Eric R. Dinallo
Encyclopedia
Eric R. Dinallo is currently a partner at the law firm Debevoise & Plimpton LLP
. Formerly Superintendent of Insurance for New York State, he was nominated by Governor Eliot Spitzer
and confirmed by the New York State Senate
on April 18, 2007 as the 39th Superintendent of the New York State Insurance Department
. On May 28, 2009 he announced his resignation and subsequently left state government service to become a visiting professor at New York University
's Stern School of Business
. On August 24, 2009, Dinallo announced that he was preparing for a possible campaign for the elected office of New York State Attorney General. He was defeated in the primary on September 14, 2010.
in 1985 with a major in Philosophy, and earned a Masters degree from Duke University
's School of Public Policy
in 1987. He then attended New York University Law School where he was an editor of the New York University
Law Review
and Essay Editor and a member of the Order of the Coif
. He obtained his J.D. in 1990. He then clerked with the Honorable David M. Ebel
of the United States Court of Appeals, Tenth Circuit in Denver.
Dinallo lives in Manhattan with his wife, Priscilla Almodovar, where they have two children, Robert and Amelia.
Dinallo's father, Greg, was a writer for TV shows like "Quincy M.E." and "Knight Rider" and wrote an episode for "The Six Million Dollar Man" involving Bigfoot.
While Superintendent of Insurance for New York State, Dinallo's accomplishments included resolving a dispute over insurance settlements for the World Trade Center complex
, a dispute that had lasted five and a half years. For his work in the New York Insurance Department, Dinallo was named one of the 25 "Dealmakers of the Year" in 2009 by The American Lawyer
law magazine, which stated that although he "may have a less-than-inspiring job title...his impact has been impressive." Additionally, he received the 2008 “Esprit de Corps Award” by the National Association of Insurance Commissioners
(NAIC), who said, "Under the leadership of Superintendent Eric Dinallo, New York was instrumental in working with Pennsylvania and other states in mobilizing the NAIC's pursuit of consumer protection during the AIG situation."
Dinallo also was named by Governor Eliot Spitzer to lead the state's efforts to reform workers' compensation insurance and medical malpractice insurance. He chaired the Blue Ribbon commission charged with reviewing and modernizing New York's financial services regulatory structure, an effort largely derailed by the Great Recession of 2008 to 2009.
Dinallo joined the Insurance Department from Willis Group Holdings
. Since 2006, he had been General Counsel for the company, the world’s third largest insurance broker
. A member of the Partners Group, the company’s global executive management committee, he was the primary legal advisor on value creation matters. His responsibilities included supervising General Counsels, Global Compliance and the Internal Audit Department, as well as implementing corporate strategies, policies and procedures to ensure the effective management of regulatory and litigation matters.
From 2003 to 2006, Dinallo was the Managing Director, Global Head of Regulatory Affairs for Morgan Stanley
. He designed and led top-to-bottom reviews of conflicts and business practices, achieving a major shift in the firm-wide regulatory strategy. At Morgan Stanley, Dinallo chaired the Global Conflicts Committee and was the Managing Director on the Law Department Diversity Committee. He was also a member of the Franchise Committee and the Operational Risk Group.
Dinallo served at the Office of Attorney General
Eliot Spitzer from 1999 to 2003. As Chief of the Securities Bureau, he was charged with combining that bureau with the Real Estate Finance Bureau. The resulting Bureau was named the Investment Protection Bureau to reflect its focus, and Dinallo was named its first Chief. In that capacity, he led the reinvigorated Bureau’s investigations into the Wall Street Cases – conflicts of interest in the financial services
industry, including research analyst cases and the spinning of hot initial public offerings. Notably, Dinallo won a court order requiring Merrill Lynch & Co. to overhaul its research practices. Among other requirements levied by the court, the firm was forced to disclose in analysts' reports when it was seeking investment-banking business from companies whose stocks were being rated. Overall, he produced more than 40 major civil and criminal matters, and led the Bureau through the beginning of the mutual fund industry investigations.
Before joining the Attorney General’s office, Dinallo served as an Assistant District Attorney in the New York County District Attorney’s office from 1995 to 1999. He had primary responsibility for securities fraud and white collar and insider trading
investigations and trial.
Before that he was a Litigation Associate with the Manhattan law firm of Paul, Weiss, Rifkin, Wharton & Garrison from 1991 to 1995.
. The position is currently held by Attorney General Andrew Cuomo
, who is running for New York Governor instead of seeking reelection. Addressing the possibility that Cuomo might run for reelection instead, Dinallo has stated, "I will only consider seeking the office if Andrew Cuomo does not seek a second term." Dinallo also indicated that he would return campaign contributions back to their donors in this scenario, saying, "Obviously, New Yorkers have the right to a well-prepared candidate, which includes fund-raising. If there’s no race and there’s money that’s left over, which I assume there would be, there’s no reason not to return that money." Between August and January, the months leading up to the first reporting period of his potential campaign, Dinallo raised over $1.75 million, which included $1.3 million raised in the final six weeks.
