Columbia Law School: Symposium on Executive Compensation

Biographies
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Joseph E. Bachelder III
Joseph E. Bachelder III, founder and senior partner of The Bachelder Firm, has concentrated on matters associated with executive compensation for over two decades. Mr. Bachelder has represented many prominent chief executive officers and other senior-level executives of United States corporations. He has also represented boards of directors and compensation committees. Mr. Bachelder writes a regular column, "Executive Compensation," which provides current commentary on the subject of executive pay and is a regular feature of the New York Law Journal. He speaks regularly to professional groups such as the American Law Institute / American Bar Association, the Practising Law Institute, and The Conference Board. He has spoken at forums sponsored by academic institutions such as Harvard, Stanford, Northwestern, and the universities of Wisconsin and Delaware. Admitted to the bar in New York, Mr. Bachelder is a member of the New York State Bar Association, the American Bar Association, and the Association of the Bar of the City of New York, having served as a member of the Committee on Taxation. He is also a fellow of the American College of Tax Counsel and a graduate of Yale University (B.A. 1955) and Harvard Law School (LL.B. 1958).

Lucian Arye Bebchuk
Lucian Arye Bebchuk is coauthor, with Jesse Fried, of Pay without Performance: The Unfulfilled Promise of Executive Compensation (Harvard University Press 2004). Mr. Bebchuk serves as the William J. Friedman and Alicia Townsend Friedman Professor of Law, Economics, and Finance and director of the Program on Corporate Governance at Harvard Law School. He is also a fellow of the American Academy of Arts and Sciences, a research associate of the National Bureau of Economic Research, and an inaugural fellow of the European Corporate Governance Institute.

Trained in both law and economics, Mr. Bebchuk holds a B.A. in mathematics and economics from the University of Haifa, an LL.B. from the University of Tel-Aviv, an M.A. and Ph.D in economics from the Harvard Department of Economics, and an LL.M. and S.J.D. from Harvard Law School. Following a three-year fellowship at the Harvard Society of Fellows, he joined the Harvard Law School faculty in 1986 as an assistant professor, becoming a full professor in 1988 and the Friedman Professor of Law, Economics, and Finance in 1998.

Mr. Bebchuk's main area of research is corporate governance. Other than Pay without Performance, his recent writing includes "The Case for Increasing Shareholder Power," forthcoming this December in the Harvard Law Review, "The Case for Shareholder Access" in the Business Lawyer, and two empirical studies, "The Costs of Entrenched Boards" and "What Matters in Corporate Governance?"

John H. Biggs
John H. Biggs is former chairman, president, and chief executive officer of TIAA-CREF. Mr. Biggs became chairman and chief executive officer in January 1993. Previously, he served as president and chief operating officer from 1989 to 1993.

Mr. Biggs began his professional career with the General American Life Insurance Company in 1958. He served in various actuarial management positions for the company and in 1970 was appointed vice president and controller. In 1977, Mr. Biggs became vice chancellor for administration and finance at Washington University in St. Louis. He was named president and CEO of Centerre Trust Company, St. Louis, in 1985.

A native of St. Louis, Mr. Biggs earned an A.B. in classics from Harvard University and a Ph.D. in economics from Washington University in St. Louis. He is a fellow of the Society of Actuaries.

Mr. Biggs is a director of the Boeing Company and J. P. Morgan Chase and Company; a trustee of the International Accounting Standards Committee Foundation, Washington University in St. Louis, the Danforth Foundation in St. Louis, and the Santa Fe Opera; and chairman of the J. Paul Getty Trust and Emeriti, a not-for-profit sponsor of postretirement medical benefits for higher education. He is also a director and former chairman of the United Way of New York City and the National Bureau of Economic Research.

He is a member of the American Academy of Arts and Sciences and the Council on Foreign Relations. He is treasurer of the New York City Investment Fund. Mr. Biggs has published a number of papers on corporate governance, variable annuities, social security, regulation and taxation of pension plans, and demographic effects on pensions.

