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Milton Irvin

Investment banker Milton Irvin was born on June 18, 1949 in Orange, New Jersey to Milton M. Sr., and Dorothy W. Irvin. A graduate of Essex Catholic Boys High School in 1967 in Newark, New Jersey, Irvin received his B.S. degree in marine engineering in 1971 from the United States Merchant Marine Academy in Kings Point, New York and his M.B.A. degree in finance in 1974 from the Wharton School of Business at University of Pennsylvania, in Philadelphia.

Irvin joined Chase Manhattan Bank as corporate lending officer and assistant treasurer from 1974 to 1977. He then went to work for Salomon Brothers, Inc. in New York City from 1977 to 1988. Irvin then served as managing director at Paine Webber Inc. from 1988 to 1990 and then re-joined Salomon Brothers, Inc. as managing director, and the firm’s first African American partner where he worked from 1990 to 1998 and handled short-term debt securities for Salomon’s clients. Irvin was appointed to the Pension Benefit Guaranty Corporation as chair of the Advisory Committee by President Bill Clinton and served from 1995 to 1998. He then joined Blaylock & Partners as president, chief operating officer and partner. Irvin was named managing director at UBS Investment Bank where he led the strategic and tactical execution of diversity initiatives. He also served as UBS global head of career mobility advisor office, talent executive for Leadership Development Program (ASCENT), and global head of recruiting and training for the Fixed Income, Rates and Currency Department from 2002 to 2012.

Irvin was appointed by President Barack Obama for the White House Initiative on Historically Black Colleges and Universities. He also was appointed chairman of the Board of Advisors at CastleOak Securities in 2012. He served as non-executive chairman at NexTier Companies, LLC., a multi-disciplined consulting and investment advisory in 2013. Governor Nikki Haley appointed Irvin to serve on the South Carolina State University Board of Trustees in 2015. Irvin was elected chairman of the Board of Trustees for South Carolina State University in 2018.

Irvin was named one of The 25 Hottest Blacks on Wall Street by Black Enterprise magazine.

Milton and his wife Melody have three adult children including Brandon, Viola and Kesi.

Milton Irvin was interviewed by The HistoryMakers on July 23, 2018.

Accession Number

A2018.145

Sex

Male

Interview Date

7/23/2018

Last Name

Irvin

Maker Category
Marital Status

Married

Occupation
Schools

Our Lady of the Most Blessed Sacrament School

Essex Catholic High School

United States Merchant Marine Academy

Wharton School of the University of Pennsylvania

First Name

Milton

Birth City, State, Country

Orange

HM ID

IRV02

Favorite Season

Fall

State

New Jersey

Favorite Vacation Destination

Antigua

Favorite Quote

Don't Sweat The Small Stuff.

Bio Photo
Speakers Bureau Region State

South Carolina

Birth Date

6/18/1949

Birth Place Term
Speakers Bureau Region City

Hilton Head

Country

United States of America

Favorite Food

Fried Chicken

Short Description

Investment banker Milton Irvin (1949- ) was managing director at UBS Investment Bank and before that, he was managing director at Paine Webber Inc. and Salomon Brother and prior to that, president and chief operating officer of Blaylock & Partners.

Favorite Color

Blue

Barbara Alleyne

Investment banker Barbara Alleyne was born on October 9, 1948 in Brooklyn, New York to Elaine Harrell Alleyne and Irving Seymour Alleyne. Her family later moved to Long Island, New York and she graduated from Roosevelt Junior and Senior High School in Roosevelt, New York in 1965, and received her B.A. degree in economics from Northeastern University in Boston, Massachusetts, in 1970, where she participated in three finance co-ops including one with First National City Bank. She then received her M.B.A. degree from the Columbia Business School in New York, New York in 1979, where she received a scholarship from the Coalition of Concerned Black Executives.

Alleyne worked for Model Cities in the New York City Office for the Aging, where she remained for three years. In 1976, Alleyne secured a position with the New York State Office for the Aging. Following her graduation from Columbia Business School in 1979, Alleyne was hired at Salomon Brothers where she oversaw a team marketing money market securities and was mentored by Milton Irving. In 1989, she joined Chase Manhattan Bank where she worked for five years and sold their first corporate bond, until she returned to Salomon Brothers which later became part of Citigroup in 1998. Alleyne served as the first African American female managing director in global fixed income at Citigroup, where she remained until 2001.

Alleyne then joined the Northeastern University board of directors, where she founded the Black Alumni Association Scholarship, and the scholarship’s annual fundraiser in Martha’s Vineyard, Massachusetts. In 2007, Alleyne was elected to the Northeastern University Corporation’s Board of Trustees, and from 2008 to 2009, served on its Students Affairs and Alumni Relations Committee. Alleyne also served as vice chair of the board of directors for the Martha’s Vineyard Museum, and as treasurer of the Martha’s Vineyard Branch of the NAACP. She was also active in the Adult and Community Education of Martha’s Vineyard organization and The Cottagers, Inc., the island’s philanthropic organization. In 2017, Alleyne’s gift to Northeastern University created an associate professorship in the department of African American Studies.

Barbara Alleyne was interviewed by The HistoryMakers on August 20, 2017.

Accession Number

A2017.150

Sex

Female

Interview Date

08/20/2017

Last Name

Alleyne

Maker Category
Occupation
Organizations
First Name

Barbara

Birth City, State, Country

Brooklyn

HM ID

ALL07

Favorite Season

Fall

State

New York

Favorite Vacation Destination

Looking for one - used to be Martha's Vineyard

Favorite Quote

Somebody's got to do it.

Bio Photo
Speakers Bureau Region State

Massachusetts

Birth Date

10/9/1948

Birth Place Term
Speakers Bureau Region City

Martha's Vineyard

Country

United States

Favorite Food

Ice cream

Short Description

Investment banker Barbara Alleyne (1948 - ) was the managing director in global fixed income at Citigroup until 2001, and founded the Black Alumni Association Scholarship at Northeastern University.

Favorite Color

Many Colors

Charles N. Atkins

Investment banker Charles N. Atkins was born on December 12, 1952 in Oklahoma City, Oklahoma to Dr. Charles Atkins, Sr. and Hannah Diggs Atkins. Atkins’ mother was the first African American woman to be elected to the Oklahoma House of Representatives in 1958, serving until 1980. Atkins graduated from Bishop McGuinness Catholic High School in Oklahoma City in 1971, and went on to receive his B.A. degree in political science, magna cum laude, from Howard University in Washington, D.C. in 1975. Atkins then earned his J.D. degree from Harvard Law School in 1978.

Following his graduation from Harvard Law School, Atkins served as an associate assistant to President Jimmy Carter, and as the second legislative counsel to U.S. Senator David L. Boren of Oklahoma. In 1984, he was named deputy director of the Democratic National Convention platform committee, as well as deputy campaign manager for Walter Mondale’s vice-presidential candidate, Geraldine Ferarro. Atkins worked as a senior vice president at Lehman Brothers from 1988 to 1990 before leaving to join Morgan Stanley. As executive director, Atkins focused on corporate structured finance and utility sector recapitalization, and headed the corporate reorganization of Constellation Energy. He also served on President Bill Clinton’s presidential transition team in 1993, and was appointed by President Clinton to serve on the Advisory Committee of the U.S. Export-Import Bank. Atkins left Morgan Stanley in 2013 to found Atkins Capital Strategies LLC. In 2015, he became the executive chairman of Premier League Basketball in the United Kingdom, and a partner at Maroon Capital Group LLC. In 2017, Atkins became a senior advisor at Guggenheim Securities, LLC in New York City, focusing on corporate structured finance for corporate and financial sponsor clients.

Atkins was a trustee of The Metropolitan Museum of Art and the American Folk Art Museum, in addition to serving on the board of advisors for his elementary school, Casady School in Oklahoma City. Atkins also worked with McKinsey & Company, publishing multiple financial reports such as Global Capital Markets: Entering a New Era, in collaboration with a team of economists. Atkins has been awarded two U.S. patents for innovative financing structures.

Charles N. Atkins was interviewed by The HistoryMakers on December 16, 2016.

Accession Number

A2016.040

Sex

Male

Interview Date

12/16/2016

Last Name

Atkins

Maker Category
Marital Status

Widower

Middle Name

N.

Schools

Bishop Mcguinness Catholic High School

Harvard Law School

Edwards Elementary School

Casady School

Howard University

First Name

Charles

Birth City, State, Country

Oklahoma City

HM ID

ATK01

Favorite Season

Fall

State

Oklahoma

Favorite Vacation Destination

Caribbean Beaches

Favorite Quote

The Struggle Continues.

Bio Photo
Speakers Bureau Region State

New York

Birth Date

12/25/1952

Birth Place Term
Speakers Bureau Region City

New York

Country

United States

Favorite Food

Macaroni And Cheese, Peach Pie

Short Description

Investment banker Charles N. Atkins (1953 - ) served as the executive director of Morgan Stanley from 1990 to 2013, the founder of Atkins Capital Strategies LLC, and a senior advisor at Guggenheim Securities, LLC.

Employment

The United States Government

United States Senate

Democratic National Convention

Geraldine Ferarro's Campaign

Lehman Brothers

Morgan Stanley

Atkins Capital Strategies

Maroon Capital Group LLC

Akin Gump

Butler and Binion

Favorite Color

Bright Orange, Orange-Yellow

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DAStories

Tape: 1 Story: 1 - Slating of Charles N. Atkins' interview

Tape: 1 Story: 2 - Charles N. Atkins lists his favorites

Tape: 1 Story: 3 - Charles N. Atkins describes his father's family background, pt.1

Tape: 1 Story: 4 - Charles N. Atkins describes his father's family background, pt. 2

Tape: 1 Story: 5 - Charles N. Atkins describes how his parents met

Tape: 1 Story: 6 - Charles N. Atkins talks about his father's medical career

Tape: 1 Story: 7 - Charles N. Atkins talks about the African American community in Oklahoma City, Oklahoma

Tape: 1 Story: 8 - Charles N. Atkins describes his mother's family background, pt. 1

Tape: 2 Story: 1 - Charles N. Atkins describes his mother's family background, pt. 2

Tape: 2 Story: 2 - Charles N. Atkins talks about his maternal family's education and professions

Tape: 2 Story: 3 - Charles N. Atkins recalls his early civil rights activities in Oklahoma City, Oklahoma

Tape: 2 Story: 4 - Charles N. Atkins remembers integrating the Casady School in Oklahoma City, Oklahoma

Tape: 2 Story: 5 - Charles N. Atkins describes his earliest childhood memories

Tape: 2 Story: 6 - Charles N. Atkins describes his community in rural Oklahoma City, Oklahoma

Tape: 2 Story: 7 - Charles N. Atkins describes his experiences of desegregation in Oklahoma City, Oklahoma

Tape: 3 Story: 1 - Charles N. Atkins remembers the desegregation of the Oklahoma City Public Schools

Tape: 3 Story: 2 - Charles N. Atkins talks about his mother's activism

Tape: 3 Story: 3 - Charles N. Atkins describes his mother's political career

Tape: 3 Story: 4 - Charles N. Atkins describes his mother's involvement with the National Black Political Conventions

Tape: 3 Story: 5 - Charles N. Atkins describes his experiences at Howard University, pt. 1

Tape: 3 Story: 6 - Charles N. Atkins describes is experiences at Howard University in Washington, D.C., pt. 2

