Economics – Fordham Now https://now.fordham.edu The official news site for Fordham University. Mon, 16 Dec 2024 15:51:55 +0000 en-US hourly 1 https://now.fordham.edu/wp-content/uploads/2015/01/favicon.png Economics – Fordham Now https://now.fordham.edu 32 32 232360065 Where Are They Now? How the Fordham Foundry Helped These Alumni Launch Their Startups https://now.fordham.edu/fordham-magazine/where-are-they-now-how-the-fordham-foundry-helped-these-alumni-launch-their-startups/ Fri, 23 Feb 2024 21:07:04 +0000 https://news.fordham.sitecare.pro/?p=182242 Since 2012, the Fordham Foundry has supported scores of students, alumni, faculty, and community members along their journeys as entrepreneurs, from hosting pitch competitions with cash prizes, like the Ram’s Den and Pitch Competition, to having an open-door policy and fostering a collaborative environment that encourages students to put their big dreams and critical thinking to the test.

Directed by serial entrepreneur and executive director Al Bartosic, GABELLI ’84, the Foundry also oversees the Fordham Angel Fund, which offers investments of up to $25,000 to the University’s active student and alumni founders.

Fordham Magazine caught up with a handful of alumni who received funding, coaching, or other support from the Foundry to find out where they—and their businesses—are now, and how they got there.


Mary Goode outdoors
Photo courtesy of Mary Goode

Mary Goode, FCRH ’20
Founder and CEO, Nantucket Magic
Fordham Degree: B.A. in Economics

The launch: I grew up on Nantucket Island and watched the tourist landscape change dramatically over the years, becoming increasingly popular yet harder to navigate. The company uses local expertise to offer hotel-like concierge service and amenities to vacationers in Nantucket, Massachusetts, and Palm Beach, Florida, including pre-arrival fridge stocking, dinner reservations, private chefs, backyard movie nights, beach picnics, wellness experiences, and more.

The challenge: Our biggest challenge has been navigating how to scale the business while maintaining exceptional service. To surmount this, we have recruited hospitality experts to work seasonally in both locations.

The assist: The Foundry has played a huge role in the success of my business! I learned so much during the process of the pitch competition alone. The actual funds I won helped us pay for marketing campaigns as well as expand our team, among other things.

The goal: I have been trying to broaden the definition of what success means to me. No matter what happens in the future, what I have created so far feels like an immense personal success, chiefly because of the incredible people I have worked with over the past three years.


Marquice Pullen in DAB Pickleball hoodie
Photo courtesy of Marquice Pullen

Marquice Pullen, GSE ’21
Co-Founder, DAB Pickleball
Fordham Degree: M.S.E., Curriculum and Teaching

The concept: DAB Pickleball is a one-stop shop for pickleball players worldwide. Comprehensive infrastructure, certified coaching tips, quality equipment, competitive prices. Events, tournaments, and a thriving community. Your ultimate pickleball resource. I can’t take credit for the idea. My business partner and brother, Antonio, stumbled upon the sport at Acworth Community Center in Georgia.

The process: We participated in three pitch challenges: Fordham Foundry Rams Den, Fordham vs. Bronx, and Black Ambition, all within one year, and were successful in all three, thanks be to God. Social media marketing, risk management, inventory management, tax filing, bookkeeping, and opening our first facility in July 2023 were all challenging aspects of the process. However, we found our momentum in late December 2023.

The foundation: Initially unfamiliar with Fordham University, my enrollment through the Army Civilian Schooling (ACS) program, driven by my aspiration to become an instructor at the United States Military Academy, inadvertently initiated our entrepreneurial journey. Rooted in Jesuit principles, my education at Fordham eventually led me to the Fordham Foundry. Without Fordham University as a catalyst, I might not have discovered the Foundry or ventured into entrepreneurship.

The win: Success is evident through our community of players and dedicated volunteers and supporters. Seeing the smiles on our consumers’ faces as they enjoy the game of pickleball and, more importantly, witnessing the competitive spirit of our elderly pickleball players, is a success story in itself.


Rachel Ceruti sitting on a Brownstone stoop
Photo courtesy of Rachel Ceruti

Rachel Ceruti, GSAS ’20
Founder and CEO, Reclypt
Fordham Degree: M.A. in International Political Economy and Development

The vision: I kind of fell into the sustainable fashion scene in New York City and upcycling—when you or designers take something that was going to be thrown away and repurpose it, diverting textiles from landfills. I started a blog that transitioned into a marketplace for fashion, but our community told us they wanted to do the upcycling, not just buy it. We listened, and our mission is to use our platform to explore circular economy structures, with Reclypt as a hub that explores how we create change.

The challenges: Funding really comes to mind. You can’t rely on unfair wages and volunteers. Another challenge, too, is letting people know why circular fashion is needed and what it is.

The assist: I would go into the Foundry space and pop ideas off of the other entrepreneurs and the Foundry team. I benefited from the free office hours with a lawyer. The business aspects that are behind the scenes, I would have never been able to navigate without the Foundry.

The next step: We want to host consistent events; be able to grow and hire, including start monetizing my team’s time; gain more visibility; and establish a steady revenue stream.


headshot of Ozzy Raza
Photo courtesy of Usman Raza

Usman “Ozzy” Raza, PCS ’14, GABELLI ’21
Founder and CEO, Equepay
Fordham Degrees: B.A. in Economics, Executive M.B.A.

The concept: Equepay is at the forefront of simplifying billing and payment processing, not just in health care but extending our innovative solutions beyond. We aim to convert the complex financial operations in hospitals and clinics into streamlined, user-friendly processes, ensuring easy and efficient financial management for all involved.

 The launch: Equepay was born out of discussions with friends in the health care sector who highlighted ongoing challenges with payment processing and collections. Recognizing the untapped potential in this underserved market, I founded Equepay. Since launch, Equepay has been expanding its solutions across various hospitals in the U.S.

The foundation: My EMBA from Fordham has been crucial in shaping my entrepreneurial journey. The knowledge and skills acquired laid a solid foundation for Equepay’s strategies and operational methodologies.

The goal: Success is an evolving target. Our immediate goal is to integrate our platform into 196 hospitals by the end of the year, continuously enhancing our services to meet the growing needs of the healthcare sector.


headshot of Emmit Flynn
Photo courtesy of Emmit Flynn

Emmit Flynn, FCRH ’21
Co-Founder, Awful Cloth
Fordham Degree: B.A. in English

The brand: We started Awful Cloth to be an online apparel company for street and lounge wear, with a lot of colorful designs and bright, vibrant ideas. All of them were hand-drawn original designs and I was the designer.

The launch: For eight or 10 months, it was all planning. We got all the domains, Twitter, and Instagram very early on before we had anything produced. That made all the difference when we finally did start to get traction. Then it was a lot of workshopping and pushing it out to our friends and family to see what the response was.

The hurdles: The true hurdles were things that are intangibles. It wasn’t “where do we find this factory” or “how do we do this.” Those things were small hurdles, but we were so driven that there was nothing like that that would stop us. It was more about the mental hurdles: having patience and confidence and being sure of ourselves. Especially early on when things were slow, and we weren’t making any sales, and we weren’t making any profit.

The win: We recently sold the business to a medium-sized retail group called Lilac Blond. We were very happy to do it because selling was a goal of ours and we knew these people—and we were sure that they wanted the best for the brand.

