Thomas A. Russo
|Thomas A. Russo|
November 6, 1943 |
Staten Island, NY
|Alma mater||Fordham University (B.A.)
Cornell University (J.D., M.B.A.)
Thomas A. Russo was executive vice president and general counsel of American International Group, Inc., with responsibility for legal, compliance, and regulatory and government affairs from February 2010 until his retirement in November 2016. Prior to joining AIG, Russo was senior counsel at Patton Boggs LLP. Russo was also an Adjunct Professor at the Columbia University Graduate School of Business.
Russo was born in Staten Island, New York, in 1943. He attended Xavier High School in Manhattan, a private Jesuit preparatory school. He received his J.D. and MBA degrees from Cornell University and his B.A from Fordham University.
Before joining American International Group, Inc., Russo was senior counsel at Patton Boggs. Prior to Patton Boggs, Russo served as vice chairman of Lehman Brothers and chief legal officer of Lehman Brothers Holdings. While at Lehman he was responsible for the firm's corporate advisory division, which included legal, compliance, corporate audit, government relations, and transaction management.
Prior to joining Lehman Brothers in January 1993, Russo was a partner and member of the Management Committee of the law firm Cadwalader, Wickersham & Taft. At Cadwalader, Russo specialized in SEC enforcement and broker-dealer operations, CFTC enforcement and regulation, and derivatives, financial and general corporate law. From 1975 to 1977, Russo was the deputy general counsel of the Commodity Futures Trading Commission, where he served as the first director of the agency's Division of Trading and Markets. From 1969 to 1971, he was an attorney in the Division of Market Regulation of the Securities and Exchange Commission, and from 1971–1975, an associate with Cadwalader, Wickersham & Taft. Russo also served as advisor to the Brady Commission in 1987.
Russo holds the following positions: the Institute of International Education, which administers the Fulbright Scholarship Program (chairman, Executive Committee; member, Development Committee, Compensation & Human Resource Committee, Scholar Rescue Fund Committee, Scholar Rescue Fund Selection Committee, and the Scholar Rescue Fund Board; co-founder, Scholar Rescue Fund); The Institute for Financial Markets (former vice chairman, Board of Trustees; former member, Executive Committee; and former Trustee from 1995 to March 2015); and the Committee on Capital Markets Regulation. Russo held various board positions with the March of Dimes (vice chairman, National Board of Trustees, Executive Committee and Finance Committee; chairman, Pensions Investment Committee; member, Nominating Committee). In 2016, Russo became a member of the Pro Bono Institute Esther F. Lardent Fund for Innovation in Pro Bono National Leadership Committee.
He is also a member of The Economic Club of New York and the Fellows of the Phi Beta Kappa Society.
Russo has authored numerous articles and books on topics in the commodities, securities and corporate legal fields relating to financial market regulation.
Russo is listed in Who's Who in America, Who's Who in American Law, Who's Who in Finance and Business, and Who's Who in American Education. He also has been listed in the National Law Journal as one of the "100 Most Influential Lawyers in America."
Russo is an inaugural inductee into the Futures Hall of Fame.
Honors & Awards
Chicago Board of Trade – honored for the development, introduction, and ongoing support of the first interest rate futures contract (2006)
March of Dimes WalkAmerica #1 Adult Walker in the Nation (2005, 2006, 2007) (see p. 17)
- Professor Thomas A. Russo. Credit Crisis: As Seen through Different Lenses, Selected Readings compiled for 2009 Graduate Class (B9301-118) of Columbia Business School.
- Thomas A. Russo. "Risk Management", ALI-ABA Business Law Course Material Journal, February, 2007.
- Thomas A. Russo. “Corporate Governance as a Risk Matter”, ALI-ABA Course of Study Materials: Broker-Dealer Regulation, January 13–14, 2007.
- Thomas A. Russo. “Remarks on the Legal Risks of Derivatives”, Risk Management: The State of the Art, The NYU Salomon Center Series on Financial Markets and Institutes, Volume 8; edited by Stephen Figlewski and Richard M. Levich; Kluwer Academic Publishers; 2002.
- Thomas A. Russo and Marlisa Vinciguerra. "Developments in United States Derivatives Regulation", The Handbook of Equity Derivatives, 1995.