Matthew Bishop
Matthew Bishop is business editor of the Economist. He joined the magazine in 1991 as economics correspondent. In 1994 he switched to the Britain section as Britain correspondent. In 1997 he moved to New York to become American finance editor and in 2000 was appointed New York bureau chief. He became business editor, based in London, in September 2002. He is the author of Essential Economics, the official Economist guide to economics, and he appears frequently on TV and radio.

John C. Bogle
John C. Bogle, 75, is founder of The Vanguard Group and president of the Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as chairman and chief executive officer until 1996 and senior chairman until 2000. He had been associated with a predecessor company since 1951, immediately following his graduation from Princeton University, magna cum laude in economics. He is a graduate of Blair Academy, class of 1947.

In 2004, Time magazine named Mr. Bogle as one of the world's one hundred most powerful and influential people, and Institutional Investor presented him with its Lifetime Achievement Award. In 1999, Fortune designated him as one of the investment industry's four giants of the twentieth century. In the same year, he received the Woodrow Wilson Award from Princeton University for "distinguished achievement in the Nation's service." In 1997, he was named one of the financial leaders of the twentieth century in Leadership in Financial Services (Macmillan 1997).

In 1998, Mr. Bogle was presented the Award for Professional Excellence from the Association for Investment Management and Research, and in 1999 he was inducted into the Hall of Fame of the Fixed Income Analysts Society. In 1993 he received the Lifetime Award of Distinction from the Financial Analysts of Philadelphia.

Mr. Bogle is the author of Bogle on Mutual Funds: New Perspectives for the Intelligent Investor (Irwin 1993), Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor (John Wiley 1999), and John Bogle on Investing: The First 50 Years (McGraw-Hill 2000). His fourth book, Character Counts: The Creation and Building of The Vanguard Group (McGraw-Hill), was published in April 2002.

He has served as chairman of the board of the National Constitution Center since September 1999, is a director of Instinet Corporation, and is a member of The Conference Board's Commission on Public Trust and Private Enterprise, the American Philosophical Society, and the American Academy of Arts and Sciences. A trustee of Blair Academy, he served as chairman from 1986 to 2001. He also serves on the Investment Committee of the Phi Beta Kappa Society. He has received honorary doctorate degrees from the University of Delaware, University of Rochester, New School University, Susquehanna University, Eastern University, Widener University, Albright College, Pennsylvania State University, and Drexel University.

Mr. Bogle was born in Montclair, New Jersey, on May 8, 1929. He now resides in Bryn Mawr, Pennsylvania, with his wife, Eve. They are the parents of six children and the grandparents of twelve.

Patrick Bolton
Patrick Bolton is the John H. Scully '66 Professor of Finance and professor of economics at Princeton University. Professor Bolton holds a Ph.D. in economics from the London School of Economics. He is a fellow of the Econometric Society, the Centre for Economic Policy Research, and the National Bureau of Economic Research, and a past member of the Council of the European Economic Association. He is a former managing editor of the Review of Economic Studies and current managing editor of the Journal of the European Economic Association. Professor Bolton's main research interests are in contact theory, corporate finance, political economy, and industrial organization.

Brian Foley
Mr. Foley has more than 25 years of experience in advising boards of directors, compensation and other board committees, and senior managements of major publicly traded and privately owned corporations, as well as potential acquirers of, major investors in, and individual senior executives at such companies, on executive compensation and related corporate governance matters.

That experience includes more than nine years (1976–85) as a tax attorney and executive compensation/benefits specialist with the law firm of Lord, Day, and Lord in New York; eight years (1985–93) as a principal and senior U.S. executive-compensation and M&A/restructuring consultant with Handy Associates in New York and with the New York office of The Wyatt Company, now Watson Wyatt; and more than 11 years (1993 to present) as the head of Brian Foley and Company.

Mr. Foley is a graduate of the University of Pennsylvania and of Columbia Law School, where he was a Harlan Fiske Stone Scholar, and also has an LL.M. in tax from New York University School of Law. He is also a member of a number of professional organizations and groups including, among others, the American Bar Association, the New York State Bar Association, and the National Association of Stock Plan Professionals.