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Finance Exec Offers Gabelli Graduate Students Insights on AI, Investment https://now.fordham.edu/fordham-magazine/finance-exec-offers-gabelli-graduate-students-insights-on-ai-investment/ Mon, 08 Jan 2024 21:11:38 +0000 https://news.fordham.sitecare.pro/?p=180538 Jie Ren, associate professor of information, technology, and operations and director of Gabelli’s MSIT program, spoke with Peter Zangari, FCRH ’89, about his lengthy finance career and his insights for today’s students. Photo by Hector MartinezVeteran financial executive Peter Zangari, Ph.D., FCRH ’89, has some advice for students pursuing graduate degrees in business analytics and information technology, and it may surprise you.

You don’t need to dive headfirst into computer science and programming to succeed in those spaces, he told students in the Gabelli School of Business during a talk at Fordham’s Lincoln Center campus in November.

Zangari retired in early 2023 from his role as global head of research and product development at MSCI after more than 25 years in the finance industry. His retirement was a short one, though: Last month, he was named a partner and head of the Americas at MDOTM, a company that specializes in “AI-driven investment solutions.”

What AI Can—and Can’t—Do

During the student enrichment event, Zangari reflected on his professional experiences and shared insights on data analytics to help students better prepare themselves for careers in the industry. He said technology skills aren’t as critical to long-term success in finance as understanding how to apply technical tools like artificial intelligence.

“In this space, students should do their best to understand how people make investment decisions, and then learn about artificial intelligence—learn about what it can do, and what it is capable of doing—and then apply that to how investors make investment decisions,” he said.

He encouraged students to see AI as a partner, not a substitute for effective portfolio managers, and he said problems may arise when people “think [AI] can solve certain problems, like predicting the future, which I think is really a far-fetched idea.”

A Living Resource

The students in attendance said they were grateful for the opportunity to hear from an industry professional firsthand, peppering him with questions about trends, investment strategy, and his experiences with different employers.

“I’m really interested in finance and tech, and looking to go into that after I finish my master’s,” said Ruth Kissel, who is studying business analytics. “So I wanted to listen to a really experienced professional speak about those same topics.”

The M.S. in business analytics (MSBA) and M.S. in information technology (MSIT) programs are offered by the Gabelli School’s Information, Technology, and Operations area.

In the MSBA program, students learn to integrate analytics techniques, data management, information technology, modeling, and statistical analysis to become more effective analysts and informed users of business data. The MSIT program focuses on systems development, training students to gain the technical skills they need to excel in IT management positions. Grads of the two programs have gone on to work at companies including Amazon, American Express, Deloitte, JPMorgan Chase, and the Metropolitan Transportation Authority.

Zangari, who studied economics at Fordham, said he knows how vital it is for students to have access to alumni and industry professionals, so he spends “as much time as possible being available to students.” He’s an adjunct professor at Drew University in New Jersey, and at Fordham, he’s a member of the President’s Council, a group of successful professionals and philanthropists who are committed to mentoring Fordham’s future leaders, funding key initiatives, and raising the University’s profile.

“I see how the students kind of lean in,” he said. “When you tell a story about your career, you tell a story about your life because, in a nutshell, one’s career is a reflection of life.”

Zangari said that at Fordham, he had an opportunity to learn and work with “people from all different walks of life,” and it was invaluable.

It’s not all about the hard skills, he said. Everyone will have those, but “what makes an employee very attractive is someone who has super-interest in what they’re doing. They’re self-motivated. They’re resourceful.”

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From New York to Puerto Rico and Back, Javier Lamoso’s Fordham Ties Are Binding https://now.fordham.edu/fordham-magazine/from-new-york-to-puerto-rico-and-back-javier-lamosos-fordham-ties-are-binding/ Tue, 21 Jun 2022 16:55:21 +0000 https://news.fordham.sitecare.pro/?p=161737 Photo courtesy of Javier LamosoFor many alumni, Fordham is where they got interested in one subject or another and uncovered a specific career path, but for Javier Lamoso, it’s where he discovered something more fundamental: a passion for lifelong learning and a desire to conquer his next big thing. Whether that’s becoming a lawyer, managing a venture capital fund, or launching a hydroponic farming operation, his adult life has been about embracing change and taking on new challenges. And thanks to Fordham, he says, he’s always game.

“Fordham made me enjoy and pursue continuing education,” he said. “That’s probably why I have done so many different things, and I have changed every five years—not because I didn’t enjoy what I was doing [but because I wondered,]  ‘Now, what else can we learn? What new thing can we do?’ The lasting experience is that passion for learning—to continue learning.”

Drawing Some Inspiration from ‘Ol’ Blue Eyes’

Born in the Bronx not far from Fordham, Lamoso moved with his family to their native Puerto Rico when he was a toddler. Though the 1986 Fordham College at Rose Hill graduate doesn’t “remember anything about New York as a kid,” the city lured him back for college.

“It was clear to me and my parents that Frank Sinatra was right: If you can make it there, you can make it anywhere,” he said, referencing the singer’s 1979 hit about New York City, “Theme from New York, New York.”

Continuing the Catholic education he received in Puerto Rico, Lamoso enrolled at Fordham to study political science and economics. He had a grand plan to take what’s now known as a gap year, trekking through Spain with his friends, before ultimately returning to New York to attend law school.

That didn’t quite work out, and he went “from having it all figured out” to facing a year “with nowhere to go, no school applied to or anything.” As he’s done many times since, Lamoso made a new plan: He landed an internship at Simpson Thacher & Bartlett, a white-shoe law firm based in the city, thanks to his educational background, Spanish proficiency, and Fordham connections—the hiring partner was a fellow Fordham graduate.

Creating Opportunity, New Business Ventures on the Island

After the internship, Lamoso returned to Puerto Rico to study law at the University of Puerto Rico, earning a J.D. in 1990. He’s displayed an entrepreneurial spirit throughout his career since: he’s practiced law, managed a venture capital fund, and launched various communications ventures.

In 2017, as he was contemplating his next career step, his mother was diagnosed with stage 4 colon cancer. It got him thinking not just about his own health and path but also about the health prospects of Puerto Rico as a whole.

“My friend at Virginia Garcia Memorial Health Center was head of the colorectal division, and he asked me to send him pictures of my mother’s fridge and her food cabinet,” Lamoso said. “He sent it back to me with circles and said, ‘This is the reason. This is why.’”

His friend had circled all of the packaged, processed, microwaveable food his mother had been eating, having ceased cooking fresh, homemade meals after Lamoso’s father died 15 years earlier.

Lamoso became a pescatarian and started to examine the island’s food landscape: More than 80% of Puerto Rico’s food is imported, he said, including more than 95% of its greens. Thinking of his grandfather and great-grandfather, who were coffee farmers, he decided to return to his family’s roots. He launched Explora Greens, a 60,000-square-foot hydroponic farming operation in Isabela, about two hours away from San Juan.

Just as it was getting off the ground and Lamoso was preparing to open a new greenhouse, Hurricane Maria hit, delaying his expansion plans for a few months but underscoring the need for greater self-sufficiency and a stronger local food system on the island.

Improving Fresh Food Access

Fast forward five years, and Lamoso’s farm is up and running. Explore Greens produces a leafy, Dutch lettuce in the butterhead lettuce family, and romaine, which they distribute to more than 80 supermarkets on the island.

“I saw that we have a food safety issue, and it became amazingly obvious after Hurricane Maria,” he said. “When it comes to greens, we import over 1,200 containers—just in one food stuff, one of the line items in the supermarket.” He shared his hope that his company can help bring down that number. “If I can import-substitute at least 20 containers a year, I’ll be happy.”

Today, Lamoso has his hands in every facet of farm operation. Unlike the romantic notion his lawyer friends and many others have of running a farm, Lamoso said he does everything—from accounting and marketing to waking up at 4 a.m. to help harvest and package the greens—because “the farm doesn’t take care of itself.”

