Roger C. Kormendi
Encyclopedia
Dr. Roger C. Kormendi (July 24, 1949-February 25, 2009) was an American economist who conducted important research studies in several areas of macroeconomics and finance. A long-time senior member of the Graduate School of Business faculties at the University of Chicago
and the University of Michigan
, he was the author of over fifty scholarly books and articles.
, and in 1971 from the University of Virginia
with High Honors in Economics. He earned a Ph.D. in Economics in 1977 from the University of California, Los Angeles
, where he was a Chancellor’s Intern Fellow.
, and there he led several cutting-edge research projects in areas of then-current economic or financial crises. Among these were Deregulating Financial Services: Public Policy in Flux in 1986 and Black Monday and the Future of Financial Markets in 1989. The most influential, however, was the Institute’s publication of Crisis Resolution in the Thrift Industry in 1989, just as Congress was confronting the savings and loan crisis
. Its analysis and recommendations were incorporated in many respects both in the legislation passed to address the crisis, the Financial Institutions Reform, Recovery and Enforcement Act of 1989
, or FIRREA, and in the policies adopted by the federal agency created by FIRREA, Resolution Trust Corporation
, which conducted the thrift clean-up.
Dr. Kormendi co-founded Kormendi \ Gardner Partners, known as KGP, a financial advisory firm based in Washington, D.C. At KGP, Dr. Kormendi directed and co-directed many innovative financial engagements for public and private clients. Among these were the first “pipeline sale” public-private partnership for the Department of Defense, the renegotiation of the largest federally assisted acquisition of a failed thrift for the Resolution Trust Corporation
("RTC"), the first variable equity retained interest transactions (also for RTC), and the first plan for distributing a Sarbanes-Oxley Fair Fund established to compensate investors in variable annuity funds harmed by illegal trading by market timers for the Securities and Exchange Commission. In addition, Dr. Kormendi led the KGP team that advised a private client on its effort to re-capitalize Credit Foncier de France, a historic bank owned by the French government.
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
and the University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
, he was the author of over fifty scholarly books and articles.
Early life and education
Roger Charles Kormendi was born on July 24, 1949 in New York. He was the only child of his late parents, Andre and Irene Kormendi. He graduated in 1967 from Woodson High School in Falls Church, VirginiaFalls Church, Virginia
The City of Falls Church is an independent city in Virginia, United States, in the Washington Metropolitan Area. The city population was 12,332 in 2010, up from 10,377 in 2000. Taking its name from The Falls Church, an 18th-century Anglican parish, Falls Church gained township status within...
, and in 1971 from the University of Virginia
University of Virginia
The University of Virginia is a public research university located in Charlottesville, Virginia, United States, founded by Thomas Jefferson...
with High Honors in Economics. He earned a Ph.D. in Economics in 1977 from the University of California, Los Angeles
University of California, Los Angeles
The University of California, Los Angeles is a public research university located in the Westwood neighborhood of Los Angeles, California, USA. It was founded in 1919 as the "Southern Branch" of the University of California and is the second oldest of the ten campuses...
, where he was a Chancellor’s Intern Fellow.
Career
His early work focused on macroeconomic monetary and fiscal policy, and helped to form the current understanding of the effect of deficit spending on economic cycles. Later he founded Mid-America Institute for Public Policy Research while at the University of ChicagoUniversity of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
, and there he led several cutting-edge research projects in areas of then-current economic or financial crises. Among these were Deregulating Financial Services: Public Policy in Flux in 1986 and Black Monday and the Future of Financial Markets in 1989. The most influential, however, was the Institute’s publication of Crisis Resolution in the Thrift Industry in 1989, just as Congress was confronting the savings and loan crisis
Savings and Loan crisis
The savings and loan crisis of the 1980s and 1990s was the failure of about 747 out of the 3,234 savings and loan associations in the United States...
. Its analysis and recommendations were incorporated in many respects both in the legislation passed to address the crisis, the Financial Institutions Reform, Recovery and Enforcement Act of 1989
Financial Institutions Reform, Recovery and Enforcement Act of 1989
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 , , is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s....
, or FIRREA, and in the policies adopted by the federal agency created by FIRREA, Resolution Trust Corporation
Resolution Trust Corporation
The Resolution Trust Corporation was a United States Government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets of savings and loan associations declared insolvent by...
, which conducted the thrift clean-up.
Dr. Kormendi co-founded Kormendi \ Gardner Partners, known as KGP, a financial advisory firm based in Washington, D.C. At KGP, Dr. Kormendi directed and co-directed many innovative financial engagements for public and private clients. Among these were the first “pipeline sale” public-private partnership for the Department of Defense, the renegotiation of the largest federally assisted acquisition of a failed thrift for the Resolution Trust Corporation
Resolution Trust Corporation
The Resolution Trust Corporation was a United States Government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets of savings and loan associations declared insolvent by...
("RTC"), the first variable equity retained interest transactions (also for RTC), and the first plan for distributing a Sarbanes-Oxley Fair Fund established to compensate investors in variable annuity funds harmed by illegal trading by market timers for the Securities and Exchange Commission. In addition, Dr. Kormendi led the KGP team that advised a private client on its effort to re-capitalize Credit Foncier de France, a historic bank owned by the French government.