Merritt B. Fox
Merritt B. Fox is Michael E. Patterson Professor of Law at Columbia Law School. He is a graduate of Yale College and Yale Law School. He also received a Ph.D. in economics from Yale University.

His academic interests are in the areas of corporate and securities law, law and economics, international securities regulation, and comparative corporate law. Professor Fox's recent articles have appeared in the Washington University Law Quarterly, New York University Law Review, Virginia Law Review, and Michigan Law Review. He is also the author of Finance and Industrial Performance in a Dynamic Economy (1987) and The Signature of Power: Buildings, Communication, and Policy (with H. Lasswell, 1979).

Professor Fox practiced law with the New York City firm of Cleary, Gottlieb, Steen, and Hamilton and taught at Yale University, Fordham Law School, and Indiana University Law School in Bloomington before joining the University of Michigan law faculty in 1988, where he was most recently the Alene and Allan F. Smith Professor of Law and faculty director of the school's Center for International and Comparative Law.

Jesse Fried
Jesse Fried is coauthor, with Lucian Bebchuk, of Pay without Performance: The Unfulfilled Promise of Executive Compensation (Harvard University Press 2004). Fried is a professor of law at the University of California, Berkeley, where he has been teaching corporate law and business reorganizations since 1997. Prior to coming to Berkeley, Fried practiced tax law in Boston and was a research fellow in law and economics at Harvard Law School. He holds an A.B. in economics from Harvard College (1986), an A.M. in economics from Harvard University (1989), and a J.D. from Harvard Law School (1992). Fried's research interests include corporate law, executive compensation, insider trading, and business bankruptcy and reorganization.

Jeffrey N. Gordon
Jeffrey N. Gordon received his B.A. from Yale (1971) and J.D. from Harvard (1975). He was senior articles editor of the Harvard Civil Rights–Civil Liberties Law Review and law clerk to the Honorable William E. Doyle, U.S. Court of Appeals for the Tenth Circuit (1975–76). He practiced law at Cleary, Gottlieb, Steen, and Hamilton in New York, specializing in corporate law and securities litigation and transactions (1976–79). He was an attorney at the U.S. Department of the Treasury (1979–81) and taught at New York University School of Law (1982–88). He joined the Columbia faculty in 1988. Recent publications include "What Enron Means for the Management and Control of the Modern Business Corporation: Some Initial Reflections," University of Chicago Law Review (2002); "Controlling Controlling Shareholders," University of Pennsylvania Law Review (with Ronald Gilson, 2003); and "An American Perspective on Anti-Takeover Laws in the EU: A German Example," in Modern Company and Takeover Law in Europe (2004). He is coeditor, with Mark Roe, of Convergence and Persistence in Corporate Governance (Cambridge University Press 2004). Current issues of scholarly interest are corporate governance, mergers and acquisitions, the regulation of capital markets and financial fiduciaries, and adjustment costs of economic change. Current teaching includes corporations, mergers and acquisitions, foundations of the regulatory state, and a contemporary corporate-law scholarship reading group.

Bengt Robert Holmstrom
Bengt Robert Holmstrom, Paul A. Samuelson Professor of Economics, is currently head of the department of economics at the Massachusetts Institute of Technology; he holds a joint appointment with MIT's Sloan School of Management.

Professor Holmstrom is an internationally recognized authority on the economic theory of organization. He has made seminal contributions to the theory of the firm, particularly in the areas of contracting and incentives. His work includes papers on performance evaluation and career incentives, executive compensation and the monitoring role of stock markets, corporate governance and corporate restructuring, and the role of liquidity in risk management.

Professor Holmstrom is an elected fellow of the American Academy of Arts and Sciences and of the Econometric Society and an elected foreign member of the Royal Swedish Academy of Sciences. He is a research associate of the National Bureau of Economic Research, a member of the executive committee of the Center for Economic Policy Research, and a fellow and executive-committee member of the European Corporate Governance Institute. He has served in numerous editorial positions and given many named lectures, most recently the Joseph Schumpeter lecture "Understanding Corporate Governance" (2004).