Dinallo's campaign pitch was that he is already familiar with the office, having served under then-Attorney General Eliot Spitzer, but announced his intention to remake the office so that it reallocates resources to "focus on consumer – and investor-based cases that go to people’s everyday financial lives – their phone bills, their credits cards, their mortgages."
In an op-ed piece for the New York Daily News
, Dinallo called for New York farmworkers to receive disability insurance
, sick leave
, days of rest to attend religious services, unemployment insurance, and overtime pay, benefits common to farmworkers in other states such as California and New Jersey. Dinallo championed a legal solution to the problem if a legislative one falls through, stating, "If Albany legislators don't fix the problem, the justice system will have to take this into its own hands."
During the campaign, Dinallo called on Congress to repeal two specific pieces of legislation to increase financial stability: the Gramm-Leach-Bliley Act
of 1999, which repealed the Glass–Steagall Act and allowed for mergers of traditional banks with investment banks, and the Commodity Futures Modernization Act of 2000
, which deregulated the derivatives market. "They were profound, once-in-a-century missteps" that "destroyed our economy," Mr. Dinallo said.
The New York State primary was held on September 14, 2010, and the winner was Eric Schneiderman
Dinallo's other competitors included Sean Coffey
, Eric Schneiderman
, and Kathleen Rice
.
Debevoise & Plimpton
Debevoise & Plimpton LLP is a prominent international law firm based in New York City. Founded in 1931 by Eli Whitney Debevoise and William Stevenson, Debevoise has been a long established leader in corporate litigation and large financial transactions. In recent years, its practice has taken on an...
. Formerly Superintendent of Insurance for New York State, he was nominated by Governor Eliot Spitzer
Eliot Spitzer
Eliot Laurence Spitzer is an American lawyer, former Democratic Party politician, and political commentator. He was the co-host of In the Arena, a talk-show and punditry forum broadcast on CNN until CNN cancelled his show in July of 2011...
and confirmed by the New York State Senate
New York State Senate
The New York State Senate is one of two houses in the New York State Legislature and has members each elected to two-year terms. There are no limits on the number of terms one may serve...
on April 18, 2007 as the 39th Superintendent of the New York State Insurance Department
New York State Insurance Department
The New York State Insurance Department is the State regulating agency responsible for supervising and regulating all insurance business in New York State. It is regarded in the industry as one of the most state-of-the-art insurance regulating agencies. The Superintendent is James J...
. On May 28, 2009 he announced his resignation and subsequently left state government service to become a visiting professor at New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
's Stern School of Business
New York University Stern School of Business
The Leonard N. Stern School of Business is New York University's business school. It was established in 1900 as the NYU School of Commerce, Accounts and Finance. In 1988 it was named after Leonard N. Stern, an alumnus and benefactor of the school...
. On August 24, 2009, Dinallo announced that he was preparing for a possible campaign for the elected office of New York State Attorney General. He was defeated in the primary on September 14, 2010.
Background and education
Dinallo graduated from Vassar CollegeVassar College
Vassar College is a private, coeducational liberal arts college in the town of Poughkeepsie, New York, in the United States. The Vassar campus comprises over and more than 100 buildings, including four National Historic Landmarks, ranging in style from Collegiate Gothic to International,...
in 1985 with a major in Philosophy, and earned a Masters degree from Duke University
Duke University
Duke University is a private research university located in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present day town of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco industrialist James B...
's School of Public Policy
Public policy
Public policy as government action is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs. In general, the foundation is the pertinent national and...
in 1987. He then attended New York University Law School where he was an editor of the New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
Law Review
Law review
A law review is a scholarly journal focusing on legal issues, normally published by an organization of students at a law school or through a bar association...
and Essay Editor and a member of the Order of the Coif
Order of the Coif
The Order of the Coif is an honor society for United States law school graduates. A student at an American law school who earns a Juris Doctor degree and graduates in the top 10 percent of his or her class is eligible for membership if the student's law school has a chapter of the...
. He obtained his J.D. in 1990. He then clerked with the Honorable David M. Ebel
David M. Ebel
David M. Ebel is a federal appellate judge who has served on the United States Court of Appeals for the Tenth Circuit since 1988.-Education and Legal Training:...
of the United States Court of Appeals, Tenth Circuit in Denver.
Dinallo lives in Manhattan with his wife, Priscilla Almodovar, where they have two children, Robert and Amelia.