Tape: 3 Story: 7 - Charles N. Atkins describes his undergraduate honors thesis

Tape: 4 Story: 1 - Charles N. Atkins talks about his high school activism

Tape: 4 Story: 2 - Charles N. Atkins describes his early experiences of religion

Tape: 4 Story: 3 - Charles N. Atkins talks about his decision to attend Harvard Law School

Tape: 4 Story: 4 - Charles N. Atkins remembers his professors and classmates at Harvard Law School

Tape: 4 Story: 5 - Charles N. Atkins talks about the diverse student body of Harvard Law School

Tape: 4 Story: 6 - Charles N. Atkins recalls Harvard University's divestment from South Africa

Tape: 4 Story: 7 - Charles N. Atkins talks about his summer law internships

Tape: 5 Story: 1 - Charles N. Atkins describes his experiences at Akin Gump Strauss Hauer and Feld LLP

Tape: 5 Story: 2 - Charles N. Atkins describes his role in the Office of Public Liaison under President Jimmy Carter

Tape: 5 Story: 3 - Charles N. Atkins remembers working as legislative counsel to Senator David Boren

Tape: 5 Story: 4 - Charles N. Atkins remembers meeting Clarence Thomas and Anita Hill

Tape: 5 Story: 5 - Charles N. Atkins describes his work on the Democratic Party Platform Committee

Tape: 6 Story: 1 - Charles N. Atkins narrates his photographs

DASession

1$1

DATape

2$5

DAStory

3$5

DATitle
Charles N. Atkins recalls his early civil rights activities in Oklahoma City, Oklahoma
Charles N. Atkins describes his work on the Democratic Party Platform Committee
Transcript
And so we have here, here is, (displays photograph) here is my--this is in Oklahoma City [Oklahoma], in, on November 7th in 1955. This is a particular photograph that was done by an Associated Press for--person. This was upon the, the, upon the particular ruling by the Interstate Commerce Commission that basically train travel in, would, would basically no longer be, be segregated. And so this was in the Santa Fe train station, Oklahoma City [Santa Fe Depot, Oklahoma City, Oklahoma], in 1955, and so I'm that young, almost three year old, in my dad's [Charles N. Atkins, Sr.] arms and we were a nice looking Negro family, and we were looking up at a sign that said Negro waiting room. And so this is the whole story about how I was born into Jim Crow. As a, as a young child at the ages of four and five I remember participating in sit-in demonstrations in Oklahoma City, which were 1957, 1958. We had the longest continuous sit-in of demonstration in American history, which was, which was basically prior to Greensboro [North Carolina] in 1960. In Oklahoma City, the NAACP Youth Council led by Miss, Miss Clara Luper, all of us marched, and so as a child I marched. And I have vivid memories of white and colored signs. And, and, and so I also attended an outstanding segregated elementary school, Edwards Elementary School [Oklahoma City, Oklahoma], where I, I got a, a great start and then in 1965, we--our particular family is third or fourth generation Episcopalian, active in the Episcopal church in Oklahoma City. My older brother Edmund [Edmund E. Atkins] who was in that particular photo, was not allowed to attend the Episcopal prep school in Oklahoma City, which is Casady School, which is still absolutely the best school in Oklahoma, Casady School. He was not allowed to attend even though it is an Episcopal school.$$Because he was black?$$Yes. And it was all-white.$$And what year was this?$$This was up until '65 [1965]. In '65 [1965] I was part of four students who integrated Casady School as sixth graders, and it was all students from our church, and which was a black Episcopalian church in Oklahoma City, the wonderful, the wonderful Church of the Redeemer [Episcopal Church of the Redeemer] and so I integrated Casady School, a tremendous education. I studied classical Greek. I studied Latin. I studied French. It was, it was a top notch, you know, more of a New England style prep school with, with chapel every day, uniforms, jackets and ties at chapel and at lunch and I have lifelong friends. It was a tremendously positive experience integrating that.$David Boren was a good man. He was a seatmate of Hannah's [Atkins' mother, Hannah Diggs Atkins] in the Oklahoma Legislature. He was in the, the House of Representatives [Oklahoma House of Representatives], he was one of the youngest governors and he was the close, close friend. I worked for him. He was a good friend of my dad's [Charles N. Atkins, Sr.]. He, he gave a wonderful eulogy at Hannah's funeral, along with the governor and, but we will get to that in our next round.$$Okay.$$But from the, from the Boren office, my dear, my dear late wife Gayle [Gayle Perkins Atkins], she was editorial director at, at Channel 4 [WRC-TV] in D.C. [Washington, D.C.]. She had, she had, she had a particular session with Ann Lewis who is basically Barney Frank's sister, and Lewis was a major, major Democratic Party activist. And she mentioned to Gayle that there was this woman in [U.S.] Congress from Queens [New York] named, named Geraldine Ferraro who was gonna be chair of the Democratic Party Platform Committee, and so Ann Lewis mentioned to Gayle, "You know what, we're doing staff for the, for the Democratic Party Platform Committee," and she asked Gayle, "Do you know anybody who, who, might be good on that staff?" And Gayle said, "Yeah, my husband" (laughter). And so I became right after I worked, I helped David Boren do the response to the State of the Union, I helped him write that, I moved over to the, to the DNC [Democratic National Committee]. This was '83 [1983]. This was basically February of '83 [1983], and I, it was Susan Estrich who was also, who was a year or two, year or two of me--year or two ahead of me at Harvard Law School [Cambridge, Massachusetts], was the first, the first woman to be president of the Harvard Law Review. She was active in, in, in, in Democratic Party politics. And so it was, it was me and Susan Estrich who headed up the, that, that, that staff for the Democratic Party platform. All throughout '83 [1983] and '84 [1984], so it was Jesse Jackson [HistoryMaker Reverend Jesse L. Jackson] campaign, Gary Hart campaign and Walter Mondale campaign and we held maybe ten or fifteen hearings. [HistoryMaker] Richard Arrington who was the, the, the first black mayor of, of Birmingham [Alabama], was the chair of the, was the basically deputy chair and then Geraldine was the chair, so after doing that whole, that whole complex Democratic Party platform with three active Democratic Party--three active presidential campaigns, I'm there in San Francisco [California] at the Democratic, at the, at the San Francisco convention [1984 Democratic National Convention, San Francisco, California], and I'm there in the hotel suite with, with Geraldine. I was there when Walter Mondale called her to join the 1984 ticket, and so I was her first hug. I gave her her first hug and she said, "Charles [HistoryMaker Charles N. Atkins] I want you on the campaign plane with me, I want you there with me." And so I became deputy campaign manager, 1984 presidential campaign and it was a great, eighty-four campaign stops in twenty-five states and a great historical experience, even though we lost, lost forty-nine states, it was a great experience.

Clarence B. Jones

Legal advisor and civil rights leader Clarence B. Jones was born on January 8, 1931 in Philadelphia, Pennsylvania. His parents, Mary and Goldshore Jones, were live-in domestic household servants. He was raised in foster homes and in a Catholic boarding school in Eastern Pennsylvania, run by the Sisters of The Blessed Sacrament. Jones graduated from Palmyra High School in Palmyra, New Jersey in 1949, and enrolled in Columbia University. He was drafted into the U.S. Army during the Korean War in 1953, but was discharged as a “national security risk” due to his left-wing political activities as a college student and his refusal to sign a loyalty oath at the time of his induction. After receiving his B.A. degree from Columbia in 1956, he attended Boston University School of Law, obtaining his LL.B. degree in 1959.

In 1960, Jones moved to Altadena, California to pursue an entertainment and intellectual property law practice. The following year, he joined the defense team for Reverend Dr. Martin Luther King, Jr., who was charged with tax fraud by the State of Alabama. After King’s acquittal, Jones moved to Harlem, New York to work with the Southern Christian Leadership Conference (SCLC). He then became a partner at the firm of Lubell, Lubell, and Jones. In 1962, Jones was selected to serve as general counsel for the Gandhi Society for Human Rights, the SCLC’s fundraising arm. He joined King’s inner circle, the “research committee,” helping draft the civil rights leader’s speeches. He disseminated King’s “Letter from Birmingham Jail” (1963), contributed to the “I Have a Dream” (1963) and “Beyond Vietnam” (1967) speeches, and represented the SCLC in the landmark libel case New York Times v. Sullivan (1964). Jones copyrighted the “I Have a Dream” speech in 1963. In 1967, Jones joined the investment banking and brokerage firm of Carter, Berlind & Weill and became the first African American allied member of the New York Stock Exchange. In 1971, at the request of then New York Governor Nelson Rockefeller, he served as a negotiator during the Attica Prison riot, as well as the editor, publisher, and part owner of the New York Amsterdam News. During his career, he provided financial consulting services to the governments of the Bahamas, the Dominican Republic, Jamaica, and Zambia, as well as to private investors through Marks Paneth & Shron LLP. He served as a senior partner at Clemenson Capital Company, specializing in cross-border finance in Korea; and President & CEO of CBJ Multimedia Associates, Inc., specializing in telecommunications.

Jones was named Fortune Magazine’s “Man of the Month” twice. He received numerous awards for his service and appeared on CNN, the O’Reilly Factor, NPR, and other media outlets. He was named a Scholar in Residence at Stanford University’s Martin Luther King, Jr. Research and Education Institute, during which time he wrote and published two books about his experiences with Dr. Martin Luther King, Jr.

Jones lives in Palo Alto, California.

Clarence B. Jones was interviewed by The HistoryMakers on December 10, 2015.

Accession Number

A2015.012

Sex

Male

Interview Date

12/10/2015 |and| 12/11/2015 |and| 12/14/2015

Last Name

Jones

Maker Category
Marital Status

Domestic Partner

Middle Name

Benjamin

Organizations
Schools

Palmyra High School

Columbia University

Boston University School of Law

First Name

Clarence

Birth City, State, Country

Philadelphia

HM ID

JON41

Favorite Season

Autumn

State

Pennsylvania

Favorite Vacation Destination

The Bahamas

Favorite Quote

The first one hundred years are the hardest, after that it's a piece of cake.

Bio Photo
Speakers Bureau Region State

California

Birth Date

1/8/1931

Birth Place Term
Speakers Bureau Region City

Bay Area/Palo Alto

Country

United States

Favorite Food

Floating Island - Branzini Fish

Short Description

Lawyer and investment banker Clarence B. Jones (1931 - ) served as legal advisor and speechwriter for the Reverend Dr. Martin Luther King, Jr. He was also the first African American allied member of the New York Stock Exchange.

Employment

Southern Christian Leadership Conference, Gandhi Society for Human Rights

Lubell, Lubell and Jones

Carter, Berlind & Weill

Marks Paneth & Shron LLP

Clemenson Capital Company

Stanford University Martin Luther King, Jr. Research and Education Institute

Favorite Color

Blue

Frank Savage

Investment banker Frank Savage was born on July 10, 1938 in Rocky Mount, North Carolina to Grace Savage and Frank Savage, Sr. When Savage was six months old, his mother and his twin sister, Frances, moved to Washington, D.C., where Savage’s mother opened up a beauty salon. In 1961, Savage earned his B.A. degree from Howard University, and in 1964, he received his M.A. degree in international relations from Johns Hopkins University.

