Rensselaer Alumni Magazine - September 2009 - (Page 5)
New Financial Program Lauded
t’s good to see that the Lally business school continues to adapt to a changing global marketplace with the addition of a new master’s degree in financial engineering and risk analytics (FERA) [“Poised To Re-Engineer World of Finance,” June 2009]. Several of the nation’s leading universities are also following suit in offering a similar master’s program, which in my opinion is long overdue. In the current international financial marketplace, turmoil has plagued many of the top world banks, [causing them] to refrain from lending, avoid certain calculated risk, and shy away from promoting economic growth to top global corporations and governments. Each financial deal must be viewed on its own merit but new approaches to financial deal-making and structures must be developed and evaluated that are in line with today’s credit and risk tolerances. In the last 20 years, I founded and manage a financial engineering company that utilizes my undergraduate and graduate technology and engineering education and experience with the financial and business applications that I received as an MBA graduate at RPI. As president and CEO of Business Management Associates LLC, I provide international finance, commodity trading, and management advisory services to international corporations, foreign governments, and global public and private agencies. We are currently working on a monetary exchange program and financial arrangement that we developed over the last year with
the U.S. government, the government of Israel, the International Monetary Fund, the Chinese government, and the government of Japan that was originally sized at $50 billion. [Recently] I received a formal letter that they want to increase the size of the transaction to $500 billion with the possibility of up to $1 trillion. This is the type of project that future RPI graduates of the FERA program can learn to structure and assess its global impact, and really make a difference among governments and supporting agencies. I wish the FERA program well. BRUCE GARELICK, MBA ’85 Roslyn Heights, N.Y.
read about the launching of the International Center for Financial Research (ICFR) and master’s degree track in financial engineering and risk analytics (FERA) at Rensselaer in the June 2009 Rensselaer magazine. I am writing to say that RPI has already been in the world of finance since the 1990s. I graduated from RPI in 1990 with an MBA. I had a B.S. in mechanical engineering from India and had worked for a couple of years in India and the U.S. before studying at RPI. After graduating from RPI I never had to look for a job. I had three job offers at the bottom of the recession in 1990. It was due to Rensselaer’s education that I had offers from IBM, GE, and Intergraph Corporation.
I decided to join GE as the position was with the internal audit group (Corporate Audit Staff). After seven years with GE, I moved on to a buy side firm, where I was a senior member of an equity team managing $1.5 billion using quantitative models. In 2000 I joined Credit Suisse, where I am a managing director and quantitative strategist in the Equity Research Department. I just wanted to reach out to you to let you know that the training and education Rensselaer was providing in the 1990s was well ahead of its time. PANKAJ PATEL, MBA ’90 New York, N.Y. Setting the Record Straight on Harkness couple of corrections to the letter by John Morgan ’69 regarding Ned Harkness [“Thrilling Memories of Harkness Coaching,” March 2009]: The Union College game against New Hampshire (won by Union) was at Union, on a Friday night when snowstorms had crippled transportation through the
Northeast. Coach Charlie Holt’s UNH team had to bus through the snow for several hours longer than anticipated, arriving at Achilles Rink in Schenectady within an hour or so of the scheduled game time. Ned Harkness refused to delay the opening faceoff, saying he had a capacity house expecting the regular starting time. UNH essentially got off the bus, suited up, and hit the ice. Union won the game, which I covered for The Times Record. RPI won the tense Saturday night game against UNH at the Field House, completing the first “double dip” for a visiting team. Harkness’s team walked out in the 1977-78 season over Harkness’s departure (by then, I was following the story long-distance from the Chicago Sun-Times), prompting coverage in Sports Illustrated. But Harkness had long since run afoul of strict recruiting rules in NESCAC (the New England Small College Athletic Conference), spurring serious animosity among the administration at Union. Ironically, the key violation involved the player mentioned in Morgan’s letter, 22-year-old freshman defenseman Jack Rankin, who wound up being suspended. There’s no denying Harkness’s contributions and achievements throughout his coaching career at RPI, Union, and Cornell at the collegiate level, and with Detroit in the NHL. It’s also important to keep the record straight. MIKE PERRICONE ’72 Riverside, Ill. Editor’s Note: The letter “More Harkness Memories” in the June 2009 issue was written by Garry Shapiro ’63, not Norman Turnquist ’93 as printed. We sincerely regret the error.
RENSSELAER/SEPTEMBER 2009 5
Table of Contents for the Digital Edition of Rensselaer Alumni Magazine - September 2009
Rensselaer Alumni Magazine - September 2009
Biology at Its Most Basic
A New Class of Leaders
One Last Thing
Rensselaer Alumni Magazine - September 2009