Professor Holmstrom holds a doctorate from the Graduate School of Business at Stanford University (1978). He has previously taught at the Kellogg Graduate School of Management at Northwestern University and at the School of Management at Yale University, where he was the Edwin J. Beinecke Professor of Management.

Professor Holmstrom is a board member of Nokia Oyj (telecom) and Kuusakoski Oy (recycling).

R. Glenn Hubbard
R. Glenn Hubbard was named dean of Columbia Business School on July 1, 2004. A Columbia faculty member since 1988, he is also the Russell L. Carson Professor of Finance and Economics. As a faculty member at Columbia University's Graduate School of Arts and Sciences, he is professor of economics. Prior to becoming dean, he was the codirector of Columbia Business School's Entrepreneurship Program. Professor Hubbard received his B.A. and B.S. degrees summa cum laude from the University of Central Florida, where he received the National Society of Professional Engineers Award. He also holds A.M. and Ph.D. degrees in economics from Harvard University, where he received fellowships from the National Science Foundation and the Alfred P. Sloan Foundation. He has been a visiting professor at Harvard's Kennedy School of Government and Harvard Business School as well as the University of Chicago. Professor Hubbard also held the John M. Olin Fellowship at the National Bureau of Economic Research, at which he remains affiliated with research programs in monetary economics, public economics, corporate finance, and industrial organization. Additionally, he is a visiting scholar at the American Enterprise Institute in Washington and a member of the International Advisory Board of the M.B.A. Program of Ben-Gurion University. After graduating from Harvard, Professor Hubbard began his teaching career at Northwestern University. He moved to Columbia in 1988 and served as senior vice dean of the Business School from 1994 to 1997 and codirector of the Entrepreneurship Program from 1998 to 2004. His research spans tax policy, monetary economics, corporate finance, and international finance.

In addition to writing more than ninety scholarly articles in economics and finance, Professor Hubbard is the author of a leading textbook on money and financial markets. His commentaries have appeared in leading business media.

In government, Professor Hubbard served as deputy assistant secretary for tax policy of the U.S. Treasury Department from 1991 to 1993. From February 2001 until March 2003, he was chairman of the U.S. Council of Economic Advisers (CEA) under President George W. Bush. While serving as CEA chairman, he also chaired the Economic Policy Committee of the Organisation for Economic Co-operation and Development.

Professor Hubbard also served on the advisory boards of several organizations, including the Congressional Budget Office, the Council on Competitiveness, the American Council on Capital Formation, the Tax Foundation, and the Center for Addiction and Substance Abuse. He is a trustee of the Fifth Avenue Presbyterian Church of New York and a member of the Big Apple District Committee of the Boy Scouts of America.

Professor Hubbard is a member of the Economic Club of New York, the University Club of New York, the Harvard Club of New York, the Metropolitan Club of Washington, and the Edgewater Beach Club of Naples.

Professor Hubbard is married to Constance Pond Hubbard. They live in Manhattan with their two sons.

Ira T. Kay
Ira T. Kay is the practice director in charge of Watson Wyatt's compensation practice. His primary objective is to help Watson Wyatt's clients to use compensation programs to drive business, organizational, and cultural change.

Mr. Kay has worked closely with U.S. public, international, and private companies, helping them to develop annual and long-term incentive plans to increase shareholder value. His clients include American International Group, Aramark, Bear Stearns, Fleet Bank, General Mills, Lowe's Companies, Medco Health Solutions, Microsoft, Novartis, The Limited, Pall Corporation, and Duke Energy, among many others. He has experience in mergers, initial public offerings, turnaround, and bankruptcy situations.

Mr. Kay conducts research on stock-option overhang, executive pay and performance, and CEO stock ownership. This research is extremely useful to clients and receives significant media coverage.