Dinallo's father, Greg, was a writer for TV shows like "Quincy M.E." and "Knight Rider" and wrote an episode for "The Six Million Dollar Man" involving Bigfoot.
Career
At Debevoise & Plimpton, Dinallo represents clients throughout the financial services sector and provides counseling on a broad range of matters, including government and internal investigations, enforcement actions, litigation and compliance matters, and regulatory and strategic legal advice on mergers and acquisitions and other corporate transactions.While Superintendent of Insurance for New York State, Dinallo's accomplishments included resolving a dispute over insurance settlements for the World Trade Center complex
World Trade Center site
The World Trade Center site , also known as "Ground Zero" after the September 11 attacks, sits on in Lower Manhattan in New York City...
, a dispute that had lasted five and a half years. For his work in the New York Insurance Department, Dinallo was named one of the 25 "Dealmakers of the Year" in 2009 by The American Lawyer
The American Lawyer
The American Lawyer is a monthly law magazine published by ALM. It was founded in 1979 by Steven Brill. Features include the annual AmLaw 100 Survey and AmLaw 200 Survey , "The View From the Top", their annual poll of law firm chairpersons, and their "Corporate Scorecard"...
law magazine, which stated that although he "may have a less-than-inspiring job title...his impact has been impressive." Additionally, he received the 2008 “Esprit de Corps Award” by the National Association of Insurance Commissioners
National Association of Insurance Commissioners
The National Association of Insurance Commissioners is an Internal Revenue Code Section 501 non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. The NAIC was formed in 1871. Its current...
(NAIC), who said, "Under the leadership of Superintendent Eric Dinallo, New York was instrumental in working with Pennsylvania and other states in mobilizing the NAIC's pursuit of consumer protection during the AIG situation."
Dinallo also was named by Governor Eliot Spitzer to lead the state's efforts to reform workers' compensation insurance and medical malpractice insurance. He chaired the Blue Ribbon commission charged with reviewing and modernizing New York's financial services regulatory structure, an effort largely derailed by the Great Recession of 2008 to 2009.
Dinallo joined the Insurance Department from Willis Group Holdings
Willis Group Holdings
Willis Group Holdings is a global insurance broker headquartered in the Willis Building, London, United Kingdom. It has more than 400 offices in 120 countries, and approximately 17,000 employees...
. Since 2006, he had been General Counsel for the company, the world’s third largest insurance broker
Insurance broker
An insurance broker finds sources for contracts of insurance on behalf of their customers. The three largest insurance brokers in the world, by revenue, are Aon, Marsh & McLennan, and Willis Group Holdings.-Purpose of insurance brokers:...
. A member of the Partners Group, the company’s global executive management committee, he was the primary legal advisor on value creation matters. His responsibilities included supervising General Counsels, Global Compliance and the Internal Audit Department, as well as implementing corporate strategies, policies and procedures to ensure the effective management of regulatory and litigation matters.
From 2003 to 2006, Dinallo was the Managing Director, Global Head of Regulatory Affairs for Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
. He designed and led top-to-bottom reviews of conflicts and business practices, achieving a major shift in the firm-wide regulatory strategy. At Morgan Stanley, Dinallo chaired the Global Conflicts Committee and was the Managing Director on the Law Department Diversity Committee. He was also a member of the Franchise Committee and the Operational Risk Group.
Dinallo served at the Office of Attorney General
Attorney General
In most common law jurisdictions, the attorney general, or attorney-general, is the main legal advisor to the government, and in some jurisdictions he or she may also have executive responsibility for law enforcement or responsibility for public prosecutions.The term is used to refer to any person...
Eliot Spitzer from 1999 to 2003. As Chief of the Securities Bureau, he was charged with combining that bureau with the Real Estate Finance Bureau. The resulting Bureau was named the Investment Protection Bureau to reflect its focus, and Dinallo was named its first Chief. In that capacity, he led the reinvigorated Bureau’s investigations into the Wall Street Cases – conflicts of interest in the financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
industry, including research analyst cases and the spinning of hot initial public offerings. Notably, Dinallo won a court order requiring Merrill Lynch & Co. to overhaul its research practices. Among other requirements levied by the court, the firm was forced to disclose in analysts' reports when it was seeking investment-banking business from companies whose stocks were being rated. Overall, he produced more than 40 major civil and criminal matters, and led the Bureau through the beginning of the mutual fund industry investigations.
Before joining the Attorney General’s office, Dinallo served as an Assistant District Attorney in the New York County District Attorney’s office from 1995 to 1999. He had primary responsibility for securities fraud and white collar and insider trading
Insider trading
Insider trading is the trading of a corporation's stock or other securities by individuals with potential access to non-public information about the company...
investigations and trial.