In 1962, Savage joined Crossroads Africa where he was assigned, along with two hundred and fifty other students, to build tennis courts at an all-boys school in Northern Rhodesia (now Zambia). Upon earning his M.A. degree in 1964, Savage joined Citibank, as the first African American in its international division, and worked in the Middle East and Africa. In 1970, Savage joined Equitable Life Insurance as president of Equico Capital Corp., the largest Minority Enterprise Small Business Investment Corporation in the United States. In 1973, Savage joined TAW International Leasing as executive vice president. He then went on to become vice chairman of the board and head of international operations for Equitable Capital Management Corporation; and, in 1987, he was named senior vice president of The Equitable Life Assurance Society of the United States (now the AXA Equitable Life Insurance Company). In 1992, Savage became chairman of Equitable Capital Management Corporation, where he spearheaded the firm’s global investment management business. Following the merger of Equitable Capital Management Corporation and Alliance Capital Management International in 1993, he served as chairman emeritus of Alliance Capital.

In 1998, Savage became a member of the Council on Foreign Relations, and in 2001, he resigned from Alliance Capital to form the Africa Millennium Fund. After the events of September 11, 2001, Savage delayed his plans for the Africa Millennium Fund and started Savage Holdings, where he serves as CEO.

Savage is chairman emeritus of the SAIS advisory board and of Howard University’s board of trustees. He has also served on the boards of Bloomberg LP, New York Academy of Medicine, Lockheed Martin, Qualcomm, and the New York Philharmonic. He was awarded an Honorary Doctorate in Humane Letters from Hofstra University and an Honorary Doctorate of Humanities from Howard University. In addition, Savage won the Lord Nelson Trophy as part of the 2003 Antigua Race Week Regatta, the premier sailing event in the Caribbean.

Savage is married to Lolita Valderrama Savage. They have six children.

Frank Savage was interviewed The HistoryMakers on May 5, 2014.

Accession Number

A2014.122

Sex

Male

Interview Date

5/5/2014 |and| 5/7/2014

Last Name

Savage

Maker Category
Occupation
Schools

Thomas P. Morgan Elementary School

Benjamin Banneker Academic High School

Paul Laurence Dunbar High School

Johns Hopkins School of Advanced International Studies

Howard University

First Name

Frank

Birth City, State, Country

Rocky Mount

HM ID

SAV02

State

North Carolina

Bio Photo
Speakers Bureau Region State

New York

Birth Date

7/10/1938

Birth Place Term
Speakers Bureau Region City

New York

Country

United States

Short Description

Investment banker Frank Savage (1938 - ) was CEO of Savage Holdings. He held leadership roles at Equico Capital Corp, TAW International, Equitable Capital Management Corporation, AXA Equitable Life Insurance Company, and Alliance Capital Management International. In addition, he was the first African American to work in Citibank’s international division.

Employment

Citibank

Equico Capital

TAW International

Equitable Life Assur. Co.

Equitable Capital Management

Alliance Capital Mgmt Intl.

Savage Holdings LLC

Bernard Beal

Investment banker Bernard Beal was born on February 22, 1954 in New York, New York and raised by his grandparents in the South Bronx. An outstanding student, Beal attended the public schools of the South Bronx and later enrolled in the Wooster School in Danbury, Connecticut through the A Better Chance program. He graduated there with top honors in 1972. Beal went on to attend and graduate from Carleton College in 1976 with his B.A. degree in economics. He also received his M.B.A. degree from Stanford’s Graduate School of Business in 1979.

Upon graduation, Beal began his career on Wall Street as an investment banker with E.F. Hutton & Co. in the tax exempt securities division, where he headed the College and Educational Finance Group and co-founded the Housing Finance Group. Beal then moved on to the corporate finance division, eventually becoming a senior vice president. In 1988, he launched M.R. Beal & Co. in New York City with eight employees and a primary focus on municipal finance. Over the next two decades, M.R. Beal expanded to over forty employees with offices in several cities, including Chicago, Illinois, Dallas, Texas, Walnut Creek, California and Atlanta, Georgia. The firm also expanded its focus to include corporate finance and taxable fixed income securities.

M.R. Beal is the nation's oldest continuously operated minority-owned investment bank and has earned significant recognition, including being cited as one of the “big five” minority-owned investment banks founded in the 1980s. M.R. Beal was also Black Enterprise’s Finance Company of the Year in 2001 and 2011. Beal has been on Black Enterprise’s list of the most notable African Americans on Wall Street in 1992 and 2003.

Beal has served on the boards of the National Foundation for Affordable Housing, the New York Metropolitan Transportation Authority, the Securities Industry and Financial Markets Association, the Public Securities Association, and the National Association of Securities Professionals. He was also board chair of A Better Chance, where he oversaw the successful financial and programmatic turnaround of the organization. Additionally, Beal served as chairman of the SIFMA Foundation of Investor Education, where he ensured the continuation of the funding for the “Stock Market Game” program to foster knowledge and understanding of the financial markets for individuals of all backgrounds.

Beal is married to Valerie Lancaster-Beal, an investment banker who serves as a managing director at M.R. Beal. Their son, Michael, is the head of strategy and finance in a business unit of JP Morgan Chase. Their daughter, Erica, is a lead 7th grade teacher with KIPP DC, a public college preparatory charter school.

Bernard Beal was interviewed by The HistoryMakers on December 10, 2013.

Accession Number

A2013.315

Sex

Male

Interview Date

12/10/2013

Last Name

Beal

Maker Category
Marital Status

Married

Middle Name

B.

Occupation
Schools

J.H.S. 120 Paul Lawrence Dunbar

Stanford University

Wooster School

P.S. 140

Carleton College

First Name

Bernard

Birth City, State, Country

New York

HM ID

BEA11

Favorite Season

Winter

State

New York

Favorite Vacation Destination

Caribbean

Favorite Quote

It Never Gets Uglier Than The Truth

Bio Photo
Speakers Bureau Region State

New York

Birth Date

2/22/1954

Birth Place Term
Speakers Bureau Region City

New York

Country

United States

Favorite Food

Pizza

Short Description

Investment banker Bernard Beal (1954 - ) was the founder and CEO of M.R. Beal and Company, the nation's oldest continuously operated minority-owned investment bank.

Employment

Lehman Brothers

M.R. Beal & Company

E.F. Hutton and Company

Favorite Color

Green

Timing Pairs
0,0:1302,9:1953,18:2418,24:4743,55:5766,70:9672,189:16132,264:16780,271:17536,279:18184,287:25639,354:26173,361:27775,391:28843,405:32998,434:33283,440:34366,476:34879,487:35449,498:37290,513:38480,535:39810,560:49710,800:55435,870:68510,992:69230,1001:70670,1020:73570,1044:74042,1049:74632,1056:75222,1062:78094,1071:78474,1078:80374,1118:80830,1125:81666,1142:86084,1188:86833,1197:92052,1225:92538,1232:94239,1268:96912,1404:98937,1451:104121,1547:109740,1569:112344,1598:113408,1633:113864,1640:114472,1653:125450,1764:127290,1794:135130,1943:143276,1988:144342,2014:146228,2057:150830,2105:160190,2182:160522,2187:164964,2206:165912,2235:166228,2240:167930,2262:168766,2275:174795,2313:175220,2319:176665,2339:182530,2427:183125,2438:190592,2525:192700,2560:194746,2606:194994,2611:195862,2630:198910,2635:199438,2640:200098,2647:201760,2657:206192,2717:206560,2722:207112,2729:207480,2734:210700,2804:212235,2818:212577,2825:214620,2858:217532,2927:221627,3013:222992,3042:225176,3097:233544,3162:238218,3258:238546,3265:239530,3285:240022,3295:245957,3334:246372,3340:246870,3347:247285,3353:256140,3513$0,0:750,4:1625,9:5804,107:6623,115:9200,123:10328,143:11080,154:12396,185:14464,217:18130,265:30236,436:31106,450:31715,459:32411,469:34673,508:35108,514:46070,633:46898,644:51083,666:51528,672:52774,688:58530,729:59526,748:66284,798:71900,875:72275,881:72575,886:73100,892:73700,901:74000,906:79173,950:79902,960:80469,968:81765,991:82413,1000:85490,1028:86210,1043:86690,1052:88190,1088:88850,1097:92090,1253:106722,1414:119290,1567:119857,1575:121153,1603:121558,1609:123920,1637:124248,1642:124740,1649:125642,1664:127774,1711:132852,1751:135166,1798:136323,1826:136679,1839:140722,1854:145397,1913:160072,2103:160507,2109:166510,2342:169390,2356
DAStories

Tape: 1 Story: 1 - Slating of Bernard Beal's interview

Tape: 1 Story: 2 - Bernard Beal lists his favorites

Tape: 1 Story: 3 - Bernard Beal describes his biological parents

Tape: 1 Story: 4 - Bernard Beal remembers the family members who raised him

Tape: 1 Story: 5 - Bernard Beal describes his maternal grandparents' household

Tape: 1 Story: 6 - Bernard Beal talks about his maternal great-grandparents

Tape: 1 Story: 7 - Bernard Beal remembers researching his family history

Tape: 1 Story: 8 - Bernard Beal describes his earliest childhood memory

Tape: 1 Story: 9 - Bernard Beal describes his maternal grandfather's many sources of income

Tape: 1 Story: 10 - Bernard Beal recalls lessons from his maternal grandfather, pt. 1

Tape: 1 Story: 11 - Bernard Beal recalls lessons from his maternal grandfather, pt. 2

Tape: 1 Story: 12 - Bernard Beal remembers his maternal grandfather's death

Tape: 1 Story: 13 - Bernard Beal talks about his family's living conditions

Tape: 1 Story: 14 - Bernard Beal remembers his family's first home

Tape: 2 Story: 1 - Bernard Beal talks about his maternal grandfather's views on public assistance

Tape: 2 Story: 2 - Bernard Beal recalls a confrontation with his maternal grandfather

Tape: 2 Story: 3 - Bernard Beal describes the sights, sounds and smells of his childhood

Tape: 2 Story: 4 - Bernard Beal remembers the Grace Gospel Church in the Bronx, New York

Tape: 2 Story: 5 - Bernard Beal talks about his childhood friends

Tape: 2 Story: 6 - Bernard Beal recalls meeting General Colin L. Powell

Tape: 2 Story: 7 - Bernard Beal remembers the women in his neighborhood

Tape: 2 Story: 8 - Bernard Beal remembers the holidays

Tape: 2 Story: 9 - Bernard Beal describes his maternal aunt

Tape: 2 Story: 10 - Bernard Beal recalls his early challenges in school

Tape: 3 Story: 1 - Bernard Beal remembers his early education

Tape: 3 Story: 2 - Bernard Beal recalls being bullied by his classmates

Tape: 3 Story: 3 - Bernard Beal talks about his corrective eye surgery

Tape: 3 Story: 4 - Bernard Beal remembers his favorite subjects

Tape: 3 Story: 5 - Bernard Beal remembers his early teachers

Tape: 3 Story: 6 - Bernard Beal describes his relationship with his mother

Tape: 3 Story: 7 - Bernard Beal describes his teachers at Paul Laurence Dunbar J.H.S. 120 in New York City

Tape: 3 Story: 8 - Bernard Beal recalls his decision to apply for the A Better Chance program

Tape: 3 Story: 9 - Bernard Beal describes the A Better Chance program

Tape: 3 Story: 10 - Bernard Beal recalls preparing to enroll at the Wooster School in Danbury, Connecticut

Tape: 4 Story: 1 - Bernard Beal describes his first impressions of the Wooster School in Danbury, Connecticut, pt. 1

Tape: 4 Story: 2 - Bernard Beal describes his first impressions of the Wooster School in Danbury, Connecticut, pt. 2

Tape: 4 Story: 3 - Bernard Beal recalls his academic challenges at the Wooster School

Tape: 4 Story: 4 - Bernard Beal remembers serving as the senior prefect at the Wooster School

Tape: 4 Story: 5 - Bernard Beal describes his social status at the Wooster School

Tape: 4 Story: 6 - Bernard Beal talks about his proficiency in math

Tape: 4 Story: 7 - Bernard Beal remembers his mentors at the Wooster School

Tape: 4 Story: 8 - Bernard Beal talks about his summer employment

Tape: 5 Story: 1 - Bernard Beal recalls his decision to invest in a Jack in the Box restaurant

Tape: 5 Story: 2 - Bernard Beal recalls negotiating his salary at E.F. Hutton and Company

Tape: 5 Story: 3 - Bernard Beal describes his college application process

Tape: 5 Story: 4 - Bernard Beal recalls being shot during a robbery at the Jack in the Box

Tape: 5 Story: 5 - Bernard Beal recalls his business ventures at Carleton College in Northfield, Minnesota

Tape: 5 Story: 6 - Bernard Beal describes his transportation service at Carleton College

Tape: 5 Story: 7 - Bernard Beal describes his experiences of racism in the Midwest

Tape: 5 Story: 8 - Bernard Beal recalls the anti-Semitism at the Wooster School in Danbury, Connecticut

Tape: 6 Story: 1 - Bernard Beal talks about his friendship with Gene Saffold and Carol Saffold

Tape: 6 Story: 2 - Bernard Beal remembers his roommate at Carleton College, pt. 1

Tape: 6 Story: 3 - Bernard Beal remembers his roommate at Carleton College, pt. 2

Tape: 6 Story: 4 - Bernard Beal recalls his decision to attend George Washington University Law School in Washington D.C.