- Thomas A. Russo and Cadwalader, Wickersham & Taft. "How Equity Derivatives are Regulated (Parts 1 and 2)", ALI-ABA Course Materials Journal, (Volume 18, August 1993, No. 1; Volume 18, October 1993, No. 2).
- Thomas A. Russo and Sheila G. Jennings. "Issues Relating to Hybrid Products", ALI-ABA Course of Study: Broker-Dealer Regulation (January 10–11, 1991).
- Thomas A. Russo and David S. Mitchell. "Commodity Price Exposure Management", Handbook of Currency and Interest Rate Risk Management, New York Institute of Finance, New York, New York (1990); Chapter 40.
- Thomas A. Russo and David C. Worley. Professionals, Securities Guaranteed by Insurance Policies, Margin, When-Issued Trading and Other Issues", Corporate Law and Practice, Course Handbook Series, Number 555 (1987).
- Thomas A. Russo. "Regulation of Commodity Trading Professionals", Commodities and Futures Trading 1976 (Practising Law Institute, 1976).
- Thomas A. Russo. "Risk and Riskless Arbitrage in Exchange and Tender Offers", Securities Regulation at page 1173 (Prentice-Hall 1973).
- Thomas A. Russo. “Beyond SOX 404”, AccountAbility Forum: Mainstreaming Responsible Investment, Issue 3, autumn 2004.
- Thomas A. Russo. “Beyond SOX 10-1”, Stanford Journal of Law, Business & Finance, Spring 2004, Volume 9, Number 2.
- Thomas A. Russo. “Lessons Learned from the Asian Crisis”, The New Europe in the World Economy, published by the International Systems and Communications Limited in association with the International Chamber of Commerce, May 2000.
- Thomas A. Russo and Marlisa Vinciguerra. “LTCM’s Legacy: Improving Risk Management Without Regulation”, Futures & Derivatives Law Report, September 1999.
- Thomas A. Russo. “Single Rules For Financial Practices”, Leaders Magazine, April, May, June 1999.
- Thomas A. Russo. “Risk Management Includes Quality Control”, Risk Professional, March 1999.
- Thomas A. Russo. “Thomas A. Russo on Self-Regulation”, Futures Industry, February/March 1999.
- Thomas A. Russo and Marlisa Vinciguerra. “Regulation in the Wake of Long-Term Capital’s Rescue”, Futures & Derivatives Law Report, February 1999.
- Thomas A. Russo. “Looking beyond borders”, Op-ed article: Financial News (London), December 14, 1998.
- Thomas A. Russo. “Rationalising risk”, Op-ed article: Financial Times, July 21, 1998.
- Thomas A. Russo and Marlisa Vinciguerra. “Looking Beyond the Lessons of 1987”, Futures & Derivatives Law Report, October 1997.
- Thomas A. Russo. “Finding Common Ground for Global Markets”, The New York Times, (Sunday, March 16, 1997).
- Thomas A. Russo. “A Global Voluntary Framework for OTC Derivatives Dealers”, Futures & Derivatives Law Report, December 1996.
- Thomas A. Russo and Marlisa Vinciguerra. "Derivatives: The Aftermath of 1994", Futures Industry, March 1995.
- Thomas A. Russo. "Partnering a Code of Good Business Practices", Futures Industry, May/June 1994.
- Thomas A. Russo. "Let Wall St. Handle Derivatives Rules", The New York Times (Sunday, May 15, 1994).
- Thomas A. Russo and Richard Chase. Comment on the Market 2000 Report, International Financial Law Review, April 1994.
- Thomas A. Russo and Marlisa Vinciguerra. Introduction to the Special Supplement of the International Financial Law Review on Derivatives, March 1994.
- Thomas A. Russo and Marlisa Vinciguerra. "Financial Regulation and Title V of the Futures Trading Practices Act of 1992", Futures International Law Letter (November–December 1992).
- Thomas A. Russo and Marlisa Vinciguerra. "U.S. Derivatives Regulation and Title V of the Futures Trading Practices Act of 1992", International Journal of Regulatory Law and Practice (Fall 1992).
