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Introductory Lecture

Neil Fligstein is the Class of 1939 Chancellor's Professor at the Univesity of California, Berkeley. He is also the Director of the Center for Culture, Organization, and Politics at the Institute for Research on Labor and Employment. His main research interests lie in the fields of economic sociology, organizational theory, political sociology, and the sociology of work. He has been interested in developing and using a sociological view of how new social institutions emerge, remain stable, and are transformed to study a wide variety of seemingly disparate phenomena including the history of the large American corporation and the construction of a European legal and political system. He has used this framework to create a more general view of how markets and states are mutually constitutive and applied this framework to trying to make sense of how global markets work.

Panel: Securities Law Enforcement Since 2008

Since the financial crisis, the United States Securities and Exchange Commission and the Department of Justice have stepped up their enforcement of the nation’s securities laws. While some have clamored for individual criminal liability for the executives of commercial and investment banks, others believe that self-regulation and market forces are sufficient to control and punish corporate wrongdoing. Our four distinguished panelists will discuss the actions of the SEC and DOJ since the financial crisis, as well as the ability of securities law to promote ethical behavior on Wall Street.   


Commissioner Troy A. Paredes was appointed by President George W. Bush to the U.S. Securities and Exchange Commission and was sworn in on August 1, 2008. Before joining the SEC, Commissioner Paredes was a tenured professor at Washington University School of Law in St. Louis, Missouri. He also held a courtesy appointment at Washington University’s Olin Business School. Commissioner Paredes primarily taught and researched in the areas of securities regulation and corporate governance. In addition to numerous scholarly articles, he is the co-author (beginning with the 4th edition) of a multi-volume securities regulation treatise with Louis Loss and Joel Seligman entitled Securities Regulation. Prior to 2001, Commissioner Paredes practiced law at prominent national law firms. As a practicing lawyer, Commissioner Paredes worked on a variety of transactions and legal matters involving financings, mergers and acquisitions, and corporate governance. Commissioner Paredes graduated from Yale Law School in 1996.

William D. Cohan is the author of the recently released "Money and Power: How Goldman Sachs Came to Rule the World" and the New York Times bestsellers "House of Cards" and "The Last Tycoons." Cohan is a contributing editor at Vanity Fair and writes frequently for Financial Times, Fortune, The Atlantic and The Washington Post. He worked on Wall Street as a senior mergers and acquisitions banker for 15 years. He also worked for two years at G.E. Capital. Cohan is a graduate of Duke University, Columbia University School of Journalism and Columbia University Graduate School of Business. "The Last Tycoons" won the 2007 Financial Times/Goldman Sachs Business Book of the Year Award.

David B. Anders is a litigation partner at Wachtell, Lipton, Rosen & Katz. His practice focuses on the representation of companies in connection with the defense of regulatory, white-collar criminal and complex civil litigation matters. He also regularly advises clients in connection with internal investigations and corporate governance and compliance reviews. Prior to joining the firm, Mr. Anders served as an assistant United States attorney for the Southern District of New York from September 1998 through December 2005. During his time at the United States Attorneys' Office, he investigated and prosecuted a wide variety of securities, commodities, and other investment fraud schemes, money laundering, immigration, racketeering, and associated violent crime. He tried 13 felony cases to verdict, and briefed and argued numerous appeals before the United States Court of Appeals for the Second Circuit. He was involved in several significant prosecutions during that time, including the investigation and prosecution of the fraud at WorldCom.

Antonia M. Apps is an Assistant United States Attorney in the Southern District of New York. Ms. Apps joined the United States Attorney’s Office in May 2007, and in June 2010, became a member of the Securities and Commodities Fraud Task Force. Prior to joining the United States Attorney’s Office, Ms. Apps was a partner in the Washington, D.C., law firm Kellogg, Huber, Hansen, Todd, Evans & Figel, PLLC. Ms. Apps has also served as a law clerk to the Honorable Fred I. Parker of the United States Court of Appeals for the Second Circuit, and was an associate at Fried, Frank, Harris, Shriver & Jacobson. Ms. Apps received an LLM from Harvard Law School in 1994, a BCL from Oxford University, Magdalen College, in 1993, and an LLB from the University of Sydney Law School in 1990. 