Tape: 6 Story: 5 - Bernard Beal talks about his focus on marriage and family

Tape: 6 Story: 6 - Bernard Beal remembers his classmates at the Stanford Graduate School of Business in Stanford, California

Tape: 6 Story: 7 - Bernard Beal recalls developing an interest in investment banking

Tape: 6 Story: 8 - Bernard Beal remembers joining the public finance division of E.F. Hutton and Company

Tape: 7 Story: 1 - Bernard Beal recalls interviewing at investment banks in New York City

Tape: 7 Story: 2 - Bernard Beal talks about his early experiences at E.F. Hutton and Company

Tape: 7 Story: 3 - Bernard Beal describes his role at E.F. Hutton and Company

Tape: 7 Story: 4 - Bernard Beal recalls his promotions and salary at E.F. Hutton and Company

Tape: 7 Story: 5 - Bernard Beal recalls working with T.M. Alexander, Jr.

Tape: 7 Story: 6 - Bernard Beal remembers missing his first wedding

Tape: 7 Story: 7 - Bernard Beal recalls meeting his wife

Tape: 7 Story: 8 - Bernard Beal recalls his decision to marry Valerie Lancaster-Beal

Tape: 8 Story: 1 - Bernard Beal talks about E.F. Hutton and Company's competitors

Tape: 8 Story: 2 - Bernard Beal recalls working with Reginald F. Lewis

Tape: 8 Story: 3 - Bernard Beal remembers founding M.R. Beal and Company

Tape: 8 Story: 4 - Bernard Beal remembers Atlanta Mayor Maynard Jackson

Tape: 8 Story: 5 - Bernard Beal describes Washington, D.C. Mayor Marion Barry, pt. 1

Tape: 8 Story: 6 - Bernard Beal describes Washington, D.C. Mayor Marion Barry, pt. 2

Tape: 8 Story: 7 - Bernard Beal talks about the early minority-owned investment firms

Tape: 8 Story: 8 - Bernard Beal remembers partnering with Diana L. Taylor

Tape: 8 Story: 9 - Bernard Beal describes the downfall of E.F. Hutton and Company

Tape: 8 Story: 10 - Bernard Beal recalls his initial challenges at M.R. Beal and Company

Tape: 8 Story: 11 - Bernard Beal remembers the success of M.R. Beal and Company

Tape: 9 Story: 1 - Bernard Beal talks about the financial crisis of the late 1990s

Tape: 9 Story: 2 - Bernard Beal talks about the departure of his business partner, Diana L. Taylor

Tape: 9 Story: 3 - Bernard Beal recalls hiring Rauol L. Carroll

Tape: 9 Story: 4 - Bernard Beal talks about his failed merger with Maynard Jackson

Tape: 9 Story: 5 - Bernard Beal talks about his firm's status as a minority business enterprise

Tape: 9 Story: 6 - Bernard Beal recalls developing software for a municipal bond exchange, pt. 1

Tape: 9 Story: 7 - Bernard Beal recalls developing software for a municipal bond exchange, pt. 2

Tape: 9 Story: 8 - Bernard Beal describes the strengths and limitations of minority investment firms

Tape: 10 Story: 1 - Bernard Beal describes his hopes for M.R. Beal and Company

Tape: 10 Story: 2 - Bernard Beal reflects upon the legacy of African American investment bankers

Tape: 10 Story: 3 - Bernard Beal reflects upon the investment banking industry

Tape: 10 Story: 4 - Bernard Beal talks about his son's career

Tape: 10 Story: 5 - Bernard Beal describes his daughter's career

Tape: 10 Story: 6 - Bernard Beal describes his concerns for the African American community, pt. 1

Tape: 10 Story: 7 - Bernard Beal describes his concerns for the African American community, pt. 2

Tape: 10 Story: 8 - Bernard Beal reflects upon his legacy

Tape: 10 Story: 9 - Bernard Beal remembers being falsely accused of bribery, pt. 1

Tape: 10 Story: 10 - Bernard Beal remembers being falsely accused of bribery, pt. 2

Tape: 11 Story: 1 - Bernard Beal narrates his photographs, pt. 1

Tape: 11 Story: 2 - Bernard Beal narrates his photographs, pt. 2

DASession

1$1

DATape

2$8

DAStory

7$11

DATitle
Bernard Beal remembers the women in his neighborhood
Bernard Beal remembers the success of M.R. Beal and Company
Transcript
So I did tell you about that park that was on Teasdale Place; and you know, I don't wanna make this sound like a horrible story, but I didn't have a lot of clothes growing up. So I had my school clothes, my church clothes and my play clothes. And so I had on my school clothes which I couldn't get dirty, okay, I just couldn't. So I took it off and I didn't have on, you know, I took off everything, I just was bare up above. And we're playing in the park and I'm getting sweaty and everything else. And I'm walking down Teasdale Place with my shirt tied around my waist, another shirt on top and Mrs. Strong [ph.] yells out the window to me and she says, "[HistoryMaker] Bernard Beal, put your shirt on and act like you've got some sense." And I said, "Why don't you--," oh no, she said, "Why don't you put your shirt on and act like you have some sense." And I said, "Why don't you mind your own business, okay" (simultaneous).$$(Simultaneous) Oh you didn't.$$So let me tell you the distance from Mrs. Strong's house to my apartment. It's half a block down and half a block turn the corner. We lived on the second floor. So I was walking half a block down, half a block up, I take the steps up two at a time. We didn't really lock the door, so opened the door, I said, "Grandma [Beal's maternal grandmother, Essie Williamson Beal] I'm--," (gestures) pow, she hits me right in the head like, like I didn't say anything, she just went pow, right in my face, just smack. And I was like what is that for and she had this thing where she would grab your hand, grab your arm and she'd just start beating you, beating you and you're running in a circle and she's just beating you. And she goes, "You got some kind of nerve mouthing off to Mrs. Strong like that. You act like you don't have a family. You think--people think you're raising your damn self. And you are gonna go back out there and apologize to her and then you coming back." So I'm like holy moly. So like--for years I've been trying to figure out how the hell did she know that, because we didn't have a telephone, so it isn't like Mrs. Strong called her and told her anything, okay that didn't happen. What happened was, Mrs. White [ph.] who lived in the same building heard what I said to Mrs. Strong, called Mrs. Sherman [ph.] who lived across the airshaft from my grandmother (laughter), it was the mother of my best friend. Told Mrs. Sherman what I had said to Mrs. Strong (laughter) and Mrs. Sherman lifted up the window, yelled out to my grandmother and told her what Mrs. White had told her about this. And so in the time that it took me to walk less than a block, my grandmother ended up beating my ass. And so I kind of knew that people were always, 'cause my grandmother was one of those birdwatchers. She was always at the window looking out the window at kids. Looking out, seeing what's going on. And you know, the kids used to call her birdwatcher and my mother [Virginia Beal] birdwatcher junior, 'cause she was right, they were both in the window, 'cause we didn't have television, so. All the action was in the street.$$But see those things. Now that was a smart aleck comment you made though (laughter).$$(Laughter).$$I say you deserved a beating over that.$$Actually, you know, back then people would discipline you, you know, other people would discipline. You know, now nobody touches anybody else's kids. No one even says anything to anybody else's kids. But back then, yeah, people would discipline.$And then business just (makes sound) took off and you know, we [M.R. Beal and Company, New York, New York] started getting more senior managed business. Chicago [Illinois] was a great place for getting business, you know. Jane Byrne was amazing. We didn't do so well under Harold Washington, but we did better with Street and we did amazing with Daley [Richard M. Daley], Daley was just off the chart. And you know, so the business picked up. I started, because I like starting businesses, I started an asset management company with the help of Scott Pierce. I started a leasing company. I started--I, I acquired an insurance company in Africa. I did all of those things and I, I just thought, it's just--there's nothing that we can't do. This is like '91 [1991] or '92 [1992], and then I decided you know what, I'm gonna break into the corporate finance business. Never been done, nobody's ever done it, I'm gonna do it. And I hired some corporate finance bankers. I hired some research people. I got a front page article in the business section of The New York Times about breaking Wall Street's lucite ceiling ['Piercing Wall Street's "Lucite Ceiling,"' Diana B. Henriques], because I was gonna break into corporate finance, I was gonna make it the bulge bracket plus one. And I couldn't get arrested in corporate finance, I got nothing. I was totally completely shut out of the business. And I couldn't even get in the syndicates. Which I just, I just never anticipated that. I just didn't anticipate it. And we spent all our time--millions of dollars just going around trying to break into that business. And it just wasn't possible. And eventually I licked my wounds, got out of that business. Because of the hits that I'd taken there, I had to sell off a couple of our companies, you know, it was just kind of horrible. But eventually, when I hired [HistoryMaker] Marion Barry I got into a couple of corporate deals. Not because of me, and honestly it was a couple of white guys who said that they really liked Marion Barry, so they put us in their deals. And eventually Jesse Jackson [HistoryMaker Reverend Jesse L. Jackson] got involved with the Rainbow PUSH [Rainbow PUSH Coalition, Chicago, Illinois] project.$$And, and the Wall Street [New York, New York] project, right, right (unclear)?$$Right, and the world changed.

Christopher Williams

Investment banker Christopher J. Williams was born in 1958 in New Milford, Connecticut. Williams attended Howard University and graduated with his B.A. degree in 1979. He then enrolled in Dartmouth College and went on to receive his M.B.A. degree in finance from the Amos Tuck School of Business in 1981.

Williams began his investment banking career with Lehman Brothers in New York City where he rose to the level of senior vice president before leaving the firm in 1992. While there, he was responsible for several areas, including debt capital markets as well as trading derivatives and fixed income securities. Following Lehman Brothers, Williams formed Williams Financial Markets, a division of Jeffries & Company, Inc., which specialized in structuring debt financings for investment grade corporate borrowers. In 1994, Williams and his wife, Janice Savin Williams, founded the Williams Capital Group, L.P. and Williams Capital Management, LLC; and, in 2002, he became the founder, chairman, and chief executive officer. He has directed Williams Capital’s strategic effort in investment banking and its expansion into asset management. Williams also served as a trustee of Williams Capital Management Trust management.