Mr. Kay has a B.S. in industrial and labor relations from Cornell University and a Ph.D. in economics from Wayne State University. He has written and spoken broadly on executive-compensation issues. He is coauthor, with Dr. Bruce Pfau, of The Human Capital Edge (McGraw-Hill). He is also the author of CEO Pay and Shareholder Value: Helping the U.S. Win the Global Economic War (St. Lucie Press), Value at the Top: Solutions to the Executive Compensation Crisis (Harper Collins), and numerous other research studies. He has been published in the Harvard Business Review and the McKinsey Quarterly. Mr. Kay has presented analyses of executive-compensation issues before the Federal Reserve Board, the Securities Exchange Commission, the Financial Accounting Standards Board, and a U.S. Senate subcommittee.

Orin S. Kramer
Orin S. Kramer is a general partner of Kramer Spellman, which manages several investment vehicles focusing on the financial-services industry. He is chairman of the New Jersey State Investment Council and cochaired the Treasury Transition Task Force. He was named by President Clinton as a member of the Commission to Study Capital Budgeting. In June 1995, he was designated by the Secretary of Treasury to serve as a member of the Advisory Commission on Financial Services. In 1992, he served as a coordinator of President-elect Clinton's transition team on financial services issues. In 1990, he was appointed by the governor of California as executive director of the California Commission on Ratemaking for Workers Compensation Insurance. In 1986, he served as vice chairman and executive director of a special commission appointed by Governor Cuomo to study the liability-insurance crisis and civil-justice reform, and he coauthored the New York DeWind Commission report on product deregulation for banks. Mr. Kramer has taught financial regulatory law at Columbia Law School and has published a number of studies on the financial-services industry.

From 1981 to 1983, Mr. Kramer was a member of the financial-institutions group at the management consulting firm of McKinsey and Company. From 1977 to 1981, he served as associate director of the White House domestic-policy staff, where he was the senior staff member responsible for the financial-services industry, municipal finance, and housing. Previously, Mr. Kramer had been an associate with the law firm of Simpson Thatcher and Bartlett, a commissioner of the New Jersey Sports and Exposition Authority, and executive director of the New York State Commission on Living Costs and the Economy. He received his B.A. from Yale College and J.D. from Columbia Law School.

Nicholas Lemann
Nicholas Lemann was born, raised, and educated in New Orleans. He began his journalism career as a 17-year-old writer for an alternative weekly newspaper there, the Vieux Carre Courier. He graduated magna cum laude from Harvard College in 1976, where he concentrated in American history and literature and was president of the Harvard Crimson. After graduation he worked at the Washington Monthly as an associate editor and then managing editor; at the Texas Monthly as an associate editor and then executive editor; at the Washington Post as a member of the national staff; at the Atlantic Monthly as national correspondent; and at the New Yorker as staff writer and then Washington correspondent. He became dean of the Graduate School of Journalism at Columbia University in September 2003.

Lemann has published four books, most recently The Promised Land: The Great Black Migration and How It Changed America (1991) and The Big Test: The Secret History of the American Meritocracy (1999). He is now at work on a book about the Reconstruction period in American history. He has written widely for such publications as the New York Times, the New York Review of Books, the New Republic, Slate, and American Heritage; worked in documentary television with Blackside, Frontline, the Discovery Channel, and the BBC; and lectured at many universities. He serves on the boards of directors of the Authors Guild, the Center for the Humanities at the City University of New York Graduate Center, and the Society of American Historians, and is a member of the New York Institute for the Humanities. He lives in Pelham, New York, with his wife, Judith Shulevitz, a critic and author, three sons, and one daughter.

Arthur Levitt
Arthur Levitt was the 25th chairman of the United States Securities and Exchange Commission. First appointed by President Clinton in July 1993, Chairman Levitt was reappointed by the president to a second five-year term in May 1998. In September 1999, he became the longest-serving chairman of the commission. He left the commission in February 2001.

