Glenn Hubbard (economist)

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Glenn Hubbard
Glenn Hubbard portrait.jpg
Dean of Columbia Business School
Incumbent
Assumed office
July 1, 2004
Preceded by Meyer Feldberg
20th Chairman of the Council of Economic Advisers
In office
May 11, 2001 – February 28, 2003
President George W. Bush
Preceded by Martin Neil Baily
Succeeded by N. Gregory Mankiw
Deputy Assistant Secretary at the United States Department of the Treasury
In office
1991–1993
President George H. W. Bush
Personal details
Born (1958-09-04) September 4, 1958 (age 55)
Orlando, Florida
Political party Republican
Alma mater University of Central Florida (B.A., B.S.)
Harvard University (A.M., Ph.D.)
Profession Economist, professor
Religion Presbyterian
Signature
Website www.GlennHubbard.net

Robert Glenn Hubbard (born September 4, 1958) is an American economist and academic professor. He is currently the Dean of the Columbia University Graduate School of Business, where he is also Russell L. Carson Professor of Finance and Economics.[1] Hubbard previously served as Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993, and as Chairman of the Council of Economic Advisors from 2001 to 2003.

Hubbard is a Visiting Scholar at the conservative American Enterprise Institute, where he studies tax policy and health care.[2]

Background[edit]

Born September 4, 1958, Hubbard was raised in Apopka, Florida, a suburb of Orlando, Florida. His father taught at a local community college and his mother taught at a high school. Hubbard's younger brother, Gregg, is a member of Sawyer Brown.[3]

Hubbard is an Eagle Scout. A member of the chess team, he was a stellar student who graduated at the top of his class. He scored well enough on his College Level Examination Program to enter the University of Central Florida with enough credits to graduate with two degrees in three years. He obtained his B.A. and B.S. degrees summa cum laude from the University of Central Florida in 1979, and his masters and Ph.D. in economics from Harvard University in 1983.[3]

Career[edit]

Academic[edit]

Hubbard has been at Columbia University since 1988, being Russell L. Carson Professor of Finance and Economics since 1994.[4]

He was named dean of Columbia Business School on July 1, 2004.

Government[edit]

Hubbard was Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993.[2]

From February 2001 until March 2003, Hubbard was chairman of the Council of Economic Advisors under President George W. Bush. A supply-side economist, he was instrumental in the design of the 2003 Bush Tax cuts[5]—an issue which split the economics profession on ideological lines, with those leaning left opposed and those leaning right supportive. See Economists' statement opposing the Bush tax cuts.

He was tipped by some media outlets to be a candidate for the position of Chairman of the Federal Reserve when Alan Greenspan retired, although he was not nominated for the position.[5]

Political advisor[edit]

Hubbard served as economic advisor to the 2012 presidential campaign of Mitt Romney, a position he also held during Romney's 2008 presidential campaign.[6] In August 2012, Politico identified Hubbard as "a likely Romney appointee as Federal Reserve chairman or Treasury secretary".[7]

Other[edit]

Hubbard serves as Co-Chair of the Committee on Capital Markets Regulation.

"Hubbard is a member of the Board of Directors of Automatic Data Processing, Inc., BlackRock Closed-End Funds, Capmark Financial Corporation, Duke Realty Corporation, KKR Financial Corporation and Ripplewood Holdings. He is also a Director or Trustee of the Economic Club of New York, Tax Foundation, Resources for the Future, Manhattan Council and Fifth Avenue Presbyterian Church, New York, and a member of the Advisory Board of the National Center on Addiction and Substance Abuse... Director of MetLife and Metropolitan Life Insurance Company since February 2007."[4]

Hubbard is currently a board member of:

Inside Job interview and aftermath[edit]

Hubbard was interviewed in Charles Ferguson's Oscar-winning documentary film, Inside Job (2010), discussing his advocacy, as chief economic advisor to the Bush Administration, of deregulation. Ferguson argues that deregulation led to the 2008 international banking crisis sparked by the collapse of Lehman Brothers and the sale of Merrill Lynch. In the interview, Ferguson asks Hubbard to enumerate the firms from whom he receives outside income as an advisory board member in the context of possible conflict of interest. Hubbard, hitherto cooperative, declines to answer and threatens to end the interview with the remark, "You have three more minutes; give it your best shot."[11] After the release of the film, Columbia ramped up ongoing efforts to strengthen and clarify their conflict of interest disclosure requirements.[12] (Columbia Business School professor Michael Feiner, a member of the faculty committee of Columbia’s Sanford C. Bernstein and Co. Center for Leadership and Ethics, has recommended that the film be shown to all business school students.[12]) One of Hubbard's consulting contracts was examined in a deposition in 2012. His work for Countrywide Financial for $1200/hr, attesting that the lender's loans were no worse than a control group of mortgages and not fraudulent, was examined by an attorney for MBIA. MBIA was suing Countrywide over its mortgage practices.[13]