Panel Moderator

Richard Squire is a Florence Rogatz Visiting Professor of Law at Yale Law School and an Associate Professor of Law at Fordham Law School. He has been a member of the Fordham faculty since 2006 and was twice elected Fordham Law School’s Teacher of the Year. His primary teaching interests are Corporations and Corporate Reorganization & Restructuring. He holds a B.A. from Bowdoin College and M.B.A. and J.D. degrees from Harvard. Following law school, he clerked for Judge Robert D. Sack on the U.S. Court of Appeals for the Second Circuit. From 2002 to 2005, he was an associate with Wachtell, Lipton, Rosen & Katz in New York City.

Panel: The Ethics of Extractive Industries

Oil and coal, iron and copper – these materials power the global economy and enable life as we know it.  Yet energy and mining companies earn intense criticism for threatening the human communities where they operate, polluting air and water, and redirecting wealth from poor countries into corporate coffers.  This panel will focus on how and why commodities supply must grow to meet rising demand, the human and environmental complications that arise during exploration and production, and what companies and governments are doing to balance economic, environmental, and human rights imperatives. 


Ernesto Zedillo led his country as President of Mexico from 1994 to 2000. Currently, he is the Director of the Yale Center for the Study of Globalization and is a Professor of International Economics and Politics, International and Area Studies, and Environmental Studies at Yale University. He is also Chair of the Natural Resource Charter. From 2005 to 2011, President Zedillo served as Chairman of the Global Development Network, an organization that coordinates and supports policy researchers in developing nations. Appointed by the President of the World Bank, he led the High Level Commission on Modernization of World Bank Group Governance. Additionally he served on the Commission of Nuclear Non-proliferation and Disarmament, the partnership of the Americas Commission with Thomas Pickering, and the Commission on Drugs and Democracy with two fellow former presidents, President Fernando Henrique Cardoso of Brazil and President César Gaviria Trujillo of Colombia.

Kenneth P. Cohen is the Vice President of Public and Government Affairs for Exxon Mobil Corporation. Mr. Cohen has worldwide responsibility for its government relations, communications, media relations, global community relations and corporate brand activities. Mr. Cohen joined its legal department in 1977 after serving as an Assistant Professor of Law at Indiana University School of Law in Indianapolis. Mr. Cohen is on the executive committee of the United States Council for International Business and the Board of Trustees for the Council on Foreign Relations. Mr. Cohen did his undergraduate work at Northwestern University and earned his J.D. degree from Baylor Law School, where he was Editor-in-Chief of the Baylor Law Review.  He earned his LL.M. from Yale Law School, where he was a Sterling Fellow.

Joseph C. Bell has more than 35 years of regulatory and commercial experience in the energy field, domestically and internationally. He has been involved in a wide variety of business and financial transactions, including project financing of energy facilities, and has been a leading regulatory advocate for the introduction of competition into the natural gas and electricity markets, representing one of the first entities to make market sales of natural gas in the interstate market and filing the first market-based tariff for electricity marketers in the United States. In recent years he has provided advice with regard to oil and mining policy in a number of developing countries, working in Africa, Asia, and the Middle East. This advice has extended to tax and royalty policies, stabilization agreements, and other economic issues related to large concessions. He has also advised with respect to the establishment of petroleum revenue management funds and general issues of transparency and governance. Prior to joining Hogan & Hartson, Joe was Assistant General Counsel in the Federal Energy Administration responsible for international matters. He also was previously on the faculty at the Duke Law School and the Duke Public Policy Institute. Earlier, he was an attorney in the Antitrust Division of the U.S. Justice Department and a staff member of the Cabinet Task Force on Oil Import Control. He also worked as an economist on domestic and international tax policy issues at the U.S. Treasury.

Keith D. Phillips is the Global Head of Metals & Mining Investment Banking at Dahlman Rose - "the investment bank for the natural resources economy" - and former head of mining banking at JP Morgan, Merrill Lynch, and Bear Stearns.  Mr. Phillips has worked with over one hundred Metals & Mining companies during his 26-year Wall Street career, including established global leaders such as Rio Tinto, Vale, Barrick Gold, and Peabody Energy, successful growth companies such as Goldcorp, Yamana Gold and PanAmerican Silver, as well exploration and development stage companies such as Silver Standard, NovaGold, Seabridge Gold, Guyana Goldfields and Gold Canyon Resources.

