The Future Of Social Security:
The Impact On U.S. Markets And The Economy

July 14, 6:00 PM - 8:30 PM

GSB Alumni Finance Roundtable

What are the macroeconomic effects of Social Security proposals? What will happen to banking and investment industries? Will changes influence interest rates and credit markets? Learn more.

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Where:
Gleacher Center
Room 621
450 North Cityfront Drive
Chicago, Illinois

Who:
Robert Z. Aliber
Professor of International Economics and Finance Emeritus
Graduate School of Business, University of Chicago

Randall S. Kroszner
Professor of Economics
Graduate School of Business, University of Chicago

Mark J. Warshawsky
Assistant Secretary for Economic Policy
U.S. Department of the Treasury

Cost:
No Charge

Program:
5:30 PM - 6:00 PM: Networking and Visits to Sponsors' Tables
6:00 PM - 7:30 PM: Presentation and Formal Discussion
7:30 PM - 8:30 PM: Informal Discussion and Networking (Cash Bar)

Registration:
Register Online

Note: You need not be a graduate of the University of Chicago GSB to attend, although program content is at MBA level. Guests are welcome; the courtesy of a pre-registration is appreciated.
Please register by 07/14/05

Questions:
Vern Broders, '94
312.224.8507

Event Details
Much of the conversation surrounding the proposed changes in Social Security has centered on the effects on taxpayers and the solvency of the system. However, policy makers should also explore the serious implications for the overall economy and the financial markets. Specifically, what are the macroeconomic effects of the major proposals? What will happen to our banking and investment industries? Finally, will there be changes in saving and spending patterns that could influence interest rates and credit markets?

Please join us for a conversation with key thinkers from both the Bush administration and the University of Chicago, Graduate School of Business as we examine the shape and scope of these issues and their potential impact on U.S. markets and the economy.

Our 2005 GSB Alumni Finance Roundtable Sponsors:

• Ariel Capital Management, LLC
• The Center for Research in Security Prices (CRSP)
• DLA Piper Rudnick Gray Cary US LLP
• Dow Jones Indexes
• Headstrong
• LaSalle Bank
• McKenna Partners LLC
• Ritchie Capital Management
• Tavakoli Structured Finance, Inc.
• Tsunami Capital LLC
• William Blair & Company, LLC

Hosted By:
The University of Chicago GSB Alumni Finance Roundtable
The GSB Alumni Finance Roundtable is an opportunity for MBA alumni involved in any facet of finance (banking, corporate, investment banking, investment management, private equity, real estate, research, trading, and venture capital) to delve into topics of interest to finance practitioners. Programs feature distinguished experts concentrating on a subject currently in debate, followed by a discussion period. Focus is at all times on practical applications.

Speaker Profiles:

Robert Z. Aliber
Professor of International Economics and Finance Emeritus, Graduate School of Business, University of Chicago

Robert Z. Aliber is Professor of International Economics and Finance Emeritus at the University of Chicago, Graduate School of Business, where he served on faculty from 1964-2004. He was a Fellow at the Woodrow Wilson International Center for Scholars in Washington DC, 2004 and 2005.

He has consulted to the Board of Governors of the Federal Reserve System and to other U.S. government agencies, the World Bank and the International Monetary Fund, and to the research institutes and private firms. He has testified before committees of the Congress and lectured extensively in the United States and abroad. Aliber received the JPMorgan International Prize in Finance Policy and Economics in 2002.

Among his books are The Multinational Paradigm, The New International Money Game and Your Money and Your Life. Aliber received degrees from Williams College (B.A.), Cambridge University (B.A. and M.A.) and Yale University (Ph.D.)

Randall S. Kroszner
Professor of Economics, Graduate School of Business, University of Chicago

Randall Kroszner is Professor of Economics, Graduate School of Business, University of Chicago. He is Editor of the Journal of Law & Economics and Associate Director of the George J. Stigler Center for the Study of the Economy and the State. Professor Kroszner also is a Faculty Research Fellow of the National Bureau of Economic Research and a Visiting Scholar at the American Enterprise Institute. He served as a Senate-confirmed Member of the President?s Council of Economic Advisers (CEA) from 2001 to 2003.

Professor Kroszner has also served as a consultant to the International Monetary Fund, the World Bank, the Inter-American Development Bank, the Swedish Finance Ministry, the Board of Governors of the Federal Reserve System, and several Federal Reserve Banks, and currently serves as a Research Consultant for the Federal Reserve Bank of Chicago. Professor Kroszner?s research interests include the conflicts on interest in financial services firms, corporate governance, debt restructuring and bankruptcy, international financial crises, political economy, and monetary economics.

Professor Kroszner has published more than fifty articles in a variety of periodicals and the leading scholarly journals and has published one book and edited another. His paper on the evolution of corporate governance and managerial ownership since the Great Depression was awarded the Brattle Prize for the best corporate finance paper published in the Journal of Finance in 1999. Dr. Kroszner received his Ph.D. from the economics department of Harvard University in 1990 and graduated magna cum laude from Brown University in 1984.

Mark J. Warshawsky
Assistant Secretary for Economic Policy, U.S. Department of the Treasury

The Assistant Secretary for Economic Policy is advisor to the Treasury Secretary and the Deputy Secretary on all aspects of economic policy. His office is responsible for reporting on current and prospective macroeconomic developments and assisting in the determination of appropriate economic policies. His office is also responsible for the review and analysis of domestic microeconomic issues and developments in the financial markets.

Warshawsky was previously the Deputy Assistant Secretary for Economic Policy, Microeconomic Analysis, at the U.S. Department of the Treasury. He also represented the Treasury Secretary, Managing Trustee of the Social Security and Medicare Trust Funds, in preparation of the Trustees? Reports.

Before his role at Treasury, Warshawsky was Director of Research at the TIAA-CREF Institute. Prior to joining TIAA-CREF, Warshawsky directed research at the IRS (Employee Plans Division) and was a senior economist at the Federal Reserve Board (Capital Markets Section). A native of Chicago, Warshawsky received a Ph.D. in Economics from Harvard University and a B.A. with Highest Distinction from Northwestern University.