Synopsis
Some have suggested that the financial crisis is rooted in an almost blind faith in market principles, closely identified with the so-called “Anglo-Saxon” style of capitalism. This skepticism is giving rise to wider doubts about the wisdom of relying so heavily on markets to guide economic performance. Another view is that the origins of the crisis lie largely in failures of governmental policies, which in turn created a set of perverse incentives throughout the financial system. Former Treasury Secretary John Snow will lead a lively discussion of these conflicting views, which call into question the state of free market economics, its limits and what needs to be done to revitalise its standing and relevancy in light of recent history.
Biographical Details
John Snow is an accomplished economist, academic and CEO. Born in Toledo, Ohio, the Honorable John William Snow, former United States Treasury Secretary and current Chairman of Cerberus Capital Management LP, has been an influential figure in not only the United States but also the global community.
Former Treasury Secretary Snow joined Cerberus in 2006 as Chairman of Cerberus Capital Management LP. In his present role, he is responsible for strategy, business development, assessing transactions and helping to manage the Cerberus organisation and its investment efforts globally.
During his tenure as the 73rd Secretary of the Treasury from February 2003 until June 2006 under President George W Bush, the Honorable John Snow led the Bush Administration’s Economic Team and was its guiding voice on domestic and global economic issues.
He steered the effort to pass the historic 2003 Jobs and Growth tax relief act, a signature achievement which significantly lowered tax rates on individuals, as well as on capital investment, leading to the strong economic recovery enjoyed during his tenure.
Mr Snow’s influence extends to the international economic community as well. He initiated new tactics to tackle the financial war on terror and founded an office dedicated to that task at the US Department of the Treasury.
While boasting several significant economic achievements, his expertise is not limited to economics. From 1994 through 1996, he served as Chairman of the Business Roundtable, the foremost business policy group comprised of 250 chief executive officers of the nation's largest companies. During that period, he played a considerable role in supporting passage of the North American Free Trade Agreement and working on the deficit reduction agreement. He also served on the Executive Committee of the Business Council.
Prior to becoming Treasury Secretary, Mr Snow held the position of Chairman and chief executive officer of global transportation company CSX Corporation for more than a decade. He also held several high-ranking positions in the Department of Transportation during the Ford Administration where he led the efforts to deregulate the motor carrier, airline, barge and rail industries.
Mr Snow did his undergraduate work at Kenyon College and the University of Toledo, from which he received a BA in 1962. He went to earn a PhD in Economics from the University of Virginia, a Masters Degree from The Johns Hopkins University and a law degree from The George Washington University.
Secretary Snow currently serves on the boards of Verizon and Marathon.