May 5, 2004

Biographies

George J. Benston is the John H. Harland Professor of Finance, Accounting, and Economics at the Goizueta Business School and professor of economics in the College of Emory University. Before coming to Emory in 1987, he taught at the University of Rochester, University of Chicago, London School of Economics, London Business School, Hebrew University, and the University of California–Berkeley and was the John M. Olin Distinguished Visiting Fellow at Oxford University. He is a member of the Shadow Financial Regulatory Committee and the Financial Economists’ Roundtable. He has published over 150 articles, books, and monographs, including Following the Money: The Enron Failures and the State of Corporate Disclosure (Brookings Institution, 2003). Most recently, he has been an adviser on accounting to the examiner in bankruptcy of Enron Corporation.

Greg Bentley is the CEO of Bentley Systems, Inc. Before joining Bentley Systems in 1991, he founded and served as CEO of Devon Systems International, Inc., a provider of financial trading software. In 1987, that company was acquired by SunGard Data Systems, Inc., a New York Stock Exchange listed information-technology provider. Mr. Bentley continues to serve as a director of SunGard and as a member of its Audit Committee.

Sanjai Bhagat teaches advanced corporate finance, investment banking, and entrepreneurial finance courses at the University of Colorado–Boulder. Previously he has worked at the U.S. Securities and Exchange Commission, Princeton University, and University of Chicago. He has published extensively in the leading finance and law academic journals--the Journal of Finance, Journal of Financial Economics, Journal of Accounting and Economics, American Law & Economics Review, Journal of Business--on valuation, and corporate governance. He is the associate editor for the Journal of Financial and Quantitative Analysis, Journal of Financial Research, and Journal of Corporate Finance. He is a member of the board of Integra Bio-Health, a venture-capital company, and the K-Group, an internet-based next-generation business solutions company.

Karlyn H. Bowman is a resident fellow at AEI. She joined the Institute in 1979 and was managing editor of Public Opinion magazine until 1990. From 1990 to 1995, she was the editor of The American Enterprise, the Institute’s flagship magazine. Today she continues to work on the magazine as editor of its public opinion section. In 2002, she inaugurated a series of Public Opinion Studies that are available on AEI’s website, which include “America after 9/11” and “Polls on Patriotism.” In 2001, she contributed a chapter on polling to The Permanent Campaign and Its Future (AEI Brookings).

James K. Glassman is a resident fellow at AEI. He writes a weekly syndicated financial column for the Washington Post and hosts the website TechCentralStation.com, which offers a free-market perspective on public policy issues involving science and technology. His new book, The Secret Code of the Superior Investor, was named the best investment book of 2002 by Business Week. He is also the coauthor, with Kevin A. Hassett of AEI, of Dow 36,000, the 1999 best-selling book on stock valuation. He was editor and part-owner of Roll Call, the congressional newspaper, from 1988 to 1993, and he was previously the publisher of The Atlantic Monthly and The New Republic.

Cono R. Fusco is a senior partner with Grant Thornton, LLP. Mr. Fusco currently leads the firm’s capital markets initiative and is the managing partner for mergers and practice integration. In this capacity, he works closely with the firm’s executive committee and senior management to define and execute the firm’s strategic goals of targeted growth, upgraded customer base and service capabilities, expanded market presence, and increased profitability and value. Mr. Fusco has held firm management roles, including office-managing partner (Atlanta) and Eastern regional managing partner for the National Financial Services Industry Group. He has also served as a member of the firm’s executive committee. Mr. Fusco is a member of the American Institute of Certified Public Accountants and the New York State Society of CPAs.

Julie Daum is the practice leader for the North American Board Services Practice of Spencer Stuart, the leading executive search firm in the boardroom. She consults with corporate boards, working with companies of all sizes from the Fortune 10 to pre-IPO companies. Her recent assignments include recruiting all of the outside directors to the Accenture board for the IPO and continued work with companies such as Charles Schwab, General Mills, eBay, and the New York Times to recruit individual directors. She also is involved in the organization of the Northwestern Conference on Corporate Governance and the Wharton/Spencer Stuart Directors’ Institute. She recently has been quoted in the New York Times, Financial Times, BusinessWeek, Time Magazine and the Wall Street Journal. Before joining Spencer Stuart, she was the executive director of the Corporate Board Resource at Catalyst.

Thomas E. Hartman is a partner in the Washington office of Foley & Lardner and is the chair of the Business Law Department in Washington. A member of the Transactional & Securities Practice Group, his practice focuses on corporate and securities law matters, including venture capital transactions, public equity and debt financings, mergers and acquisitions, business formation and governance, and federal and state securities law compliance counseling. Mr. Hartman has participated in over 100 public, private, and venture capital securities transactions involving more than $3 billion in total proceeds.

