty-five years, becoming Vice President in 1976, before becoming special assistant to Federal Reserve Board Chairman, Paul Volcker in Washington, D.C. He went on to serve as president of the Federal Reserve Bank of Minneapolis from 1980 to 1984 and New York Federal Reserve President from 1985 until 1993.
From 1991 to 1993 he was Chairman of the Basel Committee on Banking Supervision.
He joined Goldman Sachs in 1994, and has been a Managing Director since 1996, where he serves as co-chair of both the Risk Committee and the Global Compliance and Controls Committee.
E. Gerald Corrigan, Ph.D. (GSAS ’65, ’71), has made a $5 million gift to Fordham University, funding critical initiatives at both Fordham College at Rose Hill and the Graduate School of Business Administration (GBA). The gift will create an endowed professorship, the Corrigan Chair in International Business and Finance, at GBA, and will further endow the existing E. Gerald Corrigan Endowed Scholarship Fund.
“This gift is especially meaningful given Dr. Corrigan's world class reputation, his distinguished career, and his many accomplishments,” said Howard P. Tuckman, Ph.D., dean of Fordham’s Graduate School of Business Administration. “We are thrilled that his generosity will help the Fordham business schools achieve their joint goal of having a world-recognized finance and economics program and providing an outstanding education for their students.”
John N. Tognino (FCLS ’75), chairman of the Fordham University Board of Trustees, announced the gift at the Sixth Annual Fordham Founder’s Award Dinner, held at the Waldorf=Astoria in Manhattan on March 26. Because Corrigan was traveling in Russia on the evening of the Fordham Founder’s Award Dinner, his daughter, Karen Corrigan, accepted the University’s thanks on his behalf.
The Corrigan chair will add to Fordham’s reputation as a global business center, with a focus on global economic and business research and policy. Working with Fordham's partners in China, Spain, Belgium and Ireland, the chair will allow students to benefit from the experience of problem-solving in the areas of global entrepreneurship, business and government policy and consulting strategy. Corrigan's gift will also further endow the E. Gerald Corrigan Endowed Scholarship Fund, which has provided significant scholarship support to minority students for nearly a decade. With this gift, the fund will now also support academic research assistantships at Fordham College at Rose Hill.
Corrigan received his master’s and doctoral degrees in economics from Fordham’s Graduate School of Arts and Sciences. He is a former president of the Federal Reserve Bank of New York, and has been a managing director of Goldman Sachs since 1994. Corrigan has served on the Fordham University Board of Trustees, and has been a mentor and educator to Fordham students.
Founded in 1841, Fordham is the Jesuit University of New York, offering exceptional education distinguished by the Jesuit tradition to approximately 15,800 students in its five undergraduate colleges and its six graduate and professional schools. It has residential campuses in the Bronx, Manhattan and Tarrytown, and the Louis Calder Center Biological Field Station in Armonk, N.Y.
E. GERALD CORRIGAN, a veteran of the Federal Reserve System, became chief executive officer of the New York Fed and vice chairman of the FOMC on January 1, 1985 at the age of 43.
Prior to his appointment, Mr. Corrigan was president of the Minneapolis Federal Reserve Bank for four and a half years.
Mr. Corrigan was born in June 1941 in Waterbury, Connecticut. He earned a bachelor of social sciences degree in economics from Fairfield University, Fairfield, Connecticut in 1963. He received a master of arts degree in 1965 and a doctor of philosophy degree in 1971, both in economics, from Fordham University.
His career at the New York Fed began in 1968 when he joined the domestic research division as an economist, after teaching at Fordham University in 1967-68. From 1968 to 1979 he served in a variety of staff and official positions including vice president for planning and domestic open market operations.
In August 1979, he went on leave from the Bank to become special assistant to Federal Reserve Board Chairman Paul Volcker in Washington, DC. While there, he was named chairman of the Basle Committee on Banking Supervision by the governors of the central banks of the Group of Ten countries. The Committee provides a forum for regular cooperation among its member countries on banking supervisory matters.
Mr. Corrigan was instrumental in establishing, and also served as co-chairman of, the Russian-American Banking Forum. This organization was set up in June 1992 to assist Russia in the development of its banking and financial system infrastructure.
After nearly 25 years of service in the Federal Reserve System, Mr. Corrigan stepped down as president of the New York Fed on July 19, 1993. In July 1993, President Clinton appointed Mr. Corrigan to head the newly established Russian-American Enterprise Fund.