Williams has served on the board of directors of Harrah’s Entertainment, Inc., Wal-Mart Stores, Inc., the Partnership for New York City, the Securities Industry Association, and the National Association of Securities Professionals. His memberships include the Economic Club of New York, the Gotham Chapter of the Young President’s Organization and the Century Association. Williams also served as a member of several not-for-profit boards, including the National Dance Institute, WNYC radio, the Mt. Sinai Hospital, the Alvin Ailey American Dance Theater, the Teachers College at Columbia University, the Lincoln Center for the Performing Arts, and the Tuck School of Business at Dartmouth College. Williams Capital is also a supporter of The Fresh Air Fund and Partnership with Children.

In 2002, Williams was selected by Fortune magazine as one of the 50 most powerful African Americans in corporate America. In addition, Williams Capital was ranked as the largest minority-owned investment bank in the June of 2002 issue of Black Enterprise magazine. In 2003, Williams was listed in Crains New York Business magazine as one of the top 100 minority business leaders. He also received the Executive Leadership Council Achievement Award in 2012.

Christopher J. Williams was interviewed by The HistoryMakers on November 11, 2013.

Accession Number

A2013.286

Sex

Male

Interview Date

11/11/2013

Last Name

Williams

Maker Category
Marital Status

Married

Occupation
Schools

Dartmouth College

New Milford High School

Howard University

First Name

Christopher

Birth City, State, Country

Norwalk

HM ID

WIL68

Favorite Season

Summer

State

Connecticut

Favorite Vacation Destination

Caribbean

Favorite Quote

We're going ahead.

Bio Photo
Speakers Bureau Region State

New York

Birth Date

12/24/1957

Birth Place Term
Speakers Bureau Region City

New York

Country

United States

Favorite Food

Italian Food

Short Description

Investment banker Christopher Williams (1957 - ) served as founder, chairman, and chief executive officer of the Williams Capital Group, L.P. and Williams Capital Management, LLC; and as a trustee of Williams Capital Management Trust.

Employment

Williams Capital Group, LLC

Lehman Brothers

Morgan Guardian Trust

Architects Environmental Collaborative International

Favorite Color

Blue

Marianne Camille Spraggins

Investment banker, entrepreneur and lawyer Marianne Camille-Spraggins was born in Harlem, New York. Her father, Roy Travers Spraggins, was a lawyer active in Harlem politics in the 1960s. Spraggins graduated from Boston University with her B.A. degree in English literature. She worked as a law clerk while attending New York Law School; where she went on to receive her J.D. degree. Spraggins also received her LL.M. degree in international law from Harvard Law School.

After receiving her LL.M., Spraggins was hired as an associate professor of law at the New York Law School and as the director of the school’s Urban Legal Studies Fellowship program. Then, in 1979, she was hired as an investment banker at Salomon Brothers, Incorporated, working in the Mortgage Finance Department. Spraggins was then promoted to vice president of the Municipal Finance Department in 1985. She would serve in that role until 1988, when she was hired as a first vice president at Prudential Bache Securities. Two years later, she was hired at Smith Barney in New York, where she became the first African American female managing director on Wall Street.

In the early 1990s, Spraggins was confirmed by the U.S. Senate and appointed by President Bill Clinton as the director of the Securities Investor Protection Corporation. In 1994, she signed on as co-chair and chief operating officer at W.R. Lazard, an underwriting and asset management business, where, following the death of Wardell Lazard, she worked to revive the company. In 1998, she was hired by the asset management company Smith Whiley and Company as a senior managing editor, and then, in 2000, as the chief executive officer of Atlanta Life Insurance Company Investment Advisors. Then, after briefly working as the president of the consulting company Buy Hold America, Spraggins was appointed a superdelagate of President Barack Obama’s presidential campaign in 2008. In 2011, she was hired by The BondFactor Company LLC, where she served as chief marketing officer.

Spraggins has served on a variety of national boards including FuturePac, Ft. Valley State College, Count-Me-In, and the Historic District Development Corporation in Atlanta, Georgia. She has also served on several governmental commissions including the DeWind Commission on Banking, Insurance and Financial Services, and Governor Cuomo's Task Force on Consumer and Mortgage Banking. Spraggins was a member of the Executive Committee of the Democratic National Committee and co-chair of its Credentials Committee. She was formerly a member of the Board of Directors of the New York City Economic Development Corporation, the New York Law School and the Apollo Theater Foundation, where she chaired the Restoration Committee.

Marianne Camille-Spraggins was interviewed by The HistoryMakers on October 20, 2013.

Accession Number

A2013.263

Sex

Female

Interview Date

10/20/2013

Last Name

Spraggins

Maker Category
Middle Name

Camille

Schools

Boston University

New York Law School

Harvard Law School

P.S. 46 Arthur Tappan School

J.H.S. 52 Inwood Junior High School

Walton High School

First Name

Marianne

Birth City, State, Country

New York

HM ID

SPR05

Favorite Season

Spring

State

New York

Favorite Vacation Destination

Dubai, United Arab Emirates

Favorite Quote

Promise Little, But Do Much.

Bio Photo
Speakers Bureau Region State

New York

Birth Date

11/2/1945

Birth Place Term
Speakers Bureau Region City

New York

Country

United States

Favorite Food

Shrimp

Short Description

Investment banker and law professor Marianne Camille Spraggins (1945 - ) was the first African American female managing director on Wall Street.

Employment

Covington, Howard, Hagood & Holland

New York Law School

Salomon Brothers, Inc

Prudential Bache Securities

Smith Barney

Securities Investor Protection Corporation

W.R. Lazard

Smith Whiley & Co

Atlanta Life Insurance Company

Buy Hold America

BondFactor Company LLC

Favorite Color

Lime Green

Timing Pairs
0,0:2232,78:4278,120:4650,125:9393,206:21275,332:21575,337:22325,349:22775,358:23675,425:24200,434:24875,444:29150,520:30800,565:31325,574:32075,595:33275,615:35000,648:35300,653:35900,663:39500,752:40475,770:47185,787:48990,807:49370,812:50130,821:50605,827:54939,910:56361,929:58020,955:63955,1021:68830,1088:69418,1096:73828,1199:81301,1230:84546,1267:90692,1333:91484,1348:92012,1355:94330,1365:95014,1375:95394,1381:99042,1461:99726,1471:100486,1482:101474,1500:102310,1515:104514,1570:110442,1703:117298,1829:119722,1869:120833,1884:122449,1906:135550,2124:135988,2132:142618,2173:148636,2295:149374,2305:149784,2311:150112,2316:151916,2366:152490,2374:153228,2384:154704,2423:155442,2433:156590,2452:157082,2459:157410,2464:158066,2474:159624,2495:160034,2502:160362,2507:161428,2527:161756,2532:162658,2548:163314,2558:163724,2563:164298,2573:164790,2580:165118,2585:166758,2616:178090,2733:178522,2740:180610,2783:180970,2790:181546,2799:181978,2807:185866,2874:186154,2879:186586,2886:186874,2891:187522,2902:188170,2913:188458,2918:188746,2927:189106,2933:189394,2938:189754,2944:190618,2967:191626,2982:192202,2991:193498,3013:202988,3078:206507,3167:206783,3172:207335,3183:207611,3188:208232,3199:208715,3207:209474,3226:209819,3232:210233,3240:211199,3257:211682,3265:211958,3270:212579,3280:214097,3286:218584,3315:223960,3378$0,0:640,11:960,16:5600,101:16372,282:17269,295:20650,377:20995,383:24652,469:27205,528:28033,542:28861,556:30034,589:42335,722:42821,729:44360,756:44765,761:46062,771:47582,797:47886,802:51610,885:56490,946:56865,952:57240,958:57990,981:61065,1049:66850,1096:67948,1126:68497,1137:68863,1144:70022,1179:70510,1189:70876,1196:71242,1210:71730,1219:72950,1255:73194,1260:75207,1317:75451,1322:76427,1346:77159,1364:77403,1369:77769,1376:78135,1384:78379,1389:82720,1415:83840,1434:84880,1449:92880,1608:99600,1737:103280,1946:137390,2231:138020,2240:139460,2266:139820,2271:140990,2289:141350,2294:141800,2300:143980,2307:148972,2389:163028,2691:163700,2701:176365,2840:176790,2846:177215,2852:177980,2862:181890,2958:182230,2963:183165,2974:189624,3053:190380,3063:211166,3365:211736,3371:215840,3467:216980,3484:236108,3857:237247,3886:244090,4009:244374,4014:248279,4110:249060,4131:257720,4230:261716,4368:264010,4425:264306,4431:264602,4437:264898,4442:266378,4465:267192,4480:268228,4499:277034,4617:277566,4646:277870,4651:281138,4747:284710,4831:289440,4884
DAStories

Tape: 1 Story: 1 - Slating of Marianne Camille Spraggins' interview

Tape: 1 Story: 2 - Marianne Camille Spraggins lists her favorites

Tape: 1 Story: 3 - Marianne Camille Spraggins describes her father's family background

Tape: 1 Story: 4 - Marianne Camille Spraggins describes her father's personality

Tape: 1 Story: 5 - Marianne Camille Spraggins describes her mother's family background

Tape: 1 Story: 6 - Marianne Camille Spraggins recalls how her parents met

Tape: 1 Story: 7 - Marianne Camille Spraggins talks about her sister

Tape: 1 Story: 8 - Marianne Camille Spraggins describes her earliest childhood memory

Tape: 1 Story: 9 - Marianne Camille Spraggins describes the sights, sounds and smells of her childhood

Tape: 1 Story: 10 - Marianne Camille Spraggins remembers her home life

Tape: 1 Story: 11 - Marianne Camille Spraggins talks about her father's involvement in politics

Tape: 1 Story: 12 - Marianne Camille Spraggins describes the Harlem community in New York City

Tape: 1 Story: 13 - Marianne Camille Spraggins recalls her early education

Tape: 1 Story: 14 - Marianne Camille Spraggins describes her early personality

Tape: 1 Story: 15 - Marianne Camille Spraggins recalls her childhood role models

Tape: 2 Story: 1 - Marianne Camille Spraggins remembers her decision to attend Boston University in Boston, Massachusetts

Tape: 2 Story: 2 - Marianne Camille Spraggins recalls her experiences of discrimination at Boston University

Tape: 2 Story: 3 - Marianne Camille Spraggins recalls her experience at Boston University in Boston, Massachusetts

Tape: 2 Story: 4 - Marianne Camille Spraggins recalls her father's encouragement

Tape: 2 Story: 5 - Marianne Camille Spraggins remembers living in Los Angeles, California

Tape: 2 Story: 6 - Marianne Camille Spraggins recalls her position with NBC

Tape: 2 Story: 7 - Marianne Camille Spraggins remembers her father's death

Tape: 2 Story: 8 - Marianne Camille Spraggins recalls earning her degree from New York University School of Law

Tape: 2 Story: 9 - Marianne Camille Spraggins remembers passing the bar examination

Tape: 2 Story: 10 - Marianne Camille Spraggins remembers developing an interest in finance

Tape: 2 Story: 11 - Marianne Camille Spraggins remembers the mentorship of Russell L Goings, Jr.