Fostering Fordham Ties

Amid all his entrepreneurial ventures, one thing has stayed constant: Lamoso is deeply tied to Fordham and committed to helping more students from Puerto Rico find a home at the Jesuit University of New York.

As a longtime member of the Alumni Chapter of Puerto Rico, Lamoso said he’s worked closely with Joseph M. McShane, S.J., Fordham’s outgoing president, to expose students on the island to the University.

Lamoso has done his part, too. He “started making calls” to prospective students and even met with them and encouraged them to apply to Fordham. As word spread that his was “the Fordham family,” he said he took it upon himself to interview and recommend even more students, with some help from his own children, who would spread the word among their friends, their friends’ siblings and relatives, classmates, and others.

As Fordham welcomes its new president, Tania Tetlow, J.D., next month, Lamoso said he’s hopeful the University can keep the momentum going in Puerto Rico.

“I actually feel very optimistic: I think that our new president can do it, can transmit that” excitement, he said.

Fordham Five (Plus One)

What are you most passionate about?
Learning experiences. I despise stagnation.

What’s the best piece of advice you’ve ever received?
At Fordham, I learned that the best advice actually comes from the dead—I mean books. Seneca, a Roman Stoic philosopher, keeps “instructing me” not to suffer in my imagination. Over the years, I have become better at this, but I still have work to do.

What’s your favorite place in New York City? In the world?
McSorley’s in the East Village. There is something about a beer house that has survived so much, especially the fads and taste of young generations in these fast-fashion times.

In the world, I have to say Laos because of the innocence kept by its people despite what the rest of the world has made them endure.

Name a book that has had a lasting influence on you.
Well, I am an avid reader, so you are going to have to allow me to mention more than one book.

The Art of Loving by Erich Fromm: A copy of it was given to me during Senior Week at Fordham by a retired Jesuit that had taught in Colegio San Ignacio in San Juan and was fond of Puerto Rico.

Fyodor Dostoevsky’s The Brothers Karamazov. My three colleagues in the [internship at the law firm] were so smart they made my head hurt. They got me into Dostoyevsky. I must be one of the few persons that misses having to ride the subway for an hour in the morning so I could read Russian literature.

Man’s Search for Meaning by Viktor Frankl has … actually helped me take business risk and have the courage to embrace the changes that have allowed me to learn and grow.

Who is the Fordham grad or professor you admire most?
Father McShane, who I met after his first year as president. Both of my children are big fans of him, too, since they have known him since they were in kindergarten. Father McShane navigated Fordham through such difficult times and through so many challenges in the first part of the 21st century, such as lower government funding and aid, higher operating costs, increased competition for students, recruiting and retaining professors, a transformation to digital learning, and of course a pandemic. And he did it with an ace fighter pilot finesse that made it look so easy.

What are you optimistic about?
Now, I believe my children will live their mature lives in a democracy. I was afraid of the contrary until not long ago. I am also optimistic about Fordham, and in the long run I am even optimistic about climate change.

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A Graduate Who Overcame a Car Accident That Changed His Life https://now.fordham.edu/commencement/commencement-2022/a-graduate-who-overcame-a-car-accident-that-changed-his-life/ Thu, 02 Jun 2022 00:18:30 +0000 https://news.fordham.sitecare.pro/?p=161220 Davis Bigelow at Fordham’s 2022 Commencement. Main photo by Argenis Apolinario; other photos courtesy of BigelowDavis Bigelow was one year away from graduating from Fordham when he became paralyzed in a car accident. 

On July 19, 2018, Bigelow was driving around his hometown of Easton, Connecticut, with two friends before heading back to school. The driver, who was intoxicated, accidentally crashed the vehicle. The driver and another passenger were mostly uninjured, but Bigelow could no longer walk on his own. 

A father, mother, and older brother stand beside a young man in a wheelchair on a boardwalk.
Davis with his family after the accident

A neck fracture had paralyzed Bigelow from the chest down and limited his arm and hand movement. After the accident, he underwent emergency spinal surgery at Yale University Hospital in New Haven, where doctors tried to repair his vertebrae. He spent the next few weeks in the surgical intensive care unit, where he required a ventilator, tracheotomy, and feeding tube. Once he was stabilized, Bigelow was transferred to Spaulding Rehabilitation Hospital in Boston, a facility with a special spinal cord center that could provide the care he needed. 

Over the next four years, he underwent multiple surgeries, physical rehabilitation, and therapy to try to recover his mobility. His parents also moved from their Connecticut home to a wheelchair-accessible apartment in Boston, where they could better support their son. 

It was a miracle that Bigelow had survived the car crash, especially without any brain injuries, said his family. But his life would never be the same. 

A tall boy and man stand and smile.
Davis with his father at his 2015 Fordham summer orientation

“Before the accident, I was the most independent I had ever been. I had moved out of my childhood home, I was living on my own. Then I moved to a new state and was taken away from my friends and hometown,” said Bigelow. “Everything, from going to the bathroom to sexual function, also changed. I wasn’t able to properly feed myself, get out of bed, get dressed, or bathe.” 

His final year at Fordham stretched into a three-year-long hiatus. He could no longer play club lacrosse or continue his summer job as a tram driver at the nearby New York Botanical Garden. He was also unable to graduate with his classmates in 2019. 

The accident changed everything, but it also gave him a new perspective on life, he said. 

“It gives you perspective on everything you once took for granted and what you used to consider difficult,” he said. “It really made me appreciate my family and the relationships I’ve built in my life.”

Returning to Fordham: ‘It Feels and Looks Like Home’

After becoming more accustomed to life with his disability, Bigelow returned to Fordham College at Rose Hill in fall of 2020. He took advantage of the online courses offered during the pandemic and learned how to complete his schoolwork alongside his disability. Instead of using a computer and keyboard to type papers, he used voice dictation on an iPad Pro. His advisers at Fordham also pitched in. 

A man wearing sunglasses and a black graduation cap and gown smiles.
Davis at the 2022 Commencement

“The Office of Disability Services made test-taking, scheduling, and note-taking as simple as possible,” he said, giving a special shout-out to the office director, Mary Byrnes. 

Bigelow said he was concerned that his disability would cause him to fall behind his able-bodied classmates, but he proved himself wrong. 

“I was really worried that because of my injury and not feeling like I could always do everything as easily as my classmates, that I would fall behind and lose out on those honors that I was proud of,” said Bigelow, who received a Loyola Scholarship, a renewable scholarship that requires a minimum cumulative GPA of 3.00, as an incoming first-year student. “But I finished my degree and maintained at least a 3.00 GPA.” 

The last time he stepped foot on campus was nearly four years ago, before his accident. On May 21, 2022, he returned to Rose Hill to receive his bachelor’s degree in economics at Commencement. 

Bigelow said that his friends and family asked him if the campus looked different. “No,” said Bigelow, who had lived in Loschert Hall and off-campus apartments in the Bronx. “It feels and looks like home.” 

‘I Can Do Those Things—Just in a Different Way’

Bigelow now lives in Marina Bay, a Boston neighborhood lined with restaurants and boats. He and his girlfriend live in a two-bedroom apartment with their four-month-old kitten, Batman. 

A young man and a young woman smile.
Davis and his girlfriend

In the future, he sees himself working remotely in a senior data analytics position in the banking, finance, or insurance industries. He said he wants to continue exercising regularly at his local YMCA and enjoying life in Boston, particularly the theater district. 

After years of therapy, Bigelow is able to grasp objects, although he can’t hold onto them for a long time. He can brush his hair and teeth and use a stylus for his iPad Pro, which has become an essential tool in his daily life. But he still deals with chronic pain and fatigue everyday. 