Columbia Business School (CBS) Follies[edit]

Hubbard is also frequently featured in skits by Columbia Business School's "Follies" group, ranging from videos of him monitoring students on classroom video cameras[14] to songs about his relationship with Presidential candidate Mitt Romney.[15]

References[edit]

  1. ^ Glater, Jonathan D. (April 1, 2004). "Former Bush Aide Will Lead Columbia Business School". New York Times. Retrieved 2008-12-15. 
  2. ^ a b American Enterprise Institute, R. Glenn Hubbard
  3. ^ a b Segal, David (October 13, 2012). "Romney’s Go-To Economist". The New York Times. Retrieved October 13, 2012. 
  4. ^ a b c "Director - R. Glenn Hubbard". Metlife. Retrieved 2008-12-15. "R. Glenn Hubbard, Ph.D., age 50, has been the Dean of the Graduate School of Business at Columbia University since 2004 and the Russell L. Carson Professor of Finance and Economics since 1994. Dr. Hubbard has been a professor of the Graduate School of Business at Columbia University since 1988. He is also a visiting scholar and Director of the Tax Policy Program for the American Enterprise Institute, and was a member of the Panel of Economic Advisers for the Congressional Budget Office from 2004 to 2006. From 2001 to 2003, Dr. Hubbard served as Chairman of the U.S. Council of Economic Advisers and as Chairman of the Economic Policy Committee of the Organization for Economic Cooperation and Development. Dr. Hubbard is a member of the Board of Directors of Automatic Data Processing, Inc., BlackRock Closed-End Funds, Capmark Financial Corporation, Duke Realty Corporation, KKR Financial Corporation and Ripplewood Holdings. He is also a Director or Trustee of the Economic Club of New York, Tax Foundation, Resources for the Future, Manhattan Council and Fifth Avenue Presbyterian Church, New York, and a member of the Advisory Board of the National Center on Addiction and Substance Abuse... Director of MetLife and Metropolitan Life Insurance Company since February 2007. Link." 
  5. ^ a b Andrews, Edmund L.; David Leonhardt, Eduardo Porter, and Louis Uchitelle (October 26, 2005). "At the Fed, an Unknown Became a Safe Choice". New York Times. Retrieved 2008-12-15. 
  6. ^ Romney Taps Bush Hands to Shape Economic Policies, February 24, 2012
  7. ^ "Who’s on the inside track for a Romney Cabinet" by MIKE ALLEN and JIM VANDEHEI, Politico, August 28, 2012, Retrieved 2012-08-28
  8. ^ "Directors and Corporate Officers". ADP : Automatic Data Processing, Inc. Retrieved 2008-12-15. 
  9. ^ "BlackRock Corporate High Yield Fund III Inc (CYE.N) Officers". Reuters. Retrieved 2008-12-15. 
  10. ^ "dukerealty.com - Investor Relations - Management". Duke Realty. Retrieved 2008-12-15. 
  11. ^ Transcript excerpt on "A Searing Look At Wall Street In 'Inside Job', Charles Ferguson interviewed by Melissa Block", which aired October 1, 2010 on NPR's All Things Considered. During the program, Ferguson explained to Ms. Block, "Well, the entire interview was fairly contentious, as you can imagine. It surprised me somewhat to realize that these people were not used to being challenged, that they'd never been questioned about this issue before. They clearly expected to be deferred to by me and I think by everybody."
  12. ^ a b "‘Inside Job’ prompts new look at conflict of interest policy," published April 13, 2011, in the Columbia Spectator.
  13. ^ Taibbi, Matt, "Glenn Hubbard, Leading Academic and Mitt Romney Advisor, Took $1200 an Hour to Be Countrywide's Expert Witness", Rolling Stone Taiblog, December 20, 2012. Retrieved 2012-12-26.
  14. ^ "ECHO 360: Those ECHO 360 cameras in every room at CBS aren't just recording lectures so you can skip class on Jewish holidays. They're Hubbard's eyes and ears. He's watching you.". FolliesCBS. Uploaded on December 15, 2011. 
  15. ^ "White House Dream: From the Columbia Business School Follies Spring 2012 Show". FolliesCBS. April 16, 2012. 

External links[edit]

Government offices
Preceded by
Martin Neil Baily
Chairman of the Council of Economic Advisers
May 11, 2001 – February 28, 2003
Succeeded by
N. Gregory Mankiw