David Malpass
Encyclopedia
David R. Malpass is an American economist
and also ran in the 2010 Republican
primary for U.S. Senate in New York
. He is the founder and president of Encima Global LLC, an economic research and consulting firm based in New York City
. He served as Deputy Assistant Treasury Secretary under President Ronald Reagan
, Deputy Assistant Secretary of State under President George H. W. Bush
, and Chief Economist at Bear Stearns
. Malpass campaigned to unseat appointed Senator Kirsten Gillibrand
in the 2010 U.S. Senate Special Election in New York
, but he lost the Republican primary on September 14, 2010.
on April 15, 2010.
Malpass won a place on the primary ballot at the 2010 New York GOP Convention with the support of 33 out of 62 counties statewide, more than any other candidate. He earned 41% of the weighted vote on the first ballot. Malpass was opposed by Bruce Blakeman, a former Nassau county legislator and unsuccessful candidate for state comptroller, and former Congressman Joseph DioGuardi, the Conservative Party of New York State nominee who petitioned for his position on the primary ballot.
In the primary held on 14 September 2010 DioGuardi defeated Malpass 42% to 38%, with Blakeman receiving 21%.
On June 4, 2010, the New York Sun
endorsed Malpass in an editorial. The same editorial cited Blakeman in Nassau County's budget crisis and tax increases.
On September 1, 2010, the New York Post
endorsed Malpass in an editorial. The same editorial criticized Malpass' potential opponent on the Democratic side, Kristen Gillibrand.
Malpass' Senate bid has been endorsed by former presidential candidate, Steve Forbes
, who appeared with Malpass and other supporters when Malpass announced his campaign.
John Faso
, a former gubernatorial candidate, has endorsed Malpass and appeared at his campaign announcement.
On September 12, 2010 David Malpass received the endorsement of Crain's New York Business: "The last thing New York needs is a Wizard-of-Oz candidacy in which our junior senator ignores her challenger and does her talking in 30-second commercials. Mr. Malpass has the wherewithal to engage her, and we endorse him in the Republican primary..."
Westchester Rising Publications endorsed David Malpass on September 12, 2010: "The Republican Party in New York State needs new leadership and new candidates to tap into voter discontent over taxes, spending and debt here in New York State and in Washington DC. In the GOP Primary for U.S. Senate, to determine who will face off against Democrat Senator Kirsten Gillibrand, we endorse David Malpass."
Malpass lost the primary election.
Malpass worked at Bear Stearns
for 15 years and spent six of those years as the firm's chief economist. Malpass' team ranked second in the Institutional Investor ranking of Wall Street economists in 2005, 2006, and 2007, however, Bearn Stearns investors lost 93 percent of their share value when the company signed a merger agreement with JP Morgan Chase in a stock swap worth $2 per share (less than 7 percent of Bear Stearns market value just two days before). During his tenure as chief economist of Bear Stearns up through 2008, the firm sought $25 billion dollars in bailout money from the Federal Reserve, and eventually the collapse of two subprime mortgage hedge funds led to the implosion of the company. In December of 2007, Malpass rejected the notion of an impending housing-led recession and in an ill-timed op-ed piece in the Wall Street Journal, Malpass argued that the economy was sound, the credit crisis was contained, and the American economy was fine in August of 2007.
After the collapse of Bear Stearns, Malpass founded Encima Global in June 2008. As head of Encima Global, Malpass provides daily in-depth analysis of global economic and political trends relevant to institutional investors.
Malpass co-authors a weekly column in Forbes magazine and is a regular contributor to the op-ed section of the Wall Street Journal. He is also a frequent TV commentator.
From 1977 to 1983 Malpass worked in Portland Oregon for Esco Corporation (steel), Arthur Andersen
(where he became a licensed CPA), and Consolidated Supply (plumbing wholesaler.)
Malpass sits on the boards of the Economic Club of New York
and the National Committee on United States-China Relations
.
from Colorado College
and an MBA from the University of Denver
. He studied international economics at Georgetown University
’s School of Foreign Service. He speaks Spanish, Russian, and French.
with their four children. They have been residents of New York for nearly two decades. Malpass is a native of northern Michigan.
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and also ran in the 2010 Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
primary for U.S. Senate in New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
. He is the founder and president of Encima Global LLC, an economic research and consulting firm based in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. He served as Deputy Assistant Treasury Secretary under President Ronald Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
, Deputy Assistant Secretary of State under President George H. W. Bush
George H. W. Bush
George Herbert Walker Bush is an American politician who served as the 41st President of the United States . He had previously served as the 43rd Vice President of the United States , a congressman, an ambassador, and Director of Central Intelligence.Bush was born in Milton, Massachusetts, to...
