Eugene Ludwig
Encyclopedia
Eugene A. "Gene" Ludwig (b. April 11, 1946) is an American business leader and expert on banking regulation, risk management, and fiscal policy. He is the Founder and CEO of Promontory Financial Group
Promontory Financial Group
Promontory Financial Group is a global consulting firm advising clients on a variety of financial services, including regulatory issues, risk control, liquidity, restructuring, acquisitions, due diligence and internal investigations. It is based in Washington, D.C...

, a global financial services advisory firm. He is also the former vice chair at Bankers Trust / Deutsche Bank, and from 1993 to 1998 served as President Clinton’s Comptroller of the Currency.

Personal life

Ludwig was raised in York, Pennsylvania, attending public schools. His father was a country doctor who took his son with him to get his first office loan. His mother was a former Broadway chorus girl. His younger brother Ken Ludwig
Ken Ludwig
Ken Ludwig is an American playwright and theatre director.Born in York, Pennsylvania, Ludwig was educated at the York Suburban Senior High School, York PA Haverford College , Harvard Law School, and Trinity College at Cambridge University...

 became an award-winning playwright.

Ludwig received his undergraduate degree magna cum laude from Haverford College
Haverford College
Haverford College is a private, coeducational liberal arts college located in Haverford, Pennsylvania, United States, a suburb of Philadelphia...

 in 1968. He received a scholarship to Oxford University, where he earned a Masters of Arts as a Keasbey Fellow; and he holds a law degree from Yale
YALE
RapidMiner, formerly YALE , is an environment for machine learning, data mining, text mining, predictive analytics, and business analytics. It is used for research, education, training, rapid prototyping, application development, and industrial applications...

, where he was editor of the Yale Law Journal and chairman of Yale Legislative Services.

Ludwig lives in Washington, D.C. He is married to Dr. Carol Ludwig and they have three children.

Legal career

Ludwig joined the law firm of Covington and Burling in 1973 and became a partner in 1981. He specialized in intellectual property law, banking, and international trade. In 1987, the New York Times described him as a leader in the fight against gray-market goods, which are goods manufactured overseas and imported without the consent of the trademark holder. Ludwig called the practice "consumer deception."

Government Service

In 1993, President Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...

 selected Ludwig to become the 27th Comptroller of the Currency. As Comptroller, Ludwig led the agency through a period of substantial change, both within the financial marketplace as well as in the supervisory and examination practices of the agency. He improved safety and soundness supervision through adoption of “supervision by risk”, an approach that has been adopted by many other supervisory agencies. He also led the government's efforts to reform the Community Reinvestment Act
Community Reinvestment Act
The Community Reinvestment Act is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods...

 and more vigorously enforce the fair lending laws.

In April 2010, Ludwig testified before the U.S. House Subcommittee on Financial Institutions and Consumer Credit that "credit made available to low and moderate income Americans through CRA programs during ... the 1990s was not only transforming for low- and moderate-income communities, but it was almost without exception profitable and safe."

Bankers Trust / Deutsche Bank

Ludwig served as vice chairman of Bankers Trust/Deutsche Bank from April 1998 to December 31, 1999.

Promontory Financial Group

In 2000, Ludwig founded Promontory Financial Group
Promontory Financial Group
Promontory Financial Group is a global consulting firm advising clients on a variety of financial services, including regulatory issues, risk control, liquidity, restructuring, acquisitions, due diligence and internal investigations. It is based in Washington, D.C...

, a global financial services consulting firm, of which he is CEO and chairman. The firm gained attention when, following a $750 million trading scandal at Allied Irish Banks
Allied Irish Banks
Allied Irish Banks p.l.c. is a major commercial bank based in Ireland.AIB is one of the so called "big four" commercial banks in the state. The bank has one of the largest branch networks in Ireland; only Bank of Ireland fully rivals it. AIB offers a full range of personal and corporate banking...

, Promontory produced what became known as "The Ludwig Report," recommending improved compliance and management measures which helped the bank regain its footing. In 2007, after Ludwig advised Countrywide Financial
Countrywide Financial
Bank of America Home Loans is the mortgage unit of Bank of America. Bank of America Home Loans is composed of:*Mortgage Banking, which originates purchases, securitizes, and services mortgages. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion...

, Portofolio.com wrote that "[Countrywide CEO]
Angelo Mozilo
Angelo Mozilo
Angelo R. Mozilo was the chairman of the board and chief executive officer of Countrywide Financial until July 1, 2008. Condé Nast Portfolio ranked Mozilo second on their list of "Worst American CEOs of All Time".-Life and career:...

 is a tough character, and Ludwig is one of the few people with enough clout to persuade him that the game really was up." Business Week reported that Promontory has also advised PNC Financial Services Group, Riggs National Bank
Riggs National Bank
Riggs National Bank is an historic former headquarters of Riggs Bank, located at 1503–1505 Pennsylvania Avenue, Northwest, Washington, D.C., in the downtown Washington, D.C...

, and Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...

, and helped clean up abuses at AIG
AIG
AIG is American International Group, a major American insurance corporation.AIG may also refer to:* And-inverter graph, a concept in computer theory* Answers in Genesis, a creationist organization in the U.S.* Arta Industrial Group in Iran...

. In 2008, Bloomberg reported that Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....

 had become a client of Ludwig's.

Thought Leadership

Ludwig has written numerous articles on banking and finance for scholarly journals and publications and has been a guest lecturer at Yale and Harvard law schools and Georgetown University’s International Law Institute. In 2008, he co-authored an essay in the Wall Street Journal with former Federal Reserve Chairman Paul A. Volcker and former U.S. Treasury Secretary Nicholas F. Brady
Nicholas F. Brady
Nicholas Frederick Brady was United States Secretary of the Treasury under Presidents Ronald Reagan and George H. W. Bush, and is also known for articulating the Brady Plan in March 1989.-Early life:...

 calling for a resurrection of the Resolution Trust Corporation
Resolution Trust Corporation
The Resolution Trust Corporation was a United States Government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets of savings and loan associations declared insolvent by...

 to help deal with the financial crisis. In June 2010, Ludwig authored a piece in the New York Times observing that although Congress had passed financial regulatory reform, the real work of filling in the details would now fall to the regulators. "If the New Deal is credited with creating the regulatory agencies," Ludwig wrote, "this bill will be remembered for super-charging their authority."

In 2009, Reuters reported that Ludwig was an advisor to U.S. Senate Banking Committee Chairman Christopher Dodd and U.S. House Speaker Nancy Pelosi, as well as Republican Senator Richard Shelby, among others. Ludwig is a champion of the idea that universities should create more courses and degrees for financial services supervision and regulation.
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