Bigelow said his doctors have told him that most mobility returns within two years of an injury. But instead of focusing on what he might be able to do, he said he tries to focus on what he can do.  

“There’s always a way to do what you want to do. It might not be the way you expected or the way you’re accustomed to, but there’s always a way to find out how to get what you want,” Bigelow said. “When it comes down to it, I can do those things—just in a different way.”

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E. Gerald Corrigan, a Risk Manager Who Excelled in Public Service and on Wall Street, Dies at 80 https://now.fordham.edu/fordham-magazine/e-gerald-corrigan-a-risk-manager-who-excelled-in-public-service-and-on-wall-street-dies-at-80/ Sun, 22 May 2022 13:50:31 +0000 https://news.fordham.sitecare.pro/?p=160738 Photo by Chris TaggartE. Gerald Corrigan, Ph.D., who earned master’s and doctoral degrees in economics at Fordham during the 1960s, served as a University trustee, and had a long, exceptional career in both public service and on Wall Street, died on May 17 at NewBridge on the Charles in Dedham, Mass., where he was in care for Alzheimer’s disease. He was 80 years old.

“Jerry was known as one of the most honest and wise men in international business,” said Joseph M. McShane, S.J., president of Fordham, in an announcement to the University community about Corrigan’s passing. “He always said his Jesuit education equipped him to work through thorny finance questions and make good decisions. Thanks to him, our students and alumni are better prepared as well.”

Corrigan accepted a position as an economist at the Federal Reserve Bank of New York in 1968, when he was a doctoral candidate at Fordham. He had taught at the University the year before, and although he planned to return to a career in teaching, he instead rose through the ranks of some of the country’s most prominent economic institutions.

In 1979, Corrigan left the New York Fed—where he had become vice president for planning and domestic open market operations—to serve as special assistant to Federal Reserve Board Chairman Paul Volcker in Washington, D.C. The following year, he was named president of the Federal Reserve Bank of Minneapolis, where he served until 1984.

On January 1, 1985, Corrigan returned to the New York Fed as chief executive officer and vice chairman of the Federal Open Market Committee. When the stock market crashed on October 19, 1987—a day that would become known as Black Monday—Corrigan played a pivotal role in getting the market back on its feet by convincing bank lenders to provide liquidity for the financial system.

“Let me tell you, unless you’ve been there, you can’t begin to understand how difficult the decision-making is in those circumstances,” Corrigan told Fordham Magazine in 2009. “You have imperfect information. You have very little time. And you know that inaction is action.”

Joseph M. McShane, S.J., president of Fordham, greets E. Gerald Corrigan and his wife, Cathy E. Minehan, during a celebration in Corrigan’s honor. Photo by Chris Taggart
Joseph M. McShane, S.J., president of Fordham, greets E. Gerald Corrigan and his wife, Cathy E. Minehan, during a celebration in Corrigan’s honor. Photo by Chris Taggart

After nine years leading the New York Fed, Corrigan moved to the private sector in 1994, when he became a managing director at Goldman Sachs. He was named a partner at the firm two years later. Until his retirement in 2016, he wore many hats as a senior member of then-CEO Lloyd Blankfein’s executive team. Corrigan was chair of the company’s two deposit-gathering banks in New York and London, and he co-chaired several committees tasked with analyzing risk, including the Global Risk Management Committee.

In 2008, as a member of the firm’s Counterparty Risk Management Policy Group at Goldman Sachs, he helped develop what many saw as a blueprint for global financial system reform, and as co-chair of Goldman’s Business Standards Committee, he worked to strengthen relationships with clients who were reeling from the financial crisis.

In his 2014 memoir, Stress Test: Reflections on Financial Crises, former U.S. Treasury Secretary Timothy Geithner described Corrigan “as a kind of John Madden of finance—big, gruff, old-school, a well-respected student of the game, with a similarly animated rhythm to his commentary.”

When Corrigan retired, Blankfein and Gary Cohn, then president of Goldman Sachs, wrote in a companywide memo, “We have benefited enormously from his leadership in the global financial community, experience as a central banker, extensive knowledge of the complexities of financial systems and exceptional judgment.”

An Ardent Champion of a Fordham Jesuit Education

Corrigan was born on June 13, 1941, in Waterbury, Connecticut, to an innkeeper and a librarian. He received his bachelor’s degree from Fairfield University in 1963, at which point he began his graduate studies at Fordham, earning master’s and doctoral degrees in economics in 1965 and 1971, respectively. While studying at Fordham, Corrigan lived off campus, in a walk-up on 183rd Street and Park Avenue in the Bronx, and balanced his classes with a job bagging groceries at an A&P on Webster Avenue.

At Fordham, he developed a strong bond with Joseph Cammarosano, Ph.D., an economics professor and administrator at Fordham who had served as an economist in the U.S. Bureau of the Budget. Together, they worked on an economic development study of the Bronx while Corrigan completed his master’s degree.

“He was a pied piper,” Cammarosano said of his former student, who recruited and led 50 students who took part in the study, knocking on doors in neighborhoods around the Fordham campus to get information. “Jerry was a very charismatic young man, and he had a can-do attitude. … Before I was through half a sentence, Jerry would know exactly what I wanted.”

In a 2009 interview with Fordham Magazine, Cammarosano also noted Corrigan’s humility, saying, “Jerry is a Jesuit product. He’s not one to promote himself openly. He promotes himself through what he does.” Cammarosano also remembered Corrigan’s competitive spirit, including his “sharp elbows under the basketball hoop.”

For his part, Corrigan credited his Jesuit education, both at Fordham and Fairfield, as instrumental to the critical thinking skills he brought to his career.

“The philosophy of education that’s been associated with the Jesuits for hundreds of years puts great emphasis on liberal arts and humanities,” Corrigan said. “But it puts even greater emphasis on simple, straightforward propositions of trying to teach people how to think. That’s the genius of it.”

And while Corrigan did not pursue a career in teaching, he stayed connected to Fordham in many ways and was one of its most ardent champions.

A member of the University’s Board of Trustees from 1987 to 1989, he made several generous gifts to benefit Fordham students and faculty. In 2000, he established the E. Gerald Corrigan, Ph.D., Endowed Scholarship Fund, which provides support to full-time Fordham students who demonstrate both academic excellence and financial need, with preference given to minority students. Seven years later, he made another gift to further support the scholarship fund and to create an endowed professorship, the Corrigan Chair in International Business and Finance at the Gabelli School of Business.

E. Gerald Corrigan, third from right, poses with recipients of the E. Gerald Corrigan, Ph.D., Endowed Scholarship Fund.
E. Gerald Corrigan, third from right, poses with recipients of the E. Gerald Corrigan, Ph.D., Endowed Scholarship Fund. Photo by Bruce Gilbert

Along with the scholarship fund and endowed professorship, Corrigan’s name lives on at Fordham’s Lincoln Center campus, where the Lowenstein Center’s 12th floor was officially christened the E. Gerald Corrigan Conference Center in a 2013 ceremony. He was inducted into the Fordham University Hall of Honor in 2012, and one year later, he received the Fordham Founder’s Award, given to people whose “personal and professional lives reflect the highest aspirations of the University’s defining traditions, as an institution dedicated to wisdom and learning in the service of others.”

In addition to his gifts to the University, Corrigan was generous with his time, coming back to campus often to share his experience with students. In April 2005, he spoke to more than 120 students, alumni, and faculty of the Department of Economics. He delivered the Graduate School of Arts and Sciences’ Gannon Lecture in 2006. And in a 2010 lecture titled “Leadership: Making the Right Things Happen,” Corrigan spoke to a Fordham audience about the criteria that make for truly great leaders.