, and Chief Economist at Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
. Malpass campaigned to unseat appointed Senator Kirsten Gillibrand
Kirsten Gillibrand
Kirsten Elizabeth Rutnik Gillibrand is an attorney and the junior United States Senator from the state of New York and a member of the Democratic Party...
in the 2010 U.S. Senate Special Election in New York
United States Senate special election in New York, 2010
The 2010 United States Senate special election in New York took place on November 2, 2010, concurrently with other elections to the United States Senate in other states as well as elections to the United States House of Representatives and various state and local elections...
, but he lost the Republican primary on September 14, 2010.
Chairman of GrowPac
David Malpass is the Chairman of GrowPac.com, a political organization dedicated to renewing America’s commitment to smaller government, individual freedom, private sector growth and strong national security. When founded in October 2010, Grow PAC's immediate objective was to help elect members of Congress who will stop the uncontrolled federal spending and debt increases and encourage private sector job growth in New York. It's broader purpose is to support positive ideas and candidates nationwide to meet the hard challenges facing our country. Grow PAC will work with private sector leaders, the policy world, and candidates and elected officials to produce concrete workable solutions.U.S. Senate campaign (2010)
David Malpass announced his campaign to unseat Senator Kirsten Gillibrand (D)Kirsten Gillibrand
Kirsten Elizabeth Rutnik Gillibrand is an attorney and the junior United States Senator from the state of New York and a member of the Democratic Party...
on April 15, 2010.
Malpass won a place on the primary ballot at the 2010 New York GOP Convention with the support of 33 out of 62 counties statewide, more than any other candidate. He earned 41% of the weighted vote on the first ballot. Malpass was opposed by Bruce Blakeman, a former Nassau county legislator and unsuccessful candidate for state comptroller, and former Congressman Joseph DioGuardi, the Conservative Party of New York State nominee who petitioned for his position on the primary ballot.
In the primary held on 14 September 2010 DioGuardi defeated Malpass 42% to 38%, with Blakeman receiving 21%.
Government waste
As a columnist, Malpass has been a critic of government spending and taxation levels in the United States. He has referred to Washington’s legislative and regulatory culture as being “possessed” by a “culture of tax-and-spend” (Washington Possessed), and has warned that Washington’s ongoing expansion threatens to bring about “a fundamental deterioration in America’s private sector.” He has written that “[S]mall businesses are the nation’s critical engine for growth, innovation and job creation, yet they are being starved for credit and slammed with more taxes, government directives and litigation exposure”Financial reform
In a National Review column on March 19, 2010, Malpass stated that the financial regulation bill then under consideration would “add more to Washington’s power and bureaucracy without fixing core problems.” He wrote, "Rather than creating a new oversight department that expands Washington’s regulatory power, it would be better to use this opportunity – per the Obama Administration’s notion of not letting a crisis go to waste – to streamline and concentrate the many existing consumer financial regulations in one place”.Healthcare
The National Review reports that Malpass “calls for defunding Obamacare and having Congress look at health-care challenges, such as preexisting conditions, one at a time. He has advocated for tort reform, to help rein in costly litigiousness, and such pro-consumer measures as tax-free health savings accounts”.Endorsements and supporters
Former Mayor Rudy Giuliani endorsed David Malpass on September 7, 2010, who praises him as a "lifelong fiscal conservative" who's the best choice to take on incumbent Democratic Sen. Kirsten Gillibrand in November.On June 4, 2010, the New York Sun
New York Sun
The New York Sun was a weekday daily newspaper published in New York City from 2002 to 2008. When it debuted on April 16, 2002, adopting the name, motto, and masthead of an otherwise unrelated earlier New York paper, The Sun , it became the first general-interest broadsheet newspaper to be started...
endorsed Malpass in an editorial. The same editorial cited Blakeman in Nassau County's budget crisis and tax increases.
On September 1, 2010, the New York Post
New York Post
The New York Post is the 13th-oldest newspaper published in the United States and is generally acknowledged as the oldest to have been published continuously as a daily, although – as is the case with most other papers – its publication has been periodically interrupted by labor actions...
endorsed Malpass in an editorial. The same editorial criticized Malpass' potential opponent on the Democratic side, Kristen Gillibrand.
Malpass' Senate bid has been endorsed by former presidential candidate, Steve Forbes
Steve Forbes
Malcolm Stevenson "Steve" Forbes, Jr. is an American editor, publisher, and businessman. He is the editor-in-chief of business magazine Forbes as well as president and chief executive officer of its publisher, Forbes Inc. He was a Republican candidate in the U.S. Presidential primaries in 1996...
, who appeared with Malpass and other supporters when Malpass announced his campaign.
John Faso
John Faso
John Faso was the Republican nominee for Governor of New York in 2006, and was defeated by Democratic nominee Eliot Spitzer in the largest defeat for a Republican gubernatorial candidate in the state's history. This followed his loss to Alan Hevesi four years earlier in his run for State Comptroller...