Roderick M. Hills has practiced law as a partner at Hills & Stern since 1995 and is a director of Orbital Sciences, Inc., and Regional Market Makers, Inc. He has held director positions at Federal-Mogul Corporation (1977–2002); Oak Industries, Inc. (1985–2000); Waste Management, Inc. (1997–2000); and Per-Se Technologies, Inc. (1998–2001). He served as counsel to President Gerald Ford and was chairman of the Securities and Exchange Commission from 1975 to 1977.

Grace L. Hinchman is senior vice president for public affairs and technical activities at Financial Executives International. She is responsible for the seven technical committees, conferences, and international policy issues. FEI is a professional association representing the interests of approximately 15,000 CFO’s, treasurers, controllers, and other senior financial executives from over 8,000 corporations throughout the United States and Canada. In January 1999, Ms. Hinchman joined FEI as vice president for government relations, responsible for the association’s advocacy activities and management of FEI’s Washington office. In July 2000, she was promoted to senior vice president for public affairs and assumed additional responsibilities for the Strategic Partnership Program. From 1987 to 1998, she was the manager of public affairs for Digital Equipment Corporation.

Stuart McFarland is a cofounder and managing partner of FCCA. Previously, Mr. McFarland was executive vice president and chief financial officer of the Federal National Mortgage Association (Fannie Mae). At Fannie Mae, he initially directed the reorganization of the asset acquisition programs and processes and developed and introduced the Fannie Mae mortgage-backed securities program. He also directed the reorganization of the liability distribution processes, technology and systems, expanding Fannie Mae’s debt distribution internationally. During his tenure, Fannie Mae reversed several years of losses, became a market service oriented business, and was re-positioned for significant growth. Mr. McFarland has testified before several committees of the U.S. Senate and House of Representatives on mortgage and real estate finance and securitization, as well as related financial issues. He also serves as a director of Basis100 Inc., and as a director and member of the Executive Committee of the Center for Housing Policy in Washington, D.C. He is a trustee of the National Building Museum and a member of the Board of Trustees of the Brookings Institution and the Greater Washington Research Program.

Nell Minow is the editor of the Corporate Library, an Internet site that compiles research, study, and critical thinking about the nature of the modern global corporation, with a special emphasis on best practices and standards. Formerly, she was a principal of LENS, a $100 million investment firm that buys stock in underperforming companies and uses shareholder activism to increase their value. LENS companies have included Sears, American Express, Kodak, and Waste Management. Ms. Minow formerly was president of Institutional Shareholder Services, Inc., a firm that advises institutional investors on issues of corporate governance. Before that, she was worked at the Environmental Protection Agency, the Office of Management and Budget, and the Department of Justice. She has appeared on CNN’s Crossfire and Moneyline and PBS’ On the Issues and written more than 100 articles, as well as chapters in treatises on executive compensation and annual shareholder meetings.

Jeffrey Sonnenfeld is the associate dean for executive programs at the Yale School of Management, as well as the founder, president, and CEO of the Chief Executive Leadership Institute in Atlanta. The Yale-affiliated institute is dedicated to the advancement of management education through scholarly research and peer-driven educational programs. Previously, he was a professor at the Goizueta Business School of Emory University. There he founded the Center for Leadership and Career Studies, which he ran for eight years. Mr. Sonnenfeld spent ten years as a professor at the Harvard Business School. His research, publications, and consulting address issues of top leadership development, executive succession, and board governance.

Peter J. Wallison joined AEI in 1999 as a resident fellow and as codirector of AEI’s program on financial market deregulation. As a partner of Gibson, Dunn & Crutcher, LLP, he practiced banking, corporate, and financial law in the firm’s Washington and New York offices. As the general counsel of the Treasury Department from 1981 to 1985, Mr. Wallison helped develop the Reagan administration’s proposals for deregulating the financial services industry. During 1986 and 1987, Mr. Wallison was counsel to President Ronald Reagan. He is the author of Back from the Brink, a proposal for a system of private deposit insurance; coauthor of Nationalizing Mortgage Risk: The Growth of Fannie Mae and Freddie Mac; and The GAAP Gap: Corporate Disclosure in the Age of the Internet; and the editor of Serving Two Masters Yet out of Control: Fannie Mae and Freddie Mac and Optional Federal Chartering of Insurance Companies, all of which have been published by the AEI Press. More recently, Mr. Wallison is the author of Ronald Reagan: The Power of Conviction and the Success of His Presidency (Westview Press, 2002).

William L. Walton has been the chairman, CEO, and president of Allied Capital since 1997. Allied Capital (NYSE: ALD) is the nation’s largest business development company with a market capitalization of $3 billion and provides long-term debt and equity investment capital primarily to support the expansion of private companies in a variety of industries. Mr. Walton’s previous work experience includes managing director of Butler Capital Corporation, a mezzanine buyout firm; investment adviser to William S. Paley, founder of CBS; senior vice president in Lehman Brothers Kuhn Loeb’s Merger and Acquisition Group; and founder of two education service companies: Language Odyssey and Success Lab. Mr. Walton is a director of Riggs National Corporation, the National Symphony Orchestra, and the Wolf Trap Foundation. He has served as director of Allied Capital since 1986.