“They recognize and embrace the proposition that there is a time when the public interest must come first—before the natural and appropriate responsibility to further the interests of shareholders and other private concerns,” Corrigan said.

“They understand that there are principles that should never be breached. They have the courage of their convictions and the drive to do what is right for its own sake. Lastly, they are men and women of superior integrity.”

‘Working Toward the Good of the World’

In addition to his devotion to the Fordham community, Corrigan supported many other institutions. He was a trustee of Macalester College in St. Paul, Minnesota, from 1981 to 1986, and he served two terms on the board of Fairfield University before being named a trustee emeritus of his undergraduate alma mater. In 2004, he established the Ernesto Zedillo Scholarship at Fairfield, and in 2007, he endowed a new professorship at the university, the Corrigan-Minehan Professorship in Political Science, named after him and his wife, Cathy E. Minehan, who served as president and CEO of the Federal Reserve Bank of Boston from 1994 to 2007.

He also funded scholarships at the University of Rochester, and among his and Minehan’s other philanthropic gifts was one to Massachusetts General Hospital in 2012 that supports innovation and research in the Corrigan Women’s Heart Health Program and throughout the Corrigan Minehan Heart Center. Along with Minehan, Corrigan was a trustee of the Challenger Foundation (formerly known as the Corrigan Foundation), which supports education, health and human services, and research in international economics and finance.

Corrigan was a member of numerous committees and associations, including the Bretton Woods Committee, the Group of Thirty, the American Economic Association, the American Management Association, the Joint Council on Economic Education, the Council of Foreign Relations (which he led as director from 1993 to 1995), and the Economic Club of New York. He was also named a fellow of the American Academy of Arts and Sciences.

In a life filled with professional success and accolades, those who knew Corrigan point out his love for quiet moments with his family or while fly fishing and golfing, as well as his honesty and grounded nature.

“Jerry was a person who solved problems,” Minehan said. “He would step into a situation, and his clear way of thinking—which I know he attributed to his Jesuit education—was always the gold star in terms of how to get through a crisis and how to prevent a crisis from happening again.”

She added that the Jesuit focus on the common good was something he took to heart.

“Being all about working toward the good of the world—that really spoke volumes to Jerry, and that’s what his life was about.”

Along with Minehan, Corrigan is survived by two children from a previous marriage, Elizabeth Corrigan and Karen Corrigan Tate; two stepchildren, Brian Minehan and Melissa Minehan Walters; a sister, Patricia Carlascio; and five grandchildren.

A private funeral Mass for close family and friends will be held on Monday, May 23, at 10 a.m.  and will be livestreamed on YouTube. A celebration of his life will be held in New York City at a later date.

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A Multifaceted Business Education Leads to Career in Investor Relations https://now.fordham.edu/fordham-magazine/a-multifaceted-business-education-leads-to-career-in-investor-relations/ Thu, 10 Feb 2022 21:17:23 +0000 https://news.fordham.sitecare.pro/?p=157098 As the managing director of investor relations and business development at WestCap, a startup private equity growth technology firm, Jennifer Wilcox (née Ricciardi) relies on her Fordham graduate studies in economics to create strategic partnerships with clients.

“What I like best about my role is educating people,” says Wilcox, who earned a master’s degree from the Graduate School of Arts and Sciences in 2005. “I take very complicated investment concepts and make them digestible for our investors to understand, educating them to our strategies, to our outlook on the markets, and how the markets are impacting our sector and our investments.”

Fordham’s Impact at Each Step of Career Path

After earning a bachelor’s degree in economics and Spanish studies from Fordham College at Rose Hill in 1997, Wilcox joined the Federal Reserve Bank of New York as an analyst—an opportunity she pursued when a recruiter from the Fed visited campus. In 2000, she landed another job from a Fordham event, this time as an analyst in Societe Generale’s investment banking unit, Cowen, thanks to an alumni networking night.

Two years later, Wilcox took stock of her career options, feeling somewhat conflicted about whether to stay on the finance side or return to a focus on economic policy. She reached out to one of her former Fordham professors, Darryl McLeod, Ph.D., to ask about the master’s program in economics, and he encouraged her to apply. At the same time, Wilcox also started a job at a hedge fund, Ore Hill Partners. While working full time as an analyst, she completed her studies at the Graduate School of Arts and Sciences, supplementing her economics coursework with finance electives at Fordham’s Gabelli School of Business.

That combination set the stage for Wilcox to move into investor relations, a role that requires a deep understanding of investment strategies and a high degree of marketing skill. In 2009, she got such a job at GSO Capital Partners (now Blackstone Credit), the credit investment arm of the Blackstone Group.

“I knew about marketing and investor relations because I worked at a hedge fund on the investments side,” Wilcox says, “but Blackstone was recruiting me because they liked my financial background and I could speak with investors about the investments that the firm was making in an educated way.

“The theorical coursework I engaged in throughout my M.A. provided a sound foundation for understanding the drivers of markets from a macro perspective and decisions made by firms to run their businesses from a micro perspective,” she adds.

Now at WestCap since September 2021, Wilcox is putting all her experience into helping the startup grow by instituting investor relations best practices, expanding the firm’s institutional investor base, and strategizing on business development.

The Importance of Networking and Mentorship

In addition to her successful career, Wilcox also serves as an alumni mentor through Fordham’s Office of Alumni Relations, helping current students with their resumes, providing career advice, and guiding them through the processes of networking and interviewing for positions.

That desire to help others is something Wilcox exhibited as a student, when she volunteered as a mentor at local Bronx schools. In fact, she says that along with the access to internships in New York City, being able to engage with the neighboring community was one of the things that first drew her to Fordham as an undergraduate.

“All of those volunteer opportunities that were afforded and being in such a diverse community … was a really influential part of my experience,” Wilcox says.

She also found a strong sense of community on campus, where she made strong friendships in addition to building professional skills and knowledge. When she talks to current students, Wilcox tells them that her best piece of advice is to network with alumni, professors, and fellow students.

“Be persistent and don’t let those connections fade,” she says. “Fordham has an extremely strong alumni network, and one that is willing to help others advance their careers. Aside from the knowledge gained from one’s studies, it is the most important aspect of going to graduate school, no matter what the career path.”

 

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Forging a Career Path Through Networking and the Fordham Mentoring Program https://now.fordham.edu/fordham-magazine/forging-a-career-path-through-networking-and-the-fordham-mentoring-program/ Fri, 18 Dec 2020 16:31:56 +0000 https://news.fordham.sitecare.pro/?p=143838 Photo courtesy of Reed Bihary.A native of Buffalo, New York, Reed Bihary, GABELLI ’20, majored in business administration at Fordham, with concentrations in finance and global business and a minor in economics. As an undergraduate, he dove into that interest in economics, interning with Consilience Asset Management and M&T Bank. Today, Bihary is a corporate and institutional banking development program associate with PNC Financial Services in Pittsburgh, and he credits the Fordham Mentoring Program with helping him get there.

What are some of the reasons why you decided to attend Fordham?
When applying to schools, I was unsure whether or not I wanted to pursue a pre-med track or a business degree. Fordham boasted excellent programs with regard to both paths, along with a gorgeous campus placed in New York City. It quickly became my top choice.

What do you think you got at Fordham that you couldn’t have gotten elsewhere?
Through the Gabelli School of Business, I was taught the importance of networking and taking advantage of internship opportunities early on. Networking events helped me to land multiple internship roles and gain a better understanding of which profession I wanted to pursue after graduation.

Did you take any courses or have any experiences that helped put you on your current path?
My experience with the Fordham Mentoring Program helped to prepare me for interviews and expand my professional network. Connections I made through this program were pivotal in aligning me with the job I have today. Shout-out to my mentor Tom Hartigan for all his help!

