Click here for a video recording of the panel discussion in its entirety.
NEW YORK – Wake Forest University enjoyed a day in the international spotlight as alumni, students, parents and friends converged at the New York Stock Exchange for “Wake Forest on Wall Street” on July 27, 2010. The Demon Deacon flag proudly flew outside of the New York Stock Exchange, symbolizing the strong presence and significant contributions of Wake Forest alumni working in the New York area. “Our vision is to increase awareness of the Wake Forest brand in the world of New York finance, and to help students and alumni find internships, find jobs and grow,” said David R. Hanson, Associate, Deutsche Bank Securities, Inc. (’05).
Annaly Capital Management, Inc. (NYSE: NLY) served as host sponsor of the event. Annaly was represented by Michael Farrell, Chairman, Chief Executive Officer, and President of Annaly. Farrell is a member of the Wake Forest University Schools of Business Board of Visitors. “I support education that promotes accountability and has a moral fiber,” said Farrell. “This was a good opportunity to give exposure to Wake Forest University, and for Annaly to co-brand the event to help raise that voice,” he added. Farrell had the honor of ringing the closing bell at the New York Stock Exchange and was joined on the podium with colleagues from Annaly and Wake Forest University. The ceremony was televised live to a worldwide audience.
Following the closing bell ceremony, more than 100 Wake Forest students, alumni, parents and friends filled the New York Stock Exchange Boardroom to listen to the Wake Forest on Wall Street panel discussion: The Credit Crisis: Where Are We Now, Where Are We Going? “It is important that Americans have an adult conversation about the credit crisis. The perspective most people have is personal, rather than objective on the impact on business and the challenges to our country going forward,” said Farrell. “Are we experiencing deflation or inflation? How do you plan your life around those alternatives? Are you determined to save at zero percent interest rates, or should you actively pursue hard assets like gold, real estate, etc.?” he said.
Dagen McDowell, Fox Business Network anchor, (’91) served as the panel moderator, engaging highly respected finance industry leaders in a passionate discussion and debate.
“It is amazing what has transpired in the past three years. No one has seen the cycle like we have been through,” said panelist Michael Genereux, Senior Managing Director, The Blackstone Group (’88). “In 2008, you couldn’t raise a dime in the fourth quarter, and in 2009 we had a complete reversal. Now we are back in a very uncomfortable spot.”
“What I have learned is that banks drive everything,” said panelist Loyd Henderson, Senior Vice President, Oaktree Capital (’96). “I think they have not fully recognized their problems, and I am not convinced banks are healthy.”
According to panelist Jim Woolery, Partner at Cravath, Swaine & Moore, LLP (’91) fear is driving high-level decision making. “We have really seen a pull back in the American boardroom,” he said. “There is a lot of fear, a lot of uncertainty. CEOs and management teams do not want to bet their careers on a big trade.”
Jim Dunn, Vice President and Chief Investment Officer of Wake Forest University, explained his investment strategy in our current economic climate. “We are investing in tangible assets because we have a long term outlook,” he said. “We are not sure which way it is going to go, but just in case, we are going to have some assets we can sell down the road.”
The Wake Forest on Wall Street Leadership team includes: Matt Hultquist, Equity Analyst, Sasco Capital (’01); Bryant Schlichting, Assistant Vice President, CitiGroup Global Markets (’06); and David R. Hanson, Associate, Deutsche Bank Securities, Inc. (’05).
On Tuesday, July 27, 2010, Wake Forest University converged at the New York Stock Exchange for an event sponsored by Annaly Capital Management. [Left to Right – Nathalie Uribe (Annaly), Sylvia Green (Wake Forest), Gina Katzmark (Wake Forest), Lawrence Leibowitz (NYSE), Gordon Soenksen (Wake Forest), Michael A.J. Farrell (P' 10, Annaly), David R. Hanson ('05, Deutsche Bank Securities), William Sinclair ('07, JP Morgan Securities) Taylor Farrell, James Dunn (Wake Forest), Michael E. Farrell ('10), Anna O'Brien ('10).