Tape: 2 Story: 12 - Marianne Camille Spraggins recalls her interview with Salomon Brothers

Tape: 3 Story: 1 - Marianne Camille Spraggins recalls her training at Salomon Brothers

Tape: 3 Story: 2 - Marianne Camille Spraggins recalls securing a placement at Salomon Brothers, pt. 1

Tape: 3 Story: 3 - Marianne Camille Spraggins recalls securing a placement at Salomon Brothers, pt. 2

Tape: 3 Story: 4 - Marianne Camille Spraggins talks about Lewis S. Ranieri

Tape: 3 Story: 5 - Marianne Camille Spraggins describes her role at Salomon Brothers

Tape: 3 Story: 6 - Marianne Camille Spraggins recalls her time at Prudential Bache Securities

Tape: 3 Story: 7 - Marianne Camille Spraggins remembers learning to close a deal

Tape: 3 Story: 8 - Marianne Camille Spraggins remembers the African Americans on Wall Street

Tape: 3 Story: 9 - Marianne Camille Spraggins remembers David N. Dinkins' mayoral campaign

Tape: 3 Story: 10 - Marianne Camille Spraggins recalls joining Smith Barney

Tape: 4 Story: 1 - Marianne Camille Spraggins describes her experiences at Smith Barney

Tape: 4 Story: 2 - Marianne Camille Spraggins talks about her role at Smith Barney

Tape: 4 Story: 3 - Marianne Camille Spraggins compares her experiences at Wall Street firms

Tape: 4 Story: 4 - Marianne Camille Spraggins describes her accomplishments at Smith Barney

Tape: 4 Story: 5 - Marianne Camille Spraggins reflects upon her experiences on Wall Street

Tape: 4 Story: 6 - Marianne Camille Spraggins remembers Wardell Lazard

Tape: 4 Story: 7 - Marianne Camille Spraggins recalls her role at W.R. Lazard and Company

Tape: 4 Story: 8 - Marianne Camille Spraggins remembers joining Smith Whiley and Company

Tape: 4 Story: 9 - Marianne Camille Spraggins describes her involvement with Atlanta Life Insurance Company

Tape: 4 Story: 10 - Marianne Camille Spraggins talks about her presidential appointments

Tape: 4 Story: 11 - Marianne Camille Spraggins talks about her role at The BondFactor Company, LLC

Tape: 5 Story: 1 - Marianne Camille Spraggins talks about her work at The BondFactor Company, LLC

Tape: 5 Story: 2 - Marianne Camille Spraggins talks about the history of African American financiers

Tape: 5 Story: 3 - Marianne Camille Spraggins reflects upon the legacy of Travers Bell

Tape: 5 Story: 4 - Marianne Camille Spraggins reflects upon her life

Tape: 5 Story: 5 - Marianne Camille Spraggins describes her civic engagement

Tape: 5 Story: 6 - Marianne Camille Spraggins talks about black politics

Tape: 5 Story: 7 - Marianne Camille Spraggins talks about black entrepreneurship

Tape: 5 Story: 8 - Marianne Camille Spraggins describes her hopes and concerns for the African American community

Tape: 5 Story: 9 - Marianne Camille Spraggins talks about her interest in African art

Tape: 5 Story: 10 - Marianne Camille Spraggins describes how she would like to be remembered

Tape: 6 Story: 1 - Marianne Camille Spraggins reflects upon her career and legacy

Tape: 6 Story: 2 - Marianne Camille Spraggins talks about her father's hopes for her career

DASession

1$1

DATape

2$3

DAStory

10$3

DATitle
Marianne Camille Spraggins remembers developing an interest in finance
Marianne Camille Spraggins recalls securing a placement at Salomon Brothers, pt. 2
Transcript
You liked law, then? Did you (simultaneous)--$$(Simultaneous) Yes. It was a natural for me (unclear).$$Okay. And so, what courses did you gravitate to? That you sort of remember?$$The business law, the constitutional law, if I, if I practiced law, I'm sure I would have been a litigator. If I actually practiced.$$But you then come back to New York law school [New York University School of Law, New York, New York] and start as associate professor. But then, how long do you do that? You do that for a couple of years, and then how do you make the change?$$Make the transition? Well--$$Because, it just is like, you're on a track, and the next thing you know, you're at some, you know, at Salomon Brothers.$$Well, you know, there's a thread. When I was in law school, I took a seminar type course from somebody named Nicholas Deak, D-E-A-K [Nicholas L. Deak]. And there was something, a big foreign exchange operation called Deak-Perera in New York [New York]. And as it turned out, he was the Deak. And the course was international business transactions. And we used to go down to Wall Street, to Chase [Chase Manhattan Bank; JPMorgan Chase and Co.], to different banks and interview people and, and we had to do a paper for the course, rather than an exam. And I chose to do one on Swiss banks. Whereupon I learned that there was always something different about this Nicholas Deak. I think he was Hungarian. He was very suave, and there was something mysterious about him, and he always arrived with his driver and a different antique car, and I was just fascinated. Who is this, right? And I was always late for his class, and I would come in about ten minutes late, 'cause I was working [at Covington, Howard, Hagood and Holland, New York, New York]. And, and he would, and it was small, you know, maybe fifteen of us. And it was at, like ten o'clock in the morning, and he would stop what he was doing, and he would say, "Good afternoon, Miss Spraggins [HistoryMaker Marianne Camille Spraggins]." And I said, I came in like Loretta (Unclear) [ph.], "Oh, good afternoon." (Laughter) But anyway, I came to learn that he owned a Swiss bank. Well, that just knocked me out, right? Because I think the thread through it all for me is power. And, you know, I understood political power from this Harlem [New York, New York] vantage point of getting people in jobs and knowing city hall and getting people in judgeships. But I always knew there was something more. And when I took that course, and we went down into those bowels of Wall Street, I didn't know what they did, but there was a different energy, and just a, kind of like a veil being lifted for me. I didn't know what it was, but I knew it was really important and it was kind of a magnet. So when I realized that he owned a Swiss bank, that just took me to a whole other level and I just became very engaged in wanting to know more and about this whole world. Right? And so that is how my interest started, and then the more I was around it, which wasn't a lot, I really realized that this was the real seat of power. So going to Wall Street, I mean, naturally I wanted to make money, but that wasn't the driving force. It was the power that it represented, and knowing that this is a table that we did not sit at. And that we had to. So that's how I ended up going to Wall Street.$And he was from Georgia, by the way. He had run the Georgia office and had a horrible reputation in this regard. And so I, before I knew it, I was yelling, I was screaming, I was crying, and I was telling him. I said, "Let me tell you one thing." I said, "You can subject me to anything you subject everybody else around here to." I said, "That, and no more. Because you don't understand who I am." And I said, I said, "I am Roy Spraggins' daughter. That means nothing to you, but it means everything to me and it means everything to everybody who ever put anything into trying to make something out of me in this life. I will do that and no more, and do you understand?" Well he was like, "Nobody." One of the things that was my observation on Wall Street is that women, that men have done something that women typically have not done. They have been either in the [U.S.] military, or been engaged in some kind of active team sport, which means that, you know, I make this move, you make that move. You say yes, I say no. Right? All that. You go forward, I go back. To a woman, when you're confronted with a situation, really what you do is supply some kind of logic and common sense. So if somebody says something to me and it doesn't make sense to me, I don't just respond. I will ask why. And then typically, in certainly that environment, they really have no idea what to do with that. So that is what I was confronting at that moment. He was livid. He had never, he was purple, he was out of his chair, he was screaming at me. He had gone to a level I couldn't care less, and I said, "And everybody tells me I'm not supposed to cry, well, I don't care. This is what I do. I see those people out there and they cuss and swear and go to strip clubs and I cry. And if you don't like it, it's tough." This is how this was going, right? So he shut me up and he looks at me and he tells me, "You are gonna, you don't like it up there?" He goes, "You're gonna sit there." And he points to this desk outside his office. Okay? And he goes, "And you go there right now." So that's where he sent me. And so I went and I sat there, and I tried to get myself back together. And I said, "Marianne, this can't be happening, you know? Not like this, right?" So long story short, meanwhile, they had driven the other black woman out. And they didn't know I was around, that I heard them. One partner picked up a phone and called the other like, "Guess who's gone?" Like it's a game, a big joke, right? And I had said to myself at that time, "I'm leaving here one of two ways. Either I'm really gonna make it or they're taking me out on a stretcher. I am not going any other kind of way, period." So I gathered my things, and that next day, I went to the cafeteria. At Salomon Brothers, the cafeteria is a place where everybody comes to. You have your own private dining rooms, right? So that's where, you know, luncheons take place with customers and so forth. But as far as the firm goes, in the morning, partner, everybody comes to the cafeteria. So I set up my desk at a table right near the cash register. And had all my financial press, books, everything, and I said, "This is my office." I said, "Because one day," and I'd read everything cover to cover. I said, "One day, somebody is gonna have to say, 'Who is that black woman? Why is she sitting there every day reading the papers,' right? Reading books." And if anybody made eye contact with me, I went to their office. And I said, "My name is Marianne Spraggins [HistoryMaker Marianne Camille Spraggins], and I was in the last class." Meanwhile, another class has already started. "I was in the class and I didn't get placed. Do you have any work you need done?" Well, first of all, they were probably just so embarrassed and aghast and awkward, they didn't know what to do, right? I mean, I was, wasn't confrontational, I was just very nice, you know? "You need anything done?" And so, I guess they said, "Poor soul." They would give me something to do. And long story short, I did that a few times and I ended up working on some publication. I'll never forget, we were (unclear) write notes, and as a result of that, I got sent on another interview which led to me being placed in a job and it was in, with Lew Ranieri [Lewis S. Ranieri] who is the father of the mortgage securities market. It was at the very, very, very beginning of it and so that's where I started in an area that was completely brand new and made a way for myself. That's how I got started.$$So how long did it take you past that? You know, almost, you know from the time period that that happened, how long (unclear) (simultaneous)--$$(Simultaneous) Of that, which thing happened?$$You know, when, when you set up in the cafeteria. How long did that take afterwards?$$Months, a few months.

Frederick Terrell

Investment banker Frederick O. Terrell was born in Chicago, Illinois in 1952. He was raised in La Puente, California. Terrell graduated with his B.A. degree from La Verne University in 1976; after graduation, he was selected by the Coro Foundation for its public affairs fellowship program for 1977. Terrell attended Occidental College, where he earned his M.A. degree in urban studies before enrolling in the Yale School of Management, where he received his M.B.A. in 1982.

Prior to rejoining Credit Suisse in June 2010, Terrell was managing partner and chief executive officer of Provender Capital Group, LLC, a private equity investment and advisory firm based in New York and focused on investments in financial services, consumer and retail products, business services and media. Prior to founding Provender in 1998, Terrell was a managing director with Credit Suisse First Boston, where he began his career as an associate in 1983. In addition to serving as head of the Mortgage Finance department, he gained broad interdisciplinary experience at senior levels within investment banking and fixed income.

Terrell is a former member of the board of directors for the New York Life Insurance Company, where he served as chairman of the Investment Committee and as a member of both the Compensation and Operations committees. He is also a former member of the board of directors of Wellchoice prior to its sale to Wellpoint in 2005, and Carver Bancorp, Inc. where he served as chairman of the board. He is currently a member of the University Council of Yale University, and is a member of the board of advisors of the Yale School of Management, at which he gave the commencement address in 2002. Terrell is a past chairman of the board of the Coro New York Leadership Center, a national leadership training institute. He is also a member of the Board of Directors of the Partnership for the City of New York, New York City Investment Fund and Big Brothers Big Sisters of New York. In 2011, Terrell was re-named as one of Black Enterprise magazine’s “75 Most Powerful Blacks on Wall Street,” and in 2012 named as one of the “Top 100 Most Influential Blacks in Corporate America” by Savoy magazine.