Who is the Fordham professor or person you admire the most, and why?
The Fordham professor that I admire most is Jackie Jung. I took her ethics of business class [at the Fordham]London [campus], and she not only taught the class extremely valuable information for the workplace but also taught various life lessons. She also used her wide array of professional experience, such as working for the United Nations, to connect a few of my colleagues with very experienced professionals.

Can you paint us a picture of your current responsibilities? What do you hope to accomplish, personally or professionally?
Currently, I am in Pittsburgh, working for PNC. I am in the process of completing a three-year development program that will place me on track to be either an underwriter or assistant relationship manager for the bank. I have just completed my introductory credit training with the bank and will soon begin my first rotation within the Diversified Industries Group (DIG), where I will be refining my credit knowledge and learning how to underwrite for the bank. After working with DIG, I will work with a separate lending vertical in Pittsburgh. Then, I will have the opportunity to relocate with the bank for my relationship management training. At the end of this program, I hope to become an effective relationship manager for PNC, [providing]businesses with loans and capital allocation strategies that help [them]succeed through all economic cycles.

What are you optimistic about?
I am optimistic about my opportunity to continue learning after completing my formal education. PNC has continuously provided me with the resources to expand my knowledge base and personal and professional network while on the job. I think one the best things that anyone can do for themselves is to keep learning, and I feel I am in a situation that will encourage my continued education as my career develops.

Anything else we should know about you, your plans, or your Fordham connection?
The friends I’ve made through Fordham are something that I wouldn’t trade for the world, and even though I moved outside of the tristate area, I have been able to stay in close contact with so many of them. However, I would love to move back to New York City later in my career to reconnect with my Fordham friends in my day-to-day life.

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U.S. Stimulus Bill is a Good Start, Says Professor https://now.fordham.edu/business-and-economics/u-s-stimulus-bill-is-a-good-start-says-professor/ Wed, 01 Apr 2020 13:37:52 +0000 https://news.fordham.sitecare.pro/?p=134492 On March 27, President Trump signed into law a $2 trillion emergency aid bill, passed by Congress to help Americans weather what is expected to be a painfully long economic downturn brought on by the COVID-19 pandemic.

Steve Raymar, Ph.D., associate professor and chair of finance and business economics at the Gabelli School of Business, said the bill, the size and scope of which has no precedent in the country’s history, contains many elements that will help prop up the economy for the next few months.

Steve Raymar
Steve Raymar has been teaching finance and business economics at Fordham for 27 years.

The 600-plus page bill features direct payments to Americans, expands unemployment benefits, provides loans through community banks and through the Federal Reserve, and provides $100 billion for hospitals. But, he said, it should not be the last action government takes.

“What the government seems to be doing is certainly appropriate and proper. It will support businesses and individuals, but there may be no way to prop up the economy when the economy is not operating,” he said.

“We need to be open to even more unusual types of policies that might relate to loan and rent forgiveness and postponement of bankruptcy.”

It’s an area Raymar has spent a lot of time researching during his 27 years at Fordham. Credit Risk Management/Credit Derivatives, a class he’s taught for the past six years for the Gabelli School’s Quantitative Finance master’s program, for instance, focuses a great deal on the causes of the 2008 Financial Crisis. In the 12 years since, many lessons have been learned, some of which are applicable to today.

Radical Upheaval Demands a Radical Response

Raymar said that if Congress and the president truly want to help Americans back on their feet, they will need to do something just as radical as spending $2 trillion: They’ll have to suspend rent and mortgage payments. Otherwise, the money the government is sending to citizens will simply be funneled from their bank accounts back into the real estate industry to support mortgage bonds. They won’t be able to spend it anywhere else without putting themselves in danger, he said.

The resulting lack of additional income, he said, will hit other industries hard.

“Ours is essentially a demand-driven economy, so if the consumers are not buying, there is no economy. If they can’t go to movies, then the movie industry is going to suffer. If they can’t fly, the airlines and hoteliers are going to suffer, and there’s no way around that,” he said.

Some industries will benefit, he said, particularly businesses that manufacture home essentials, the technology industry, and medical supply manufacturers. But that won’t be enough on its own, and Raymar said U.S. leaders should remember that the country has economic tools available to it that other countries do not.

“In these kinds of crises, it almost doesn’t matter how much the government spends because the U.S. is in a unique position throughout the world, perhaps along with a country like China, where it can simply authorize the Federal Reserve to finance whatever the government wants to spend. That’s essentially the way the big bailouts from 12 years ago worked,” he said.

One of the challenges going forward is the fact that, because of the stay-at-home restrictions, there is no historical precedent to look to for guidance. Even the Great Depression is not a good guidepost, he said, because when the United States government began paying workers—in this case to help fight World War II—those workers could spend that money freely and immediately. Now, people are confined to their homes and can’t patronize local businesses and entertainment venues.

“The only thing that can affect the speed of the virus declining is more of this social distancing, and more emergency supplies to the hospitals. If anything, that’s where the real emergency push from the government should go. A lot of the U.S. isn’t too much affected yet, but most of it is, and those are the places that they really need someone to really push and organize all the medical supply flow,” Raymar said.

A follow-up will be needed in the next few weeks though, and Raymar said it should include a forbearance, or holding back, on rent, interest bonds, mortgages, and bankruptcy proceedings. This policy would impact the huge mortgage bond market, but the Federal Reserve is already planning to support it, and could do even more quite effectively.

“You’re not absolutely forgiving those payments, but you’re just saying, ‘Hey, they’re postponed.’ The same way everyone else in the U.S. is postponing their life, perhaps the real estate industry, bond recipients, and the interest recipients could be asked to postpone their life,” he said.

Lessons Learned

If there is a smidgen of hope to come out of the pandemic, it’s that some lessons have been taken to heart from the passage of the Troubled Asset Relief Program (TARP) program, which Congress passed in 2008. After intense partisan debate, the current stimulus bill emerged in a form that is less targeted toward large corporations than TARP was, and more even-handed in its treatment of individuals, especially in its provisions for unemployment benefits and direct payments. One of the main criticisms of TARP was it was seen as primarily a bailout for big banks and the automotive industry.

But he also noted that for all of TARP’s faults, it’s possible that major banks could be in even more trouble today than they are, had it not been for a key part of that legislation. “Stress tests,” which were a part of the legislation, were administered to the largest banks in the country by the Federal Reserve beginning in 2009 as a way to measure how much capital banks had on reserve. The banks were required by law to always have a certain amount on hand, so as to insure that they could weather a severe economic downturn without government intervention.

None of the tests could have predicted exactly how the current situation would have unfolded, he said, but it’s fair to say that the stress tests have worked as they were intended, and the banks will not need bailouts like they did in 2008.

“Banks are holding up much, much better than they would have if they were operated and capitalized the same way they were in 2006,” he said.

“If the banks were operated now as they were then, we would have another really severe financial crisis on our hands. So this was also a very major lesson learned.”

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Creating Career Tracks: Five Questions with Mahmoud “Mo” Osman https://now.fordham.edu/fordham-magazine/creating-career-tracks-five-questions-with-mahmoud-mo-osman/ Tue, 14 Jan 2020 20:18:27 +0000 https://news.fordham.sitecare.pro/?p=130750 Photo by Bruce GilbertMahmoud “Mo” Osman says he owes his career to Fordham. That’s why he’s made it a priority to help other alumni pursue their dream jobs.

When he was only 3 years old, a military coup forced Osman and his family to flee their native Sudan. After short stints in several Middle Eastern countries, the family joined Osman’s uncles in the United States and settled in the Bronx, where they had to start over again financially.