, a former gubernatorial candidate, has endorsed Malpass and appeared at his campaign announcement.
On September 12, 2010 David Malpass received the endorsement of Crain's New York Business: "The last thing New York needs is a Wizard-of-Oz candidacy in which our junior senator ignores her challenger and does her talking in 30-second commercials. Mr. Malpass has the wherewithal to engage her, and we endorse him in the Republican primary..."
Westchester Rising Publications endorsed David Malpass on September 12, 2010: "The Republican Party in New York State needs new leadership and new candidates to tap into voter discontent over taxes, spending and debt here in New York State and in Washington DC. In the GOP Primary for U.S. Senate, to determine who will face off against Democrat Senator Kirsten Gillibrand, we endorse David Malpass."
Malpass lost the primary election.
Career
During the presidencies of Ronald Reagan and George H. W. Bush, Malpass worked on an array of economic, budget, and foreign policy issues including small business promotion throughout Latin America, and the 1986 tax cut. Malpass served as the Republican staff director of Congress’s Joint Economic Committee from 1989–1990, and, more recently, as a member of Congress’s blue-ribbon panel on budget scoring from 2002-2003.Malpass worked at Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
for 15 years and spent six of those years as the firm's chief economist. Malpass' team ranked second in the Institutional Investor ranking of Wall Street economists in 2005, 2006, and 2007, however, Bearn Stearns investors lost 93 percent of their share value when the company signed a merger agreement with JP Morgan Chase in a stock swap worth $2 per share (less than 7 percent of Bear Stearns market value just two days before). During his tenure as chief economist of Bear Stearns up through 2008, the firm sought $25 billion dollars in bailout money from the Federal Reserve, and eventually the collapse of two subprime mortgage hedge funds led to the implosion of the company. In December of 2007, Malpass rejected the notion of an impending housing-led recession and in an ill-timed op-ed piece in the Wall Street Journal, Malpass argued that the economy was sound, the credit crisis was contained, and the American economy was fine in August of 2007.
After the collapse of Bear Stearns, Malpass founded Encima Global in June 2008. As head of Encima Global, Malpass provides daily in-depth analysis of global economic and political trends relevant to institutional investors.
Malpass co-authors a weekly column in Forbes magazine and is a regular contributor to the op-ed section of the Wall Street Journal. He is also a frequent TV commentator.
From 1977 to 1983 Malpass worked in Portland Oregon for Esco Corporation (steel), Arthur Andersen
Arthur Andersen
Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms among PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG, providing auditing, tax, and consulting services to large corporations...
(where he became a licensed CPA), and Consolidated Supply (plumbing wholesaler.)
Malpass sits on the boards of the Economic Club of New York
Economic Club of New York
The Economic Club of New York is an American nonprofit and nonpartisan membership organization dedicated to promoting the study and discussion of social, economic and political questions...
and the National Committee on United States-China Relations
National Committee on United States-China Relations
The National Committee on United States China Relations is a nonprofit organization that encourages understanding and cooperation between the United States and Greater China in the belief that sound and productive Sino-American relations serve vital American and world interests.-Mission:For more...
.
Education
Malpass holds a BA in physicsPhysics
Physics is a natural science that involves the study of matter and its motion through spacetime, along with related concepts such as energy and force. More broadly, it is the general analysis of nature, conducted in order to understand how the universe behaves.Physics is one of the oldest academic...
from Colorado College
Colorado College
The Colorado College is a private liberal arts college in Colorado Springs, Colorado, United States, in the foothills of the Rocky Mountains. It was founded in 1874 by Thomas Nelson Haskell...
and an MBA from the University of Denver
University of Denver
The University of Denver is currently ranked 82nd among all public and private "National Universities" by U.S. News & World Report in the 2012 rankings....
. He studied international economics at Georgetown University
Georgetown University
Georgetown University is a private, Jesuit, research university whose main campus is in the Georgetown neighborhood of Washington, D.C. Founded in 1789, it is the oldest Catholic university in the United States...
’s School of Foreign Service. He speaks Spanish, Russian, and French.
Personal life
Malpass and his wife, Adele, live in New York CityNew York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
with their four children. They have been residents of New York for nearly two decades. Malpass is a native of northern Michigan.
External links
- David Malpass for U.S. Senate (Official Campaign Website)
- Encima Global
- David Malpass for the GOP
- Malpass First on the Air in Senate Race
- GOP Senate Hopeful Targets Debt
- David Malpass Runs for Senate
- Senate Candidate Outlines His Strengths
- Kudlow to Malpass: 'Run David, Run!'
- Don't Panic About the Credit Market, David Malpass, 2007
- More Corruption: Bear Stearns Falsified Information as Raters Shrugged