- Thomas A. Russo. "Financial Innovation, New Product Development, and U.S. Law", Global Custodian (June 1992).
- Thomas A. Russo, Maurine R. Bartlett and Scott E. Willoughby. "An Analysis of Referral Arrangements", National Society of Compliance Professionals - Currents (March/April 1992).
- Thomas A. Russo. "U.S. Market Regulation. Is it a Security or a Futures Contract?" Institutional Investor (November 1991).
- Thomas A. Russo and Marlisa Vinciguerra. "Financial Innovation and Uncertain Regulation: Selected Issues Regarding New Product Development", 69 Texas Law Review 1431 (1991).
- Thomas A. Russo and Sheila G. Jennings. "A 'Dual-Trading' Ban Becomes More Likely As Proposals Advance", Legal Times (Week of April 30, 1990).
- Thomas A. Russo and Susan J. Lobel. "Frontrunning and Block Trading", Securities & Commodities Regulation (April 25, 1990, Vol. 23, No. 8).
- Thomas A. Russo. "The Futures Industry - Its Past and Future", Commodities Law Letter (March/April 1990).
- Thomas A. Russo. "It's Time to Put Brady's Plan Into Effect", Forum, The New York Times (Sunday, November 26, 1989).
- Thomas A. Russo. 'The Scandal in Chicago' Of Fraud, Markets and the Future", Forum, The New York Times (Sunday, January 22, 1989).
- Thomas A. Russo and Ralph Berman. "Off-Floor Disclosure of Trading Intentions in Futures Markets and Prearrangement", Commodities Law Letter (January 1989).
- Thomas A. Russo. and David S. Mitchell. "New CFTC Proposal Poses Serious Legal Challenge to Banks", Banking Law Review (Volume 1, Number 1, Summer 1988).
- Thomas A. Russo. "A Joint Agency Panel: Yes", Commodities Law Letter (November and December 1987).
- Thomas A. Russo. "Shaking Off a 1930's Habit of Thought", The New York Times (Sunday, June 14, 1987).
- Thomas A. Russo. “How Big Bang looks from New York", Futures and Options World (November 1986).
- Thomas A. Russo and Congressman Dan Glickman. "Look Beyond the 'Pits' for Directors", The New York Times (Sunday, October 28, 1984).
- Thomas A. Russo. "The SEC and CFTC in The Post Accord Era: Continued Autonomy or a Shotgun Marriage?", The Option News (November 21, 1983).
- Thomas A. Russo. "Financial Markets Need Rules to Avert Collapse", The Los Angeles Times (July 21, 1982).
- Thomas A. Russo. "The Drysdale Affair", The New York Times (May 23, 1982).
- Thomas A. Russo and Maurine R. Bartlett. "Speculative Limits, Act II", Commodities Law Letter (October and November 1981).
- Thomas A. Russo, Stephen G. Bachelder and Bronislaw E. Grala. "Employee Plan Trading in Commodity Futures", 37 Washington and Lee Law Review 811 (1980).
- Thomas A. Russo. "Silver: The Market Worked As It Should", The New York Times (April 28, 1980).
- Thomas A. Russo and Dr. Henry G. Jarecki. "Regulating Commodity Frauds", The New York Times, (July 8, 1979).
- Thomas A. Russo and Professor Nicholas Wolfson. "Why Must Boards Change?" The New York Times (January 21, 1979).
- Thomas A. Russo and Edwin L. Lyon. "The Exclusive Jurisdiction of the Commodity Futures Trading Commission", 6 Hofstra Law Review 57 (1977).
- Thomas A. Russo and Stuart D. Root. "Trading System for Mortgages Must Clear SEC Restrictions", New York Law Journal (Special Annual Report on Securities and the Securities and Exchange Commission, December 10, 1973), reprinted in SEC '74 (1974).
- Thomas A. Russo. "NASDAQ and Best Execution", 2 Investment Dealers' Digest 12, (February 28, 1972).
- Thomas A. Russo and William K.S. Wang. "The Structure of the Securities Market - Past and Futures", 41 Fordham Law Review 1 (1972), reprinted in New York Law Journal.
- Thomas A. Russo. "Towards A Central Market", The Review of Securities Regulation, Vol. 5, No. 8 (April 19, 1972).