“We were fortunate, but we were also pretty humble while I was growing up, and it gave me a different perspective on many things,” Osman says. It also meant that being accepted to Fordham College at Rose Hill with financial aid and support from the Higher Education Opportunity Program (HEOP) was a huge relief to him and his family.

Entering college undecided about his major, he stumbled onto economics while fulfilling a core curriculum requirement.

“I was always good at math, but I wasn’t necessarily a fan of it, because I questioned the need for all the formulas. This class gave me a reason to apply those formulas and logic,” he says. “Economics included politics. It included math. It was everything I loved.”

Now an associate and global alternatives product specialist at JPMorgan Asset Management, Osman traces his professional success back to that Jesuit curriculum and to his first work-study job in Walsh Library, part of his financial aid package. “I had jobs before,” he says, “in fields like retail, education, and politics. But that was really my first office type of experience. And that eventually helped lead me to the Office of Career Services, where I really learned what I wanted to do and where I wanted to be.”

After several internships, he landed a position in a two-year rotational program at JPMorgan right after graduating in 2014.

“I owe a lot to Fordham, and that’s why I give back however I can. There’s a kid in my shoes out there, a kid from the Bronx who isn’t afforded the luxury of being able to pay for college, and that sucks,” Osman says. “We should be able to help them out.”

Osman has helped by contributing to scholarship funds at Fordham, sponsoring receptions for Fordham alumni who work at JPMorgan, and participating in events run by MOSAIC, Fordham’s multicultural alumni affinity chapter.

In 2016, he joined the advisory board of the newly formed Fordham University Alumni Association (FUAA). The thing he’s most proud of is helping launch the Alumni Career Fair with fellow members the FUAA’s networking and engagement task force. It’s an opportunity for alumni to network with each other and with the University’s employer partners.

“We were lucky to go to an institution that focuses on job placement, on interview training … and that takes a true career-oriented approach,” he says.

Osman is committed to enhancing that support by creating opportunities for Fordham alumni who have not yet found the right path, or for those ready to take the next step. The third annual Alumni Career Fair will take place at the Lincoln Center campus on March 4. More than 100 alumni of all levels of experience have already signed up for this year’s event, and more than 25 employers across industries—some of which will be sending Fordham alumni as representatives—are set to attend.

“It’s amazing to see this event materialize, to help arrange this forum for alumni relationships,” he says.

Fordham Five

What are you most passionate about?
I would say philanthropy, honestly. Just giving back in general. It’s always been a pillar of mine. Not only does it help other people who are less fortunate in whatever situation, but I think it’s a good reminder of what you’re afforded in life, to be grateful for what I have and understand that there are others without these opportunities. 

What’s the best piece of advice you’ve ever received?
One of the first memories I have is from when I was 3 years old and we were leaving Sudan. It was the first time I had been on a plane. I was with my father and I said, “Oh wow, I get to go on a plane!” My dad looked at me and said, “You know, yeah. Enjoy it. Experience it. But also be grateful for it.” At the time, I was so young that it kind of went over my head. But I’ve realized that the idea has grown with me. I think my dad wanted me to enjoy the moment while also being mindful that it was a privilege to experience something like that, especially considering other folks’ less fortunate circumstances (regardless of how unfortunate our own circumstances may have seemed). Now that’s become part of my normal thinking. Aim for the best, listen and be present in it, and enjoy what you have. It’s a way to see through that bubble, that privilege bubble, that everyone has in some way.

What’s your favorite place in New York City? In the world?
Would it be cheating if I said Fordham’s Rose Hill campus is my favorite place in New York City? I don’t want to be cheesy, but honest to God, I was awed during my first visit to campus. I grew up in the Bronx, in a very urban environment, and to walk onto that campus and see this beautiful place with unbelievable landscaping and immaculate Gothic architecture … I was like, wow. And every time I’m there, I have to take photos. I love it. Especially that walk from Dealy Hall toward the library, with that view of Martyrs’ Lawn and Walsh and Duane. You couldn’t get more picture perfect. That’s the image I think of when I picture campus. And the fact that it’s in the Bronx just makes it much sweeter for me.

As for my favorite place in the world, this might be mainstream, but it’s Paris. I’ve been four times total, twice for work in the past year. I can’t speak a lick of French, but I love it. It’s a romantic city, and it’s truly beautiful. There’s so much history behind it, so many sites to see, intricate neighborhoods … it reminds me of New York because it has its own little districts that are each their unique environments, and you can find something interesting in each one.

Name a book that has had a lasting influence on you.
So, I have two, and they’re both a bit controversial.

The first is The Autobiography of Malcolm X. And the second is The Art of the Deal by Donald Trump. I know, big contrast.

What’s important about Malcolm X … I wasn’t born here, my family hasn’t been in America for hundreds of years. We’re from Africa directly. But I grew up in New York, and I still connected with many of the experiences in the book. His logic for a lot of things, obviously, was a little too extreme. But in the latter part of his life, he was much more welcoming. It taught me about perspective, and how when you’re given new insight you can vastly change your initial perspective. In the beginning of his conversion to Islam, for example, he had a much more conservative position. And then he started to travel and interact with more folks and realized that’s not all this religion is about. He evolved. He actually visited Sudan, and that was one of the reasons I decided to read his book back when I was 12. And I’ve read it every five years since then.

And then for Art of the Deal, I don’t necessarily agree with his political views, but I just think business is always impressive to me. It’s very hard to make it, to be a very successful businessperson. And when someone does it, even if they started with money, it’s impressive. I first read that when I was 14, I think. It really taught me about the passion you have to have, the kind of work ethic you have to have, the things you have to think about, or the kinds of decisions you have to make to progress. From a career or networking perspective or just from a personal development perspective, it’s important to understand how to make your argument, how to weigh your options. I’ll be frank: A lot of the book is self-promotion. But there are some key things in there, and those left a lasting impression on me.

Who is the Fordham grad or professor you admire most?
This might be another mainstream answer, but Denzel Washington. For me, the fact that this guy, a New York guy from Mount Vernon who went to Fordham, found his calling and his craft, and followed through with that and became the success he is today, and also remains a good family man, that means a lot to me. Not that I’m anywhere near the guy, but that’s a good person to look up to and aspire to be like. That’s my favorite Ram.

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Inaugural Lecture Aims to Help Diversify the Economics Field https://now.fordham.edu/business-and-economics/inaugural-lecture-aims-to-help-diversify-the-economics-field/ Wed, 20 Nov 2019 00:35:22 +0000 https://news.fordham.sitecare.pro/?p=128925 Janet Currie, Ph.D., the Henry Putnam Professor of Economics and Public Affairs at Princeton University and co-director of Princeton’s center for health and wellbeing will give the inaugural lecture. Photo courtesy of Sophie Mitra. Women and minorities continue to be underrepresented in the economics field—from students to faculty, from employees to managers. Just 24% of tenured and tenure-track faculty in economics in the U.S. were women in 2016, while only about 6% of that population identified as black or Hispanic, according to a paper in the Journal of Economic Perspectives.  

At Fordham, about one-third of both undergraduate economics majors and economics faculty are women, while the graduate economics population is made up of about 50% women, according to Sophie Mitra, Ph.D., professor of economics at Fordham and co-director of the disabilities studies minor.

Despite the fact that the University is slightly above the national average in both of those areas, the economics department launched a “climate committee” in 2018 to examine these issues related to underrepresentation and develop resources to “enhance diversity and inclusion in economics at Fordham,” Mitra said.

One of their first initiatives is the “Inaugural Distinguished Lecture in Economics,” featuring Janet Currie, Ph.D., the Henry Putnam Professor of Economics and Public Affairs at Princeton University and co-director of Princeton’s center for health and wellbeing. The event will take place on Thursday, Dec. 5 from 6 p.m. to 8 p.m. at the McNally Amphitheater at the Gabelli School of Business. The talk will be followed by a question-and-answer session and a reception. 