Before that he was a Litigation Associate with the Manhattan law firm of Paul, Weiss, Rifkin, Wharton & Garrison from 1991 to 1995.
Campaign for New York State Attorney General
In August, 2009, Dinallo announced his intention to pursue the Democratic nomination for New York State Attorney GeneralNew York State Attorney General
The New York State Attorney General is the chief legal officer of the State of New York. The office has been in existence in some form since 1626, under the Dutch colonial government of New York.The current Attorney General is Eric Schneiderman...
. The position is currently held by Attorney General Andrew Cuomo
Andrew Cuomo
Andrew Mark Cuomo is the 56th and current Governor of New York, having assumed office on January 1, 2011. A member of the Democratic Party, he was the 64th New York State Attorney General, and was the 11th United States Secretary of Housing and Urban Development...
, who is running for New York Governor instead of seeking reelection. Addressing the possibility that Cuomo might run for reelection instead, Dinallo has stated, "I will only consider seeking the office if Andrew Cuomo does not seek a second term." Dinallo also indicated that he would return campaign contributions back to their donors in this scenario, saying, "Obviously, New Yorkers have the right to a well-prepared candidate, which includes fund-raising. If there’s no race and there’s money that’s left over, which I assume there would be, there’s no reason not to return that money." Between August and January, the months leading up to the first reporting period of his potential campaign, Dinallo raised over $1.75 million, which included $1.3 million raised in the final six weeks.
Dinallo's campaign pitch was that he is already familiar with the office, having served under then-Attorney General Eliot Spitzer, but announced his intention to remake the office so that it reallocates resources to "focus on consumer – and investor-based cases that go to people’s everyday financial lives – their phone bills, their credits cards, their mortgages."
In an op-ed piece for the New York Daily News
New York Daily News
The Daily News of New York City is the fourth most widely circulated daily newspaper in the United States with a daily circulation of 605,677, as of November 1, 2011....
, Dinallo called for New York farmworkers to receive disability insurance
Disability insurance
Disability Insurance, often called DI or disability income insurance, is a form of insurance that insures the beneficiary's earned income against the risk that a disability will make working uncomfortable , painful , or impossible...
, sick leave
Sick leave
Sick leave is time off from work that workers can use during periods of temporary illness to stay home and address their health and safety needs without losing pay. Some workplaces offer paid sick time as a matter of workplace policy, and in few jurisdictions it is codified into law...
, days of rest to attend religious services, unemployment insurance, and overtime pay, benefits common to farmworkers in other states such as California and New Jersey. Dinallo championed a legal solution to the problem if a legislative one falls through, stating, "If Albany legislators don't fix the problem, the justice system will have to take this into its own hands."
During the campaign, Dinallo called on Congress to repeal two specific pieces of legislation to increase financial stability: the Gramm-Leach-Bliley Act
Gramm-Leach-Bliley Act
The Gramm–Leach–Bliley Act , also known as the Financial Services Modernization Act of 1999, is an act of the 106th United States Congress...
of 1999, which repealed the Glass–Steagall Act and allowed for mergers of traditional banks with investment banks, and the Commodity Futures Modernization Act of 2000
Commodity Futures Modernization Act of 2000
The Commodity Futures Modernization Act of 2000 is United States federal legislation that officially ensured the deregulation of financial products known as over-the-counter derivatives. It was signed into law on December 21, 2000 by President Bill Clinton...
, which deregulated the derivatives market. "They were profound, once-in-a-century missteps" that "destroyed our economy," Mr. Dinallo said.
The New York State primary was held on September 14, 2010, and the winner was Eric Schneiderman
Eric Schneiderman
Eric T. Schneiderman is the 65th and current New York Attorney General.-Early life, education, and early career:Schneiderman graduated from Amherst College in 1977 with a B.A...
Dinallo's other competitors included Sean Coffey
Sean Coffey
John P. Coffey is a retired Navy Captain and former federal prosecutor. A former Assistant U.S. Attorney in the Southern District of New York, Bloomberg Markets dubbed Coffey "Wall Street's New Nemesis," after he led the lawsuit against WorldCom on behalf of the New York State Common Retirement Fund...
, Eric Schneiderman
Eric Schneiderman
Eric T. Schneiderman is the 65th and current New York Attorney General.-Early life, education, and early career:Schneiderman graduated from Amherst College in 1977 with a B.A...
, and Kathleen Rice
Kathleen Rice
Kathleen Maura Rice is the current Nassau County District Attorney. In November 2005, Rice defeated 31-year-incumbent Denis E. Dillon to become the first female district attorney of Nassau.-Early life and education:...
.
External links
- The Dinallo for Attorney General campaign website.
- Eric R. Dinallo Joins Debevoise