Derek Stein is a member of BlackRock’s Global Executive Committee. He is a Senior Managing Director and is Global Head of Technology & Operations. Stein’s service with the firm dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Before joining BGI, Stein was an executive vice president at Knight Capital. Prior to that, Stein spent 10 years with Merrill Lynch & Co. Earlier, he spent several years as a senior manager with Ernst and Young’s capital markets and banking management consulting practice. Before moving to the U.S. from South Africa, Stein managed a long/short equity fund and was a practicing Chartered Accountant. Stein earned a BA degree in computer science and an MS degree in finance, both from the University of Witwatersrand in South Africa.
Subject: Jeremy C. Stein
Subject of Interest
Jeremy C. Stein joined the Board of Governors of the Federal Reserve System on May 30, 2012, to fill an unexpired term ending January 31, 2018. He resigned on May 28, 2014. Stein was born in Chicago. He received his bachelor’s degree in economics from Princeton University (summa cum laude) in 1983 and his doctorate in economics from the Massachusetts Institute of Technology in 1986. Stein was an assistant professor of finance at the Harvard Business School from 1987 to 1990. He then taught finance at the Massachusetts Institute of Technology’s Sloan School of Management. In 2000, he joined the Harvard faculty. From February to July 2009, Stein served in President Barack Obama’s administration as a senior adviser to the Secretary of the Treasury and on the staff of the National Economic Council.
Subject: Laurence Stein
Subject of Interest
Laurence Stein is the Chief Administrative Officer of The Goldman Sachs Group, Inc. He is a member of the Management Committee, Client and Business Standards Committee and Enterprise Risk Committee. Prior to his current role, Stein was Global Head of the Operations Division. From 2009 to 2015, he served as Chief Operating Officer of the Securities Division. From 2005 to 2009, Mr. Stein was Chief Financial Officer for the Investment Banking Division and the Federation, and before that, served as Chief Financial Officer of the Securities Division. He joined Goldman Sachs in 1996 in the Finance Division, and was named Managing Director in 2003 and Partner in 2006. Prior to joining the firm, Mr. Stein worked in the Financial Services Group at Ernst & Young in New York and Deloitte & Touche in South Africa.
Article: It’s a ‘Swimming Naked’ Moment: The Financial System Has a Real Test
Article - MediaIt’s a ‘Swimming Naked’ Moment: The Financial System Has a Real Test
James B. Stewart
New York Times, 10 March 2020
The investor Warren Buffett once gave a famous warning: “It’s only when the tide goes out that you learn who’s been swimming naked.”
The tide has just gone out again, and clues to who’s been swimming naked have begun to emerge.
Mr. Buffett first made that comment in 1992, after Hurricane Andrew exposed the inadequacies of the insurance industry, to describe the rosy appearances that can mask financial recklessness until the good times end.
Article: Who’s Been Swimming Naked? We’re About to Find Out (It’s Time to Raise Capital)
Article - MediaWho’s Been Swimming Naked? We’re About to Find Out (It’s Time to Raise Capital)
David Spreng
Runway Growth, 18 November 2019
Every growth company on the planet should seriously consider raising additional capital now. The U.S. economy and capital markets are showing near-record valuations, performance and strength across the board. However, we are keenly aware of economist Herb Stein’s maxim, “If something can’t go on forever, it won’t.” Growth capital is readily available today—but likely won’t be for many companies in the near future.