Investor protection was Chairman Levitt's top priority. Throughout his tenure at the commission, Chairman Levitt has worked to educate, empower, and protect America's investors, now more than 50 million strong. Early in his tenure, Chairman Levitt created the Office of Investor Education and Assistance and established a Web site (www.sec.gov), which allows the public free and easy access to corporate filings and investor education materials. In the past seven years Chairman Levitt has conducted more than forty investor town meetings throughout the country to listen to the concerns of investors and to give them tips on safe and wise participation in the securities markets.

Before joining the commission, Mr. Levitt owned Roll Call, a newspaper that covers Capitol Hill. From 1989 to 1993 he served as the chairman of the New York City Economic Development Corporation, and from 1978 to 1989 he was the chairman of the American Stock Exchange. Prior to joining the exchange, Mr. Levitt worked for 16 years on Wall Street. He is presently senior advisor to The Carlyle Group and on the board of Bloomberg LLP as well as a member of the American Academy of Arts and Sciences. He graduated Phi Beta Kappa from Williams College in 1952 before serving for two years in the air force.

Levitt's best-selling book, Take on the Street: What Wall Street and Corporate America Don't Want You to Know / What You Can Do to Fight Back, was published by Pantheon in October 2002.

Bevis Longstreth
Bevis Longstreth is a graduate of Princeton University and Harvard Law School. He served for two years as a lieutenant in the marine corps. For twenty years, until July 1981, when President Reagan appointed him as the sixtieth commissioner of the Securities and Exchange Commission, Mr. Longstreth practiced law with the New York law firm of Debevoise and Plimpton, where he was admitted to partnership in 1970. In February 1984, after his resignation from the Securities and Exchange Commission, Mr. Longstreth returned to Debevoise and Plimpton and the practice of corporate, finance, banking, and securities law. Mr. Longstreth is now a retired partner of Debevoise and Plimpton. In 1999, he was appointed by the Public Oversight Board to serve as a member on the Panel on Audit Effectiveness and served until 2001. From 1994 to 1999, Mr. Longstreth was an adjunct professor at Columbia Law School. He has lectured on various securities- and corporate-law topics for the Practising Law Institute and at other seminars. He has written numerous articles on business-related subjects and is the author of Modern Investment Management and the Prudent Man Rule (Oxford University Press 1986). In addition Mr. Longstreth is on the boards of directors of AMVESCAP and College Retirement Equities Fund. He is a member of the Standing Advisory Group of the Public Company Accounting Oversight Board. He serves as chairman of the Investment Committee of the Nathan Cummings Foundation, as a member of the Finance Committee of the Rockefeller Family Fund, and as a fiduciary for other endowment funds. Mr. Longstreth also serves on the boards of directors of New School University, the Textile Museum, and the Advisory Board of the Center for Public Integrity.

Joann S. Lublin
Joann S. Lublin is management-news editor for the Wall Street Journal. She works with reporters in the Journal's domestic and foreign bureaus, conceptualizing and organizing coverage of management and workplace issues. She has written extensively about such issues as corporate governance, executive compensation, recruiting, and succession, and continues to write her own management stories, predominantly for the Journal's page one and the front page of the Marketplace section. Ms. Lublin also helps to write and is contributing editor of the Journal's annual special section on executive pay. She previously oversaw the Career Journal pages appearing every Tuesday and was responsible for coverage of career issues.

In 2003, Ms. Lublin was a member of a team of Journal reporters awarded the 2003 Pulitzer Prize in explanatory reporting, and she was a member of another Journal team that shared a Society of American Business Editors and Writers award for their series "What's Wrong?" In 2002, she was honored with a Newswomen's Club of New York Front Page Award in the general-business category and a PRO Award from the International Association of Corporate and Professional Recruitment.

A native of Dayton, Ohio, Ms. Lublin earned a bachelor's degree in journalism, with honors, from Northwestern University in Evanston, Illinois. She received a master's degree in communications from Stanford University.

Ms. Lublin and her husband, Michael Pollock, deputy managing editor for Money at Dow Jones Newswires, have a son, Daniel, and a daughter, Abra.

