Henry Kaufman
Encyclopedia
Henry Kaufman is a Jewish American
economist
and financial consultant.
Born in a small village named Wenings (Oberhessen) in Germany as son of a butscher. In 1937 his family left, fleeing the Nazi
regime.
Currently president of Henry Kaufman & Company Inc., from 1962 to 1988 Kaufman worked at Salomon Brothers Inc
, where he was Managing Director and member of the Executive Committee. He was also a Vice Chairman of the parent company
, Salomon Inc. Before joining Salomon Brothers, Dr. Kaufman served as an economist at the Federal Reserve Bank of New York
.
He was well-known during the 1970s and early 1980s for the interest rate forecasts he wrote for Salomon, and for their bearish views, generally predicting that bond prices would decrease (interest rate would increase). Thus, he earned the nickname "Dr. Gloom." However, Kaufman’s prediction on August 17, 1982 that interest rates would fall sparked a stock market rally that can be dated as the beginning of the 1980s bull market.
Dr. Kaufman received a B.A.
in economics from New York University
, an M.S.
in finance from Columbia University
, and a Ph.D.
from the New York University
's Stern School of Business.
He was on the Board of Directors of the now defunct Lehman Brothers
where he served as chairman of the Finance and Risk Committee prior to the firm's bankruptcy. On March 19, 2009 , Kaufman was named as a defendant in a lawsuit launched by New Jersey governor Jon Corzine
on behalf of the state of New Jersey alleging fraud and misrepresentation associated with securities offerings undertaken by Lehman Brothers immediately prior to the firm's bankruptcy. The suit seeks compensatory damages of $118 million in addition to punitive damages. The aforementioned suit was dismissed in lower court, and a subsequent appeal by the state was also dismissed by the United States Court of Appeals, Third Circuit; the court upholding the defendants claim of lack of appellate jurisdiction.
Dr. Kaufman is a recipient of The International Center in New York's "Award of Excellence".
Dr. Kaufman is author of "The Road to Financial Reformation: Warnings, Consequences, Reforms", 2009, published by Wiley. (ISBN 978-0470532126)
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
economist
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 financial consultant.
Born in a small village named Wenings (Oberhessen) in Germany as son of a butscher. In 1937 his family left, fleeing the Nazi
Nazism
Nazism, the common short form name of National Socialism was the ideology and practice of the Nazi Party and of Nazi Germany...
regime.
Currently president of Henry Kaufman & Company Inc., from 1962 to 1988 Kaufman worked at Salomon Brothers Inc
Salomon Brothers
Salomon Brothers was a bulge bracket, Wall Street investment bank. Founded in 1910 by three brothers along with a clerk named Ben Levy, it remained a partnership until the early 1980s, when it was acquired by the commodity trading firm Phibro Corporation and then became Salomon Inc. Eventually...
, where he was Managing Director and member of the Executive Committee. He was also a Vice Chairman of the parent company
Parent company
A parent company is a company that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors; the second company being deemed as a subsidiary of the parent company...
, Salomon Inc. Before joining Salomon Brothers, Dr. Kaufman served as an economist at the Federal Reserve Bank of New York
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
.
He was well-known during the 1970s and early 1980s for the interest rate forecasts he wrote for Salomon, and for their bearish views, generally predicting that bond prices would decrease (interest rate would increase). Thus, he earned the nickname "Dr. Gloom." However, Kaufman’s prediction on August 17, 1982 that interest rates would fall sparked a stock market rally that can be dated as the beginning of the 1980s bull market.
Dr. Kaufman received a B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in economics from 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...
, an M.S.
Master of Science
A Master of Science is a postgraduate academic master's degree awarded by universities in many countries. The degree is typically studied for in the sciences including the social sciences.-Brazil, Argentina and Uruguay:...
in finance from Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
, and a Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
from 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...
's Stern School of Business.
He was on the Board of Directors of the now defunct Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
where he served as chairman of the Finance and Risk Committee prior to the firm's bankruptcy. On March 19, 2009 , Kaufman was named as a defendant in a lawsuit launched by New Jersey governor Jon Corzine
Jon Corzine
Jon Stevens Corzine is the former CEO of Goldman Sachs and of MF Global, and a one time American politician, who served as the 54th Governor of New Jersey from 2006 to 2010. A Democrat, Corzine served five years of a six-year U.S. Senate term representing New Jersey before being elected Governor...
on behalf of the state of New Jersey alleging fraud and misrepresentation associated with securities offerings undertaken by Lehman Brothers immediately prior to the firm's bankruptcy. The suit seeks compensatory damages of $118 million in addition to punitive damages. The aforementioned suit was dismissed in lower court, and a subsequent appeal by the state was also dismissed by the United States Court of Appeals, Third Circuit; the court upholding the defendants claim of lack of appellate jurisdiction.
Dr. Kaufman is a recipient of The International Center in New York's "Award of Excellence".
Dr. Kaufman is author of "The Road to Financial Reformation: Warnings, Consequences, Reforms", 2009, published by Wiley. (ISBN 978-0470532126)
External links
- Business Week "He's Not Just 'Dr. Doom,'" a review of Kaufman's book "On Money and Markets, A Wall Street Memoir"
- IMF review of "On Money and Markets"