The event was sponsored by the economics department, the Office of the Chief Diversity Officer, the faculty of arts and sciences deans, the Economics Society, and the faculty working group on disability. Funding was provided through the economics department, Chief Diversity Officer, and the faculty of arts and sciences deans.

Mitra said they wanted to bring in Currie because her research “goes beyond this narrow and misleading understanding of what economics is about.”

“Currie is a scholar whose work spans labor, public, and health economics,” she said. “She has made fundamental contributions in many areas and is best known for her work on public policy issues affecting child health and well-being. Through this lecture, we would like students to get a taste of the breadth of her illuminating research.”

That’s also why the focus of the lecture, “Child Health and Human Capital,” does not fit with what is often perceived as an economics topic.”

“There is the commonly held notion out there that economics is about money, business, or material resources,” she said. “Economics is a social science that provides ways to understand human behaviors and can pay attention to ethics. It can help contribute to solving a variety of issues, such as improving child health by considering the sorts of economic arrangements and public policies that serve to improve child health.”

Mitra said that the goal is to make this the first in a series of lectures that will feature a “diverse set of scholars that undergraduate students may not hear about” and “scholars that use a variety of approaches and paradigms.”

In addition to offering events, Mitra said that the climate committee is also working to attract potential students who might not have thought about majoring in economics.

“One focus of this committee is to develop initiatives and resources that may help more diverse candidates study economics or at least consider studying economics at the undergraduate level,” she said. “We are considering new course offerings to that end as well as events.”

While the event is open to the entire Fordham community, the program is specifically geared towards undergraduate students who are just starting out in economics.

“Our main purpose is to expose students to a topic and a scholar that they might not typically study in the introductory courses in economics,” Mitra said.

To RSVP, please visit www.curiefordham.eventbrite.com. To learn more about the event, visit www.fordham.edu/info/20930/economics.

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Women Supporting Women: Five Questions with Mary Ann Bartels https://now.fordham.edu/fordham-magazine/women-supporting-women-five-questions-with-mary-ann-bartels/ Wed, 02 Oct 2019 22:24:38 +0000 https://news.fordham.sitecare.pro/?p=125841 Photo by John O’BoyleLong before she knew what career path she would take, Mary Ann Bartels had a mentor and role model in an aunt, Bernadette Bartels Murphy, who joined the male-dominated financial industry in the 1950s.

“What my aunt kept teaching me was that I could do whatever I wanted to,” says Bartels, who began her own career on Wall Street in the 1980s. “She empowered me not to be intimidated just because I was a woman.”

Bartels grew up on City Island in the Bronx and attended community college before transferring to Fordham, where she deepened her newfound passion for analyzing the economy as “a puzzle with a lot of different moving parts.” She graduated with a bachelor’s degree from the Gabelli School of Business in 1985 and later earned a master’s degree in economics at Fordham’s Graduate School of Arts and Sciences.

Today, Bartels is a leading investment strategist with a knack for explaining financial concepts to the general public. As head of the Research Investment Committee and of exchange traded fund strategy at Bank of America Merrill Lynch, she has often shared her expertise on outlets like CNBC. And she continues to come back to Fordham, she says, because “they gave me a chance.”

As a member of the President’s Council, Bartels has been a guest lecturer in classes and for the Smart Women Securities club, and has served as a judge at a Shark Tank-inspired event hosted by the Gabelli School. On October 23, she’ll be attending Fordham’s third annual Women’s Philanthropy Summit, where she’ll participate in a panel discussion titled “A View from the Top: Reflections on Success and Coaching the Next Generation of Women Leaders.” It’s an important event to her, she says, because “it’s women supporting women.”

“It’s nice that Fordham is creating an environment where women can come together and share their success and do good for whatever their cause is,” she says.

“You know, women have come a long way,” Bartels says, “yet we have a lot more to do. Many women used to be hostage to a husband and their views on how to use their wealth. Now women have their own finances and their own voice. But we still represent very small ratios in most lines of business.”

That’s why continuing to engage in mentorship is also important to Bartels. “For women and men alike, how do we grow without mentorship? It’s a way of giving back,” she says.

That desire to give back is something she sees in her daughter, Lorraine, a first-year student at Fordham College at Rose Hill. Bartels says that her daughter was most attracted to Fordham’s ethos of engaging with surrounding communities. She started her Fordham experience with Urban Plunge, an optional pre-orientation program run by the University’s Center for Community Engaged Learning where students participate in community-enriching programs throughout the Bronx and Manhattan.

“She is absolutely thriving,” Bartels says of Lorraine. “And I get to see Fordham in a new way—as a parent.”

What are you most passionate about?
At the end of the day, what’s most important to me are my two children. My main responsibility is to be a mother; it has to be.

My second passion, at least professionally, is that I love to assist people with their finances. I love sitting down and helping a client understand what they have and how we can get them to where they want to go.

Another passion I have, and something I’m really learning as I get older, is how to stay healthy and have a health program for longevity, starting with diet. In your 20s, you feel like you’re invincible; you snap back like a rubber band. In your 30s you still think you’re invincible, but you start to learn that the rubber band doesn’t snap back quite as fast. By the time you’re 40, the rubber band does not always snap back. And by the time you’re 50, you really need to have everything together.

What’s the best piece of advice you’ve ever received?
My Aunt Bernadette taught me the value of networking, and how a lot of life is about networking and meeting people. But I didn’t appreciate it until it worked for me. When I look at my past, through Wall Street, a lot of it was connected by people I met through the years and who I stayed in touch with, who became my friends within the industry both inside and outside my company. As you go through your career, you need a mentor, right? But you also need what’s called sponsorship, people that you work with who say “you are adding value to our business.” So you never know who that might be.

On a personal level, and we’ve all heard this from many different avenues, another piece of advice that has been important has been “learn how to accept yourself, take care of yourself, and love yourself.” As you get older and wiser, you really start understanding why that was said to you so often. You’re pulled in so many different directions, especially women, and many of us struggle with that. How many women have said, “Yeah, I just don’t do anything for myself.” And then they end up unhappy. You have to love yourself enough to take care of yourself. Or you can’t help anybody, you can’t be at the top of your game. And even if you get there, you can’t enjoy it.

What’s your favorite place in New York City? In the world?
My favorite place in the world is Alaska, the pristine and absolute beauty of the nature there. Especially in the winter. I get there and it’s my happy place. I’ve been there many times, fished there, seen whales and porpoises, been out on glaciers. The people are wonderful and grounded. It’s all about loving and being with nature.

My favorite place in New York is harder. I think it would be Battery Park. I worked down there for many years. My office was overlooking the water and I took the ferry twice a day. And I just loved being there on the river.

Name a book that has had a lasting influence on you.
So this is probably going to be very odd. Early in my career, my aunt told me to take this course on technical analysis. And the book we had to get for it was Technical Analysis of the Financial Markets by the teacher, John Murphy. When I read that book in that course, I was like, “This is it for me.” It changed my life; it gave me confidence that I could actually do it. He wrote it in a way that I could understand. For me, that was a light bulb moment.

Who is the Fordham grad or professor you admire most?
I’m going to say economics professor Dominick Salvatore. Not only is the man brilliant, and not only does he write great textbooks, he teaches in a way that makes economics exciting. It completely lights up, and he has this magnetism that comes through in his teaching. He’s great at taking concepts and explaining them so any student can understand. And that’s an important part of what I have to do in my work now, take the most complex situation or topics and be able to explain them to any audience.

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