Panel Moderator

Peter Rosenblum currently holds the Lieff, Cabraser, Heimann & Bernstein Clinical Professor of Human Rights Law at Columbia Law School. He has also served as a human rights officer with the precursor to the Office of the UN High Commisioner for Human Rights in Geneva, a program director for the International Human Rights Law Group, and a researcher for Human Rights Watch as well as the Lawyers’ Committee for Human Rights. Throughout his career, Professor Rosenblum has served in over twelve countries. He sustains a strong interest in Africa, especially the Democratic Republic of Congo. Professor Rosenblum holds an A.B. and LL.M. from Columbia University, J.D., from Northwestern Law School, and a D.E.A. with distinction from University of Paris I (Panthéon-Sorbonne).

First Keynote

Sheila Bair is the former Chairman of the FDIC (Federal Deposit Insurance Corporation). She was appointed to the post for a five-year term in 2006 by George W. Bush, just as the housing market was peaking. Ms. Bair sounded some of the earliest alarm bells over the nation’s worsening housing crisis during the boom and then helped orchestrate deals for hundreds of troubled banks when the financial markets collapsed. Before her appointment to the FDIC, Ms. Bair was the Dean's Professor of Financial Regulatory Policy for the Isenberg School of Management at the University of Massachusetts-Amherst (2002-2006); Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury (2001 to 2002); Senior Vice President for Government Relations of the New York Stock Exchange (1995 to 2000); a Commissioner and Acting Chairman of the Commodity Futures Trading Commission (1991 to 1995), and Research Director, Deputy Counsel and Counsel to Senate Majority Leader Robert Dole (1981 to 1988). Five months after becoming Chairman, Ms. Bair was named to Smart Money's “Power 30” list – the WSJ magazine's lineup of the 30 most influential people in investing. In 2008 and 2009 Forbes named her the second most powerful woman in the world. Chairman Bair received a bachelor's degree from Kansas University and a J.D. from Kansas University School of Law.

Second Keynote: Remarks and Interview

Paul A. Volcker was the Chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987, and served as Chairman of the Economic Recovery Advisory Board under President Barack Obama from February 2009 until February 2011. Mr. Volcker started out in 1952 by joining 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 1962-1963, Mr. Volcker worked in the Treasury Department as director of financial analysis and then deputy under-secretary for monetary affairs. In 1965 he re-joined Chase Manhattan Bank as its vice president and director of planning. From 1969 until 1974, Mr. Volcker served as under-secretary of the Treasury for 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. After leaving the U.S. Treasury, he became president of the Federal Reserve Bank of New York from 1975 to 1979, and then Federal Reserve Board Chairman in 1979. Mr. Volcker's Fed is widely credited with ending the United States' stagflation crisis of the 1970s. During the recent financial crisis, Mr. Volcker was critical of both financial regulation and financial institutions and supported far-ranging reform. On January 21, 2010, President Barack Obama proposed bank regulations, including what was dubbed "The Volcker Rule,” in reference to Mr. Volcker's aggressive pursuit of such regulations.


Felix Salmon is a financial journalist at Reuters. He has also written for Portfolio Magazine, Euromoney, and Wired. In 2010, he received the 2010 Excellence in Statistical Reporting Award from the American Statistical Association for his extensive use of statistical research in his journalism on business and economics.

Panel: Fostering Growth in Emerging Markets

Emerging markets contain 85% of the world’s population. It is thus no wonder that businesses are eager to expand into these markets. But amid the promise of growth lies potential peril: there are distinct ethical challenges that arise from doing business in some of the world's poorest places. Our expert panelists represent a diverse cross-section of the for-profit and non-profit sectors, including representatives from corporate foundations, venture philanthropies, impact investment funds, and academia. They will speak about their successful strategies for investing in these markets, the missions which guide their organizations, and the ethical quandaries that can emerge when operating in the developing world.


Paul Brest is the President and Director of the William and Flora Hewlett Foundation’s Philanthropy Program. After serving as a law clerk for both First Circuit Court of Appeals Judge Bailey Aldrich and Supreme Court Justice John M. Harlan, he practiced civil rights law with the NAACP Legal Defense and Educational Fund. He then joined the faculty of Stanford Law School, where he served as dean from 1987 until 1999. Mr. Brest has co-authored numerous books, including Processes of Constitutional Decisionmaking (5th ed. 2007), Problem Solving, Decision Making, and Professional Judgment (Oxford University Press, 2010), and Money Well Spent: A Strategic Plan for Smart Philanthropy (Bloomberg Press, 2008). Mr. Brest holds an A.B. from Swarthmore College and an LL.B. from Harvard University.