David Schizer
David Schizer received his B.A. and his M.A. in history from Yale in 1990 and his J.D. from Yale in 1993. He was the executive editor for the Yale Law Journal. He served as a law clerk to Judge Alex Kozinski in the U.S. Court of Appeals for the Ninth Circuit between 1993 and 1994. He was also law clerk to Justice Ruth Bader Ginsburg in the Supreme Court of the United States between 1994 and 1995. For the next three years, he practiced law in the tax department of Davis Polk and Wardwell in New York. Mr. Schizer currently cochairs the Committee on Financial Institutions, New York State Bar Association Tax Section, and also serves in its Tax Club, Tax Forum, and on the executive committee. He joined the Columbia faculty in 1998.

Recent publications include "Balance in the Taxation of Financial Instruments: An Agenda for Reform" in the Columbia Law Review; "Scrubbing the Wash Sale Rules" in Taxes; "Market Bubbles and Wasteful Avoidance: Tax and Regulatory Constraints on Short Sales" in the Tax Law Review (with Michael Powers and Martin Shubik); "Understanding Venture Capital Structure: A Tax Explanation for Convertible Preferred Securities" in the Harvard Law Review (with Professor Ronald Gilson, 2003); "Frictions and Tax-Motivated Hedging: An Empirical Exploration of Publicly-Traded Exchangeable Securities" in the National Tax Journal (with Professor William Gentry); "Frictions as a Constraint on Tax Planning" in the Columbia Law Review (2001); "Tax Constraints on Indexed Options" in the University of Pennsylvania Law Review (2001); "Sticks and Snakes: Derivatives and Curtailing Aggressive Tax Planning" in the Southern California Law Review (2000); "Executives and Hedging: The Fragile Legal Foundation of Incentive Compatibility" in the Columbia Law Review (2000); and "Realization as Subsidy" in the New York University Law Review (1998).

Currently he teaches federal income taxation, the taxation of financial instruments, corporate tax, and deals.

Jerry Useem
Jerry Useem is a senior writer at Fortune magazine, where he covers topics relating to management, corporate governance, and globalization. His cover stories have included "What It Takes," about the challenges of post-9/11 leadership; "Have They No Shame?" about the excesses of CEO compensation; and "Why Companies Fail," cowritten with consultant Ram Charan. His introduction to Fortune's special issue "The CEO Under Fire" appears in the 2004 edition of Best Business Stories of the Year. Prior to joining Fortune in 1999, Useem was a senior writer at Inc. Magazine and previously a research associate at Harvard Business School. He received a B.A. in history from Williams College.

B. Kenneth West
B. Kenneth West joined TIAA-CREF in April 1995 as senior consultant for corporate governance. West retired in 1995 as chairman of the board of Harris Bankcorp of Chicago after 38 years of service. A native of Carthage, Illinois, West is a 1955 Phi Beta Kappa and summa cum laude graduate of the University of Illinois. After serving as an officer in the U.S. Navy, West joined the Harris Bank in 1957 and completed his M.B.A. with highest honors from the University of Chicago at night school in 1960. West is a director and past president of the University of Illinois Foundation. In 1990, he was awarded the university's Alumni Achievement Award, and he served as a cochairman of the 1.5-billion-dollar Campaign for Illinois. West has been active at the University of Chicago, serving as chairman of the Board of Trustees from 1985 to 1988. In 1988, he was awarded the university's honorary doctor of laws degree. In 1989, he was the recipient of the Graduate School of Business Distinguished Alumnus Award. West is past president of the Commercial Club of Chicago and was also chairman of the Civic Committee of Chicago. He was chairman of the United Way / Crusade of Mercy in Chicago in 1990. In October of 1997, West was elected to Chicago's Business Hall of Fame. He was elected vice chairman of the National Park Foundation, where he also serves as a trustee, in 1997. West served on the board of Motorola from 1976 until 2004, and then he joined the Board of Freescale Semiconductor in May 2004. He is also a director of the Pepper Companies, a privately owned, commercial/institutional construction company. West is married and has two adult stepchildren.