“Ethics and Wall Street: Lessons Learned from the 2008 Economic Crisis,” a presentation at Ursinus College, featured leaders in banking and industry, and a keynote address by U.S. Congressman Patrick Meehan Monday, April 9, at 7 p.m. in the Kaleidoscope Performing Arts Center Lenfest Theater. The discussion was followed by a showing of the film, “Margin Call.” Watch the video of panel discussion.
The Ursinus Business and Economics Department’s forum explored lessons learned from the 2008 economic crisis, with specific focus on the future of the industry and the impact of new regulations. Rep. Meehan, who represents Pennsylvania’s 7th Congressional District in the U.S. Congress, offered a national perspective of the current economic landscape.
Elected in 2010, Congressman Meehan serves on the Oversight and Government Reform, Homeland Security and Transportation and Infrastructure Committees. As a member of the Homeland Security Committee, Congressman Meehan was appointed Chairman of the Subcommittee on Counterterrorism and Intelligence. Prior to his election, Rep. Meehan served as the U.S. Attorney for the Eastern District of Pennsylvania, and earlier, as District Attorney of Delaware County. A native of Cheltenham, Montgomery County, Meehan is a graduate of Bowdoin College and the Temple University School of Law.
Joseph John Bridy, Partner and Fixed Income Portfolio Manager at Hamlin Capital Management, New York, N.Y.
A graduate of Bucknell University and Cornell University Johnson Graduate School of Management, Bridy joined Hamlin in 2004, where he manages the Fixed Income Team.
Prior to Hamlin, Mr. Bridy was an analyst in the Fixed Income Division at Goldman Sachs and worked as an equity trader and junior portfolio manager at Oscar Capital LLC, a long-short equity hedge fund, founded by former Goldman Sachs executives. At Cornell, Mr. Bridy was awarded the AHA scholarship honoring academic excellence and the Dean’s Leading Edge Award recognizing his outstanding contribution to the business school community. He is a Trustee at Berea College.
Thomas J. Cowhey, CFA, Chief Investment Strategist at Hirtle, Callaghan & Company, New York, NY
Mr. Cowhey is a graduate of Villanova University with a BS in Civil Engineering and an MBA from Villanova’s School of Business. He is the Chief Investment Strategist at Hirtle, Callaghan & Co. Prior to joining Hirtle Callaghan, Mr. Cowhey was the Executive Director-Trust Asset Management for Bell Atlantic’s $15 Billion Employee Benefit Plans. He is a CFA charter holder, a member of the CFA Institute, and a Registered Professional Engineer. Mr. Cowhey is the firm’s Chief Portfolio Strategist and chairs the Investment Policy Committee.
Saly A. Glassman, Managing Director of Investments at Merrill Lynch, Blue Bell, PA
Saly A. Glassman is the Managing Director of Investments at Merrill Lynch. Ms. Glassman joined Merrill Lynch in 1980 after graduating from Cornell University. As a managing director, she invests more than $3 billion for high net worth individuals, families and corporations. She designed and implemented a custom affinity group 401(k) plan, and developed a segment of her practice specifically for retirement planning for businesses. Since The Barron’s Winner’s Circle was initiated, Ms. Glassman has been listed consistently in the top third of Barron’s 100 Best Brokers. She is listed #1 in the 2008 Top 100 Woman Financial Advisors, and in 2009 a state by state ranking is listed #1 for the Commonwealth of Pennsylvania. She has also been a Faculty Member of Wharton’s Securities Industry Institute. She is the parent of an Ursinus student.
David E. Sparks, Chairman, President and Chief Executive Officer, First Priority Financial Corporation, Malvern, PA
Mr. Sparks began his career as a CPA with Coopers & Lybrand before joining to Provident National Corporation in Philadelphia where he managed all the financial functions as Chief Financial Officer. He then managed the mergers and acquisition and strategic planning at Midlantic Corp. (Edison, N.J.) before leaving in 1989 to join Meridian Bancorp in Reading, PA as Vice Chairman and CFO. He was elected to the Meridian Board of Directors in 1993. After he company’s merger with CoreStates Financial Corp. in 1996, he served as Chief Financial Officer of Dime Savings Bank in New York City before he founded Millennium Bank in 1998, which was sold to Harleysville National Corporation in 2004. In 2005 he founded First Priority Bank where he serves as its Chairman, President and CEO, and serves as the Chairman, President and CEO of First Priority Financial Corp. He is a graduate of Furman University, Greenville, S.C., and completed the Harvard University Management Program.
The film Margin Call (2011), an Oscar nominee for best screenplay, depicts a fictional investment bank in the early stages of the subprime mortgage crisis. As it tracks the key players at the firm over a 24-hour period, the film portrays the financial industry as its leaders confront decisions that shape our global future. Greed and incompetence are on full display, but at the same time, the film puts a human face often faceless “Wall Street” blamed for this crisis.
In addition to the Business and Economics Department, student groups SIFE (Students in Free Enterprise) and the Investment Club, and the Ursinus College Arts & Lecture Series sponsored the event.