Mark T. Williams
|Mark T. Williams|
Boston University Questrom School of Business
|Born||August 19, 1963|
Mark Thomas Williams (born August 19, 1963) is an academic, financial author, columnist and risk management expert. He is a faculty member in the Finance Department at Boston University where he teaches courses in banking, risk management and capital market activities. In 2015, he co-authored a report with Harry Markopolos, the Bernie Madoff whistleblower about the growing risks associated with the MBTA pension.
In 1985, he earned a Bachelor of Science Degree in Business Administration from the University of Delaware. He became a bank trust officer for Wilmington Trust Company and joined TD Banknorth in 1987. In 1993 he earned a Master of Business Administration from Boston University and joined the Federal Reserve Bank as an examiner in Boston and San Francisco. In 1997 he joined Citizens Power LLC, a Boston-based energy trading company and became a senior vice president, Head of Global Risk Management. Since 2002, he has been on the faculty of Boston University as Executive-in-Residence/Master Lecturer.
Williams is a member of the Standard & Poor’s Academic Council, a senior advisor at the Brattle Group and is on the advisory board of Appleton Partners, a Boston-based private wealth management firm.
Williams is a frequent guest contributor for the Financial Times, Reuters, Forbes.com, and Business Insider. He has also written articles for Bloomberg, the Boston Globe, Foreign Policy magazine and The New York Times
He said in the testimony, "to transform Bitcoin into a virtual currency would require regulation, centralization, creation of a legal framework and strong regulatory oversight." He raised concerns about Bitcoin, including lack of consumer protection, it being a high-risk virtual commodity, having an artificially inflated price, extreme hoarding, hyped demand, high potential for market manipulation, and fraud. On April 2, 2014, Williams provided congressional testimony before the U.S. House of Representatives Committee on Small Business discussing the 10 major risks associated with Bitcoin. On October 21, 2014 he presented on virtual currencies at The World Bank and on April 23, 2015 at the Bretton Woods Committee. The Bitcoin community remains critical of his concerns. Williams also continues to assert that the virtual currency is in a hyper bubble and will eventually suffer a price collapse. In 2013, after Bitcoin peaked at $1,200, Williams predicted that it was in a bubble and would trade for less than 10 dollars by mid-2014. On January 29, 2014, he provided risk testimony before the New York State Department of Financial Services hearing on virtual currencies. Bitcoin prices dropped by over 50% but bottomed out above $200 through 2014 and didn't reached $10 like he said it would. Other academics including Robert Shiller consider Bitcoin a speculative bubble.
- Beckwith Prize for Excellence in Teaching - Boston University, 2008
- New England Book Show Best Reference Book of 2013, New England Book Show, 2014
- Williams, Mark T. Uncontrolled Risk: The Lessons of Lehman Brothers and How Systemic Risk Can Still Bring Down the World Financial System. New York: McGraw-Hill, 2010. Chinese Version Published McGraw Hill, 2014.
- Williams, Mark T. & Lawson, Alan. Longwood Covered Courts: And the Rise of American Tennis. Boston: 2013.
- "Madoff whistle-blower sounds alarm on T pension fund". Boston Globe. June 27, 2015.
- Thomas, Neil (June 10, 2010). "UD alum writes book on Lehman, financial crisis and important lessons learned". UDaily.
- Barlow, Rich (June 17, 2010). "Learning from Lehman Brothers". BU Today.
- "Form N-1A". SEC. April 30, 2013.
- "MF Global Gives Fed a Lesson in How to Pick its Friends" The Financial Times - November 6, 2011
- "Few Silver Linings When Gold Bubble Bursts" The Financial Times - October 17, 2010
- "Ignore the hyperbole: America is not bust" The Financial Times - September 8, 2010
- "Why did the SEC fail to spot the Madoff case?" Reuters - January 6, 2009
- "Minimizing exposure to investment management fraud" Reuters - December 15, 2008
- "Big banks aren’t bad banks" Reuters - February 2, 2010
- "Two Years After Lehman, Risk of Financial Collapse is Still High" Reuters - September 15, 2010
- "Is the Fed up to examining your trillion dollar bet?" Reuters - January 30, 2009
- "Don’t give the Fed a new job" Reuters - July 16, 2009
- Williams, Mark (May 8, 2009). "Stress tests: The results are in, now what?".
- "A Breach Of Fiduciary Duty At Bank Of America?" Forbes - February 26, 2009
- "Subprime Market Debacle" Forbes - February 26, 2008
- "Finance Professor: Mt Gox is Now a Fallen Tower of Sludge Business" Business Insider - February 25, 2014
- "Bitcoin Could Involve Into An Existential Threat Worthy Of A Science Fiction Movie" Business Insider - February 15, 2014
- "FINANCE PROFESSOR: Trump's 'failed trade economics' could push the US back into recession by 2018". Business Insider. Retrieved 2017-02-04.
- "There is good reason few economists have endorsed Trump's economic plan | Public Relations". www.bu.edu. Retrieved 2017-02-04.
- "FINANCE PROFESSOR: There are signs that Trump is preparing a 'hostile takeover' of the Fed". Business Insider. Retrieved 2017-02-21.
- "Derivatives Trading Comes Clean in the Open: Mark T. Williams" Bloomberg - April 16, 2010
- Williams, Mark T. (June 30, 2016). "A five-point plan to save the MBTA's pension fund". Boston Globe.
- Williams, Mark T. (February 2, 2015). "A priority list for fixing the MBTA". Boston Globe.
- "The weak link in bank reform" The Boston Globe - July 8, 2010
- "Don’t throw the keys to the Fed" The Boston Globe - July 2, 2009
- "Fool's Gold" Foreign Policy - November 8, 2010
- William, Mark T. (January 24, 2014). "Bitcoin Is Not Yet Ready for the Real World". New York Times.
- "Beware Of Bitcoin". cognoscenti. 2013-12-05. Retrieved 2017-01-04.
- Testimony of Mark T. Williams The New York State Department of Financial Services: Hearing on Virtual Currencies - January 29, 2014.
- Panel 3: The Academic View on Virtual Currencies The New York State Department of Financial Services: Hearing on Virtual Currencies - January 29, 2014.
-  House Committee on Small Business: Committee Explores Risks and Benefits of Bitcoin Use by Small Businesses
- "Event Summary - Digital Payments and Currencies: Global Threat or Opportunity?".
- "Prof. Mark T. Williams: "My Concerns Over Bitcoin Remain"". July 1, 2014.
- "Time is Running Out for Mark Williams Prediction of a $10 Bitcoin". May 30, 2014.
- Shiller, Robert (March 1, 2014). "In Search of a Stable Electronic Currency". New York Times.
- Healy, Beth. "Learning from Wall Street's failures". Boston.com.