Frederick O. Terrell was interviewed for The HistoryMakers on July 14, 2013.

Accession Number

A2013.189

Sex

Male

Interview Date

7/13/2013

Last Name

Terrell

Maker Category
Marital Status

Married

Middle Name

O.

Schools

Occidental College

California Elementary School

La Puente High School

Yale School of Organization and Management

University of California, Los Angeles

First Name

Frederick

Birth City, State, Country

Hamtramck

HM ID

TER07

Favorite Season

Fall

State

Michigan

Favorite Vacation Destination

California

Favorite Quote

I Get It.

Bio Photo
Speakers Bureau Region State

New York

Birth Date

11/29/1954

Birth Place Term
Speakers Bureau Region City

New York

Country

United States

Favorite Food

Cream Corn

Short Description

Corporate chief executive Frederick Terrell (1954 - ) was instrumental in the development of collateralized mortgage obligations at the First Boston Corporation. He went on to serve as the CEO of the Provender Capital Group LLC.

Employment

Credit Suisse Group AG

Provender Capital Group, LLC

First Boston Corporation

United States Financial Crisis Inquiry Commission

International Brotherhood of Teamsters

President James Earl Carter Jr., Administration

Los Angeles City Council

Favorite Color

Blue

Timing Pairs
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DAStories

Tape: 1 Story: 1 - Slating of Frederick Terrell's interview

Tape: 1 Story: 2 - Frederick Terrell lists his favorites

Tape: 1 Story: 3 - Frederick Terrell describes his mother's family background

Tape: 1 Story: 4 - Frederick Terrell remembers his mother's personality

Tape: 1 Story: 5 - Frederick Terrell talks about his mother's upbringing

Tape: 1 Story: 6 - Frederick Terrell recalls lessons from his mother

Tape: 1 Story: 7 - Frederick Terrell describes his father's family background

Tape: 1 Story: 8 - Frederick Terrell talks about his parents' marriage

Tape: 1 Story: 9 - Frederick Terrell recalls his family's frequent moves

Tape: 1 Story: 10 - Frederick Terrell describes his earliest childhood memory

Tape: 2 Story: 1 - Frederick Terrell remembers the effects of white flight in La Puente, California

Tape: 2 Story: 2 - Frederick Terrell recalls his experiences of police brutality in La Puente, California

Tape: 2 Story: 3 - Frederick Terrell remembers his family's political discussions

Tape: 2 Story: 4 - Frederick Terrell recalls his family's road trips to the South

Tape: 2 Story: 5 - Frederick Terrell remembers lessons from his father

Tape: 2 Story: 6 - Frederick Terrell describes the sights, sounds and smells of his childhood, pt. 1

Tape: 2 Story: 7 - Frederick Terrell talks about his high school band

Tape: 3 Story: 1 - Frederick Terrell describes the sights, sounds and smells of his childhood, pt. 2

Tape: 3 Story: 2 - Frederick Terrell talks about his schooling in La Puente, California, pt. 1

Tape: 3 Story: 3 - Frederick Terrell talks about his schooling in La Puente, California, pt. 2

Tape: 3 Story: 4 - Frederick Terrell remembers La Puente High School in La Puente, California

Tape: 3 Story: 5 - Frederick Terrell talks about the influence of the Black Power movement

Tape: 3 Story: 6 - Frederick Terrell remembers being diagnosed with scoliosis

Tape: 3 Story: 7 - Frederick Terrell talks about his brother, Emmett Terrell, Jr., pt. 1

Tape: 3 Story: 8 - Frederick Terrell talks about his brother Emmett Terrell, Jr., pt. 2

Tape: 3 Story: 9 - Frederick Terrell remembers his father's death, pt. 1

Tape: 3 Story: 10 - Frederick Terrell remembers his father's death, pt. 2

Tape: 4 Story: 1 - Frederick Terrell remembers La Verne College in La Verne, California

Tape: 4 Story: 2 - Frederick Terrell recalls his internship in the City of West Covina, California

Tape: 4 Story: 3 - Frederick Terrell describes his experiences of discrimination in the City of West Covina, California

Tape: 4 Story: 4 - Frederick Terrell recalls his fellowship from Coro Foundation

Tape: 4 Story: 5 - Frederick Terrell remembers working for Los Angeles City Council President John Ferraro

Tape: 4 Story: 6 - Frederick Terrell remembers working for President Jimmy Carter's administration

Tape: 4 Story: 7 - Frederick Terrell recalls lessons from his time in politics

Tape: 4 Story: 8 - Frederick Terrell recalls his admission to the Yale School of Organization and Management in New Haven, Connecticut

Tape: 5 Story: 1 - Frederick Terrell remembers his summer internship at the First Boston Corporation

Tape: 5 Story: 2 - Frederick Terrell recalls meeting the CEO of the First Boston Corporation

Tape: 5 Story: 3 - Frederick Terrell describes how he came to work at the First Boston Corporation

Tape: 5 Story: 4 - Frederick Terrell remembers the invention of interest rate swaps

Tape: 5 Story: 5 - Frederick Terrell talks about the first African Americans on Wall Street

Tape: 5 Story: 6 - Frederick Terrell remembers the savings and loan crisis

Tape: 5 Story: 7 - Frederick Terrell describes his work in the First Boston Corporation's Federal Finance Group

Tape: 5 Story: 8 - Frederick Terrell describes his role in the invention of collateralized mortgage obligations, pt. 1

Tape: 5 Story: 9 - Frederick Terrell describes his role in the invention of collateralized mortgage obligations, pt. 2

Tape: 5 Story: 10 - Frederick Terrell talks about the merger of Credit Suisse and the First Boston Corporation

Tape: 6 Story: 1 - Frederick Terrell talks about his team's revenue at Credit Suisse Group AG

Tape: 6 Story: 2 - Frederick Terrell remembers marrying Jonelle Procope

Tape: 6 Story: 3 - Frederick Terrell reflects upon his upbringing

Tape: 6 Story: 4 - Frederick Terrell remembers his wedding

Tape: 6 Story: 5 - Frederick Terrell talks about African American social organizations

Tape: 6 Story: 6 - Frederick Terrell remembers integrating the Quaker Ridge Golf Club in Scarsdale, New York

Tape: 6 Story: 7 - Frederick Terrell remembers being overlooked for partner at Credit Suisse First Boston, pt. 1

Tape: 6 Story: 8 - Frederick Terrell remembers being overlooked for partner at Credit Suisse First Boston, pt. 2

Tape: 6 Story: 9 - Frederick Terrell remembers inventing the shifting interest mechanism

Tape: 7 Story: 1 - Frederick Terrell recalls his decision to leave Credit Suisse First Boston

Tape: 7 Story: 2 - Frederick Terrell talks about starting his own investment banking firm, Provender Capital Group, LLC

Tape: 7 Story: 3 - Frederick Terrell talks about his early investments at Provender Capital Group, LLC

Tape: 7 Story: 4 - Frederick Terrell recalls returning to Credit Suisse

Tape: 7 Story: 5 - Frederick Terrell talks about his board memberships

Tape: 7 Story: 6 - Frederick Terrell remembers becoming vice chairman of Credit Suisse

Tape: 7 Story: 7 - Frederick Terrell reflects upon his life

Tape: 8 Story: 1 - Frederick Terrell talks about his family

Tape: 8 Story: 2 - Frederick Terrell shares his advice to future generations, pt. 1

Tape: 8 Story: 3 - Frederick Terrell shares his advice to future generations, pt. 2

Tape: 8 Story: 4 - Frederick Terrell reflects upon his legacy

Tape: 8 Story: 5 - Frederick Terrell describes his hopes and concerns for the African American community

Tape: 8 Story: 6 - Frederick Terrell reflects upon the legacy of his generation

Tape: 8 Story: 7 - Frederick Terrell reflects upon his legacy

DASession

1$1

DATape

5$6

DAStory

8$9

DATitle
Frederick Terrell describes his role in the invention of collateralized mortgage obligations, pt. 1
Frederick Terrell remembers inventing the shifting interest mechanism
Transcript
I want to provide a little conte- or help you, help--I want you (simultaneous)-$$(Simultaneous) Yeah, please.$$--to help me provide some context so, really, while you had decided not to go into public finance and in many ways the work that you are doing with the federal government relied on your, there are some interesting things because, you know, investment banking if I'm, you know the silk stocking, whatever, were really a lot of business and private transactions, but that sort of unlocked the public sector in terms of Wall Street, seeing that there is real money to be (simultaneous)--$$(Simultaneous) I think that's right. I think that and the emergence of the mortgage market. See, you're also seeing the emergence of a big, powerful mortgage market which we now know is incredibly powerful and--$$But why did it happen then and not before?$$I think it happened, well, Fannie Mae [Federal National Mortgage Association] and Freddie Mac [Federal Home Loan Mortgage Corporation] used bankers. They were a big force because they were the major conduits for securitization. They were buying loans and selling on loans and securities and First Boston [First Boston Corporation, New York, New York] was one of the major innovators; ourselves and Salomon [Salomon Brothers]. We were the two big firms, Lew Ranieri [Lewis Ranieri] and Larry Fink [Laurence D. Fink]. So we had that reputation as being the smart guys around the mortgage industry and Fannie and Freddie are sort of quasi-public, although they are publicly traded they really are sort of, you know, they're sort of neither fish or fowl, right? They're sort of government entity but they trade like they have stock, right? So, to be involved in that was sort of an intersection of public and private. When you work on Fannie or Freddie Mac, you are in the public and private domain in many ways. What, you know, I worked in interest rate swaps and remember I said about some things turn something new, don't have and want into something new, you now have, through the synthetic thing--I've been lucky in my career. I've worked in two things like that. Interest rate swaps do that, securitization does the same thing. It turns a loan that does this into a loan that does different things and investors want, it's, so it's really a very sophisticated, very analytically driven business and with the RTC [Resolution Trust Corporation] you were taking all that technology and applying it to a public sector problem around private sector companies that have gotten in trouble, but now they're backed by the federal government, so the federal government's problem.$$But, how are you making money, because you said there was money to be made--$$We were making money because the federal government had taken over all these bad banks, bad S and Ls [savings and loan]. They now own the loans, so when a big S and L goes out of business in L.A. [Los Angeles, California] or in Chicago [Illinois], the government seizes and they close it down. They own the loans. They're on the government's balance sheet, but they don't want the loans. They want the money so they have to sell the loans.$$So they sell the--$$Loans to.$$--back loans, but they sell them to whom?$$They sell it to private sector, private investors.$$And so, are you structuring a deal?$$I'm structuring those deals.$$Deals for the private sector. So, what percentage do you make off those deals?$$Well, it depends on the deal and how complicated it is, but we make a spread between, you know, what we buy it for. We first have to buy the loans and then we have to sell them. We buy them for one dollar and we sell them for, you know, or I should say if the loans are worth a dollar we buy them for eighty cents. We end up selling them for a dollar; you know, we make the spread between the two, and we're getting paid a fee.$So now, the fact that in ninety--so the next year is '94 [1994], right?$$(Nods head).$$And does the, the alliance, the strategic alliance with reinsur- that has nothing to do with you, okay. But it says that you pioneered an esoteric finance focus. Has that happened? See some of my chronology is--$$No, it's okay. I did a couple of deals. I did a tax lien deal for New Jersey. I did some stuff in securitization, which was kind of interesting. I did something pretty special for the RTC [Resolution Trust Corporation]. We did a lot of very esoteric, really brave new world stuff in securitization. We really were innovators, doing stuff that had never been done before that became commonplace.$$Okay.$$But it's, you know what, it's so in the weeds of, it's so technical that--$$But, can you explain just once during this interview, one technical thing that you--$$You really wanna hear--$$I do, because--$$Okay.$$Let's say this is business school student, you know, an M.B.A. student, someone out of Yale [Yale School of Management, New Haven, Connecticut], or whatever, who was interested in the history of that, wouldn't that be of interest to them?$$Uh, well, I'll tell you one because it came up the other day when I was talking to the woman I did it for, because she was in a different position then and she was reminding me of it. And I said, when the RTC was selling, you know when loans were originated around the country, if you borrow money, you can borrow with different indices; I mean, it can be a fixed rate loan, but it can also be a loan that floats around treasury bills, it can float around, revolve around LIBOR, London Interbank Offered Rate, it can be something called a cost of funds loan, which is around a district of the Federal Home Loan Bank [Federal Home Loan Bank System], but there are different ways of paying floating interest that adjusts. Well, now the government owns all these loans and there are all these different indices. This is really in the weeds, but you asked for it. All these different indices and these loans that pay different ways, now I wanna take all those loans together and create a common security that they support. But I can't, because they're all paying at different times. So, we designed a mechanism that allowed the RTC to combine very disperse, very diverse pools of loans that have very different payment mechanisms into one package and sell them as one security to the market place around one index, and we did it by setting up a separate floating pool that would make up for the differences between the rate on the security and the rate on the collateral; you know, I mean it's that kind of stuff. Now Saundra [Saundra Williams Cornwell], I was talking to today about it, she was telling me, remarking god, that that idea allowed the federal government to sell billions. It was a breakthrough idea because once they did that, because the problem they had is that they were requiring bad S and Ls [savings and loan] from all over the country, who had loans for that region that they liked to do, some this index, some that index, now the government owns them all. Now I want to sell them. I can't sell them unless I have a common thing to sell them around. I've got to turn them into something that's more homogenous. We figured out a way to create more homogeneity around something that's completely heterogeneous, and that was pretty remarkable. That was pretty good stuff. Now, that's commonplace. I was looking in the paper the other day about a deal that's come to market and they describe something called shifting interests, you know, which was a thing that we helped design around here around deals I worked on. There was a lot of innovation then, and I wasn't the only guy, but I was leading a team that was coming up with it and explaining it at the highest levels in government, how these deals were working, so it was pretty hot stuff. You know, at that time, you know, you know not unlike Ray [HistoryMaker Raymond J. McGuire] and the M and A [mergers and acquisitions] business or Bill [HistoryMaker William M. Lewis, Jr.] and the M and A, in the mortgage business, you know, I really had my act together and we were doing really big, the biggest transactions were and the most sophisticated ones.

