E. Gerald Corrigan

Edward Gerald Corrigan
Edward Gerald Corrigan
Born	13 June 1941 (age 85); Waterbury, Connecticut, U.S.
Died	17 May 2022 (aged 80); Dedham, Massachusetts, U.S.
Occupation(s)	Banker, economist
Years active	1968–2016
Known for	President of the Federal Reserve Bank of New York; Vice-chairman of the Federal Open Market Committee; Partner and managing director at Goldman Sachs

Edward Gerald Corrigan (June 13, 1941 – May 17, 2022) was a distinguished American banker who held the position of seventh President at the Federal Reserve Bank of New York and served as vice-chairman of the Federal Open Market Committee. He was a partner and managing director within the chairman’s office at Goldman Sachs and led GS Bank USA, Goldman Sachs’ bank holding entity, from September 2008 until his retirement in 2016. Additionally, Corrigan was affiliated with the Group of Thirty, a leading international assembly of prominent financiers and scholars.

Education

Corrigan completed his undergraduate studies in economics at Fairfield University in 1963. He then pursued advanced degrees at Fordham University, earning a master's degree in 1965 and a Ph.D. in economics in 1971.

Federal Reserve

Corrigan’s tenure at the New York Federal Reserve began in 1968. By 1976, he had risen to vice president and served as Special Assistant to Federal Reserve Board Chairman Paul Volcker. He was appointed president of the Federal Reserve Bank of Minneapolis from 1980 to 1984 before becoming head of the Federal Reserve Bank of New York, a role he held from 1985 through 1993.

Between 1991 and 1993, Corrigan chaired the Basel Committee on Banking Supervision. He also held a directorship at the Council on Foreign Relations from 1993 until 1995.

Post-Federal Reserve; Goldman Sachs

In 1994, Corrigan joined Goldman Sachs, ascending to partner and managing director within the chairman’s office by 1996. He co-led both the Risk Committee and the Global Compliance and Controls Committee. That same year, he became a member of the influential Washington-based financial advisory group known as the Group of Thirty.

Since 1999, Corrigan has chaired the Counterparty Risk Management Policy Group (CRMPG), which advocates for robust practices in managing both counterparty credit risk and market risks. In 2007, he provided testimony before the Committee on Financial Services of the U.S. House of Representatives concerning hedge funds and systemic risk, highlighting the complexities involved in managing rare financial shocks and ongoing initiatives to bolster financial system resilience.

The Global Association of Risk Professionals honored Corrigan as "Risk Manager of the Year" in 2005.

A New York Times report from 2009 discussing Treasury Secretary Timothy Geithner’s involvement during the 2008 financial crisis underscored Corrigan’s role. When A.I.G.’s CEO Robert B. Willumstad sought capital infusion, Geithner advocated for Goldman Sachs’ participation despite potential conflicts of interest. Corrigan maintained close communication with Geithner throughout this period. The article explained that although Goldman Sachs participated, significant government intervention led by Chairman Ben Bernanke and Treasury Secretary Henry Paulson was essential to provide an $85 billion bailout for A.I.G., ensuring full compensation for trading partners including Goldman. Critics noted that trading partners were not pressured to accept discounts, with Geithner citing concerns over systemic stability.

In February 2010, Corrigan appeared before the UK House of Commons Treasury Committee to discuss Goldman Sachs’ currency swap transactions with Greece. He acknowledged that these swaps temporarily lowered Greece’s debt-to-GDP ratio, influencing economic governance within the European Union amid the ongoing euro area crisis. While conceding that transparency standards could have been improved, Corrigan defended Goldman by pointing out that similar arrangements were common among European banks.

During Goldman Sachs’ stockholders’ meeting on May 7, 2010, an internal committee co-led by Vice Chairman Michael Evans and Corrigan was formed to address issues related to conflicts of interest, transparency, and disclosure. This initiative was launched in response to heightened scrutiny over Goldman’s activities during the 2008 crisis and aimed to enhance governance oversight without involving direct board members.

Philanthropic contributions

In recognition of his professional accomplishments, Fairfield University presented Corrigan with an Alumni Professional Achievement Award in 1981. Later, in 2008, he made a $5 million donation to establish the E. Gerald Corrigan '63 Chair in the Humanities and Social Sciences, along with the Mary Hardy Corrigan Reading Room located within the DiMenna-Nyselius Library.

Corrigan also provided a $5 million gift to Fordham University in 2007, which funded the creation of the Corrigan Chair in International Business and Finance at its Graduate School of Business Administration.

Personal life

Corrigan was married to Cathy Minehan, who served as President of the Federal Reserve Bank of Boston from 1994 through 2007.

He passed away at the age of 80 on May 17, 2022, in Dedham, Massachusetts, due to complications related to Alzheimer's disease.

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