Lynn Roland currently serves as Deputy General Counsel at Acumen Fund. Beyond Acumen’s day-to-day legal matters, Ms. Roland oversees portfolio investments, grants and license arrangements, and monitors compliance matters and board meetings. Ms. Roland has previously served as in-house counsel at a private technology company and partner at an AmLaw Global 100 law firm. Ms. Roland received her J.D. from Columbia Law School and a B.A. from the University of Pennsylvania.

Bailey Blair Kempner is currently the Director of Growth and Sustainability Initiatives at Endeavor Global, and has previously worked with Endeavor in South Africa. Her major focus is Endeavor Catalyst, a passive, non-profit co-investment fund, with other responsibilities including raising long-term capital and promoting Endeavor’s sustainability with market-driven models. Prior to Endeavor, Ms. Kempner worked with Grassroots Capital, a private equity fund that invests in microfinance banks in emerging markets, and with Lehman Brothers’ alternative asset management group. Ms. Kempner received her B.A. from Yale University, and her M.B.A. from Harvard Business School, where she co-authored an HBS case study, “Banex and the ‘No Pago’ Movement.”

Ahmed Mushfiq Mobarak is an associate professor of economics at the Yale School of Management. He is a development economist with interests in environmental issues. Professor Mobarak has several ongoing research projects in Bangladesh, India, Malawi and Brazil. He conducts field experiments exploring ways to induce people in developing countries to adopt technologies or behaviors that are likely to be welfare improving. Professor Mobarak co-chairs the Urban Services Initiative at the Jameel Poverty Action Lab (J-PAL) at MIT, and leads the Bangladesh Research Program for the ‘International Growth Centre (IGC)’ at LSE and Oxford. He has previously worked as an economist at the University of Colorado at Boulder, the World Bank, and at the International Monetary Fund. In 2006, he was awarded the Most Outstanding Faculty Advisor Award at the University of Colorado.

Closing Dialogue

Sir James David Wolfensohn KBE AO is the founder and chief executive of Wolfensohn & Co., an international investment bank focused on providing advice to governments and large corporations doing business in emerging markets. He was the ninth president of the World Bank Group, nominated for the role by then President of the United States Bill Clinton in 1995. He visited over 120 countries around the world during his term as World Bank President, and was the third President in the history of the Bank to be elected to a Second Term in 2000. He is credited with being the first World Bank President to bring attention to the problem of corruption in the area of development financing. Wolfensohn has received numerous awards throughout his life, including an honorary knighthood of the Order of the British Empire in 1995 for his service to the arts, and he is an honorary Officer of the Order of Australia. He serves as the Chairman of the International Advisory Board of Citigroup, a member of the International Advisory Council of the Chinese sovereign wealth fund China Investment Corporation, a Chairman of the Brookings Institution, and he is a member of the Council on Foreign Relations. In 1979, while working as a senior executive at Solomon Brothers, he worked together with then President of the New York Federal Reserve Paul A. Volcker to rescue Chrysler from liquidation. He has also played cello in Carnegie Hall on three occasions, playing with Jacqueline du Pre, Yo Yo Ma, and Bono. He graduated from Harvard Business School in 1959. 

Michael Elliott is the President and Chief Executive Officer of ONE. Prior to joining ONE, Michael Elliott served as editor of TIME International, Deputy Managing Editor of TIME Magazine, and was also a columnist on the global economy for Fortune magazine. Elliott was named editor of TIME International in April 2005 after spending a year as editor of TIME Asia. He joined TIME in May 2001 as an editor-at-large after a year spent as editor-in-chief of eCountries, an Internet based news and analysis service on global affairs. From 1995-2000 he was editor of Newsweek International, and from 1984-93 he was on the staff of The Economist, where he was political editor and Washington bureau chief and the founding author of both the "Bagehot" and "Lexington" columns. Elliott was born and raised in the suburbs of Liverpool, England, and took two degrees at Oxford University. Prior to his career in journalism, he was a member of the Central Policy Review Staff in Britain's Cabinet Office, and before that spent eight years teaching in universities in the United States and United Kingdom, ending his academic career with a tenured position at the London School of Economics.


Amy Chua is the John M. Duff, Jr. Professor of Law at Yale Law School. Prior to Yale, Professor Chua taught at Duke, Columbia, Stanford, and NYU law schools. She specializes in international business transactions, law and development, ethnic conflict, and globalization and the law. She has authored many books, including Day of Empire and World on Fire: How Exporting Free Market Democracy Breeds Ethnic Hatred and Global Instability and Battle Hymn of the Tiger Mother. Professor Chua holds an A.B. and J.D. from Harvard University.