- Thomas A. Russo, Professor Nicholas Wolfson and Kenneth I. Rosenblum. “The Stock Exchange Specialist", The Review of Securities Regulation, Vol. 4, No. 13 (July 15, 1971).
- Thomas A. Russo and Professor Nicholas Wolfson."Let the Specialist Compete", The New York Times, Sunday, October 3, 1971.
- Thomas A. Russo, Professor Nicholas Wolfson and Kenneth I. Rosenblum. “The Securities Market: An Overview”, 16 Howard Law Journal 791 (1970-1971)
- Thomas A. Russo and Professor Nicholas Wolfson."The Stock Exchange Specialist: An Economic and Legal Analysis", Duke Law Journal 707 (1970), reprinted in New York Law Journal, and in 3 Securities Law Review 85 (1971).
- Thomas A. Russo and Professor Nicholas Wolfson. "The Stock Exchange Member: Liability For Violation of Stock Exchange Rules", 58 California Law Review 1120 (1970), reprinted in New York Law Journal.
- Thomas A. Russo. “Risk Management”, Securities Industry Association Conference, October 7, 2005.
- Thomas A. Russo. “Beyond SOX 404”, presented at the World Economic Forum Conference, Davos. Switzerland, January 21–25, 2004.
- Thomas A. Russo. “The Practical Ramifications of Corporate Governance”, presented to the 2002 America’s Community Bankers Winter Management Capital Markets Conference, December 9, 2002.
- Thomas A. Russo. “New Lessons in Credit and Risk Management”, presented to the 2002 BMA Annual Credit and Risk Management Conference, October 31, 2002.
- Thomas A. Russo. “Global Markets Need Common Principles”, prepared remarks for speech presented to the International Chamber of Commerce Commission on Financial Services and Insurance, Paris, France, December 10, 1998
- Thomas A. Russo. “Transparency, Risk Management and Relationships: Recent Thoughts on Global Derivatives Policy”, presented to the International Chamber of Commerce Commission on Financial Services and Insurance, Stockley Park, England, June 16, 1998.
- Thomas A. Russo. “Issues Regarding Legal Risk (including a case study of netting)”, Symposium on Risk Reduction in Payment, Clearance and Settlement Systems, January, 1996. Sponsored by Goldman, Sachs & Co.
- Thomas A. Russo. “Derivatives Regulation: Lessons From the Past and a Proposal for the Future”, presented to the Futures Industry Institute, March 4, 1994.
- Thomas A. Russo. and Cadwalader, Wickersham & Taft. "Regulation of Equity Derivatives", International Swap Dealers Association, Swap Innovations: Variations on a Theme, Conference. (July 23–25, 1991), updated March 1993.
- Thomas A. Russo, Sheila G. Jennings and Scott E. Willoughby. "Applicability of Federal Securities and Commodities Laws to Offshore Commodity Pools", International Bar Association (Section on Business Law), 2nd Annual Seminar on the Globalisation of Mutual Funds: an In-Depth Study of Current Legal and Business Issues (April 22–23, 1991).
- Thomas A. Russo and Susan D. Brown. "Clearing Issues", ALI/ABA Securities Broker-Dealer Regulation Conference (December 6, 1988).
- Thomas A. Russo and Sheila G. Jennings. "Legal and Financial Roadblocks to Offering Securities Products", Bank Capital Markets Association Outline (November 11, 1988).
- Thomas A. Russo and Rodney S. Dayan. "Current Problems in Corporate Disclosure", Corporate Counsel Seminar (Practising Law Institute, 1972).
- The 2008 Financial Crisis and Its Aftermath: Addressing the Next Debt Challenge (co-author) (Group of Thirty, 2011)
- Credit Crunch: Where Do We Stand? (author) (Group of Thirty, 2008)
- Regulation of Brokers, Dealers and Securities Markets (contributor) (Warren, Gorham & Lamont, 1977) - ISBN 978-0-88262-133-3
- Regulation of the Commodities Futures and Options Markets (contributor)(Shepard's/McGraw-Hill, 1983) - ISBN 978-0-07-054348-5
- "Patton Boggs Lands Top Financial Lawyer". PR Newsire. April 9, 2009.