Raymond J. McGuire

Investment banker Raymond J. McGuire was born on January 23, 1957, in Dayton, Ohio. After graduating from the Hotchkiss School in 1975, McGuire enrolled in Harvard University. He went on to graduate from Harvard College cum laude with his A.B. degree in English in 1979. McGuire was awarded a Rotary Fellowship to attend the University of Nice in France in 1980. In 1984, McGuire graduated from Harvard Business School with his M.B.A. degree and from Harvard Law School with his J.D. degree.

McGuire began his career in the mergers and acquisitions department at First Boston Corporation. In 1988, when Joseph R. Perella and Bruce Wasserstein, top officers at First Boston Corporation, left to start their own firm, McGuire went with them. At Wasserstein Perella & Co., McGuire played a key role in many transactions, including Pitney Bowes, Inc.’s acquisition of Ameriscribe. He served as a partner and managing director at Wasserstein Perella & Co. from 1991 to 1994, and then became the managing director of mergers & acquisitions at Merrill Lynch Investment, Inc. In 2000, McGuire was appointed as the the global co-head of mergers & acquisitions at Morgan Stanley where he advised the $19.8 billion sale of Nabisco Holdings to the Philip Morris Company and Pfizer’s sale of its Schick Wilkinson Sword business to Energizer for $930 million in 2003. In 2005, McGuire left Morgan Stanley and was appointed as the co-head of investment banking at Citigroup Corporate and Investment Banking. He became the head of global banking in 2009. While there, McGuire managed more than two thousand employees and advised business mergers and acquisitions valued at more than $200 billion, such as Time Warner, Inc.’s $45 billion separation from Time Warner Cable.

McGuire was named chairman of the board of the Studio Museum in Harlem and vice chairman of the board and investment committee chairman of the Whitney Museum of American Art. He also served on the executive committee of the International Center of Photography, as a trustee of the Lincoln Center and chairman of the board of the De La Salle Academy, and as a member of the board of the Mayor’s Cultural Affairs Advisory Committee for the City of New York. In addition, he served as a trustee of New York-Presbyterian Hospital. For Harvard University, he has served as a member of the Overseers and Directors Nominating Committee.

In 2002, Black Enterprise magazine named McGuire one of the “Top 50 African Americans on Wall Street.” He has also received the Alumni Professional Achievement Award from the Harvard Business School, and was named a Distinguished Patron of the Arts by the Pratt Institute.

Raymond J. McGuire was interviewed by The HistoryMakers on June 24, 2013.

Accession Number

A2013.195

Sex

Male

Interview Date

7/12/2013

Last Name

McGuire

Maker Category
Marital Status

Married

Middle Name

Jeffrey

Occupation
Schools

Harvard University

Harvard Business School

Harvard Law School

University of Nice

First Name

Raymond

Birth City, State, Country

Youngstown

HM ID

MCG06

Favorite Season

Fall

State

Ohio

Favorite Vacation Destination

Saint Barthelemy

Favorite Quote

Hold Fast To Dreams, For If Dreams Die, Life Is A Broken Winged Bird That Cannot Fly, Hold Fast To Dreams, For If Dreams Go, Life Is A Barren Field, Frozen With Snow.

Bio Photo
Speakers Bureau Region State

New York

Birth Date

1/23/1957

Birth Place Term
Speakers Bureau Region City

New York

Country

United States

Favorite Food

Turkey Burgers

Short Description

Investment banker Raymond J. McGuire (1957 - ) is an alumnus of Harvard University and Harvard Law School. He worked in mergers and acquisitions at First Boston Corporation, Merrill Lynch, and Morgan Stanley, and serves as head of Global Banking at Citigroup where he advises on deals valued at more than $200 billion.

Employment

First Boston Corporation

Wasserstein Perella & Co.

Merrill Lynch

Morgan Stanley

Citigroup

Favorite Color

Blue, Brown

Timing Pairs
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DAStories

Tape: 1 Story: 1 - Slating of Raymond McGuire's interview

Tape: 1 Story: 2 - Raymond McGuire lists his favorites

Tape: 1 Story: 3 - Raymond McGuire talks about his maternal family background

Tape: 1 Story: 4 - Raymond McGuire talks about his siblings

Tape: 1 Story: 5 - Raymond McGuire describes his earliest childhood memories in Dayton, Ohio

Tape: 1 Story: 6 - Raymond McGuire describes his community in Dayton, Ohio

Tape: 1 Story: 7 - Raymond McGuire talks about his age difference with his older brothers

Tape: 1 Story: 8 - Raymond McGuire talks about growing up in the Bethel Church of God in Christ

Tape: 1 Story: 9 - Raymond McGuire continues to describe his community in Dayton, Ohio

Tape: 1 Story: 10 - Raymond McGuire describes his childhood personality

Tape: 1 Story: 11 - Raymond McGuire talks about his maternal grandparents

Tape: 1 Story: 12 - Raymond McGuire describes his earliest memories of grade school

Tape: 1 Story: 13 - Raymond McGuire talks about differences between his academic environment and home environment

Tape: 1 Story: 14 - Raymond McGuire talks about attending The Miami Valley School in Dayton, Ohio

Tape: 2 Story: 1 - Raymond McGuire talks about his first jobs in Dayton, Ohio

Tape: 2 Story: 2 - Raymond McGuire describes the student demographic at Miami Valley School in Dayton, Ohio

Tape: 2 Story: 3 - Raymond McGuire talks about people he looked up to as a child

Tape: 2 Story: 4 - Raymond McGuire talks about interviewing for and attending the Hotchkiss School in Lakeville, Connecticut

Tape: 2 Story: 5 - Raymond McGuire describes student style at the Hotchkiss School in Lakeville, Connecticut

Tape: 2 Story: 6 - Raymond McGuire talks about his friendship with Michael Carroll

Tape: 2 Story: 7 - Raymond McGuire talks about Miami Valley School in Dayton, Ohio and at the Hotchkiss School in Lakeville, Connecticut

Tape: 2 Story: 8 - Raymond McGuire talks about deciding to attend Harvard University in Cambridge, Massachusetts

Tape: 2 Story: 9 - Raymond McGuire talks about a prank he took part in at the Hotchkiss School in Lakeville, Connecticut

Tape: 2 Story: 10 - Raymond McGuire talks about his high school interest in literature and basketball

Tape: 2 Story: 11 - Raymond McGuire recalls his graduation from the Hotchkiss School in Lakeville, Connecticut

Tape: 2 Story: 12 - Raymond McGuire describes his first year as an undergraduate student at Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 1 - Raymond McGuire talks about his experience as an undergraduate at Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 2 - Raymond McGuire talks about the political community at The John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 3 - Raymond McGuire talks about the athletic community at Harvard University in Cambridge, Massachusetts and playing basketball for the Crimson Classics

Tape: 3 Story: 4 - Raymond McGuire talks about the private club community at Harvard University in Cambridge, Massachusetts and his membership to the Owl Club

Tape: 3 Story: 5 - Raymond McGuire talks about his membership to the Owl Club at Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 6 - Raymond McGuire talks about his racial experiences in his life from Dayton, Ohio to Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 7 - Raymond McGuire talks about experiencing racism while studying abroad in Europe

Tape: 3 Story: 8 - Raymond McGuire talks about the Owl Club and other communities at Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 9 - Raymond McGuire talks about the African American Cultural Center at Harvard University in Cambridge, Massachusetts

Tape: 3 Story: 10 - Raymond McGuire talks about studying literature at Harvard University in Cambridge, Massachusetts

Tape: 4 Story: 1 - Raymond McGuire talks about studying abroad at The Nice Sophia Antipolis University in Nice, France

Tape: 4 Story: 2 - Raymond McGuire talks about being admitted to Harvard University's dual degree program for law school and business school

Tape: 4 Story: 3 - Raymond McGuire talks about his graduate studies at Harvard University in Cambridge, Massachusetts and his summer internships

Tape: 4 Story: 4 - Raymond McGuire reflects on adjusting the Harvard Business School in Boston, Massachusetts and the Harvard Law School in Cambridge, Massachusetts

Tape: 4 Story: 5 - Raymond McGuire talks about taking a summer internship at First Boston

Tape: 4 Story: 6 - Raymond McGuire talks about his education at the Harvard Law School in Cambridge, Massachusetts

Tape: 4 Story: 7 - Raymond McGuire talks about taking two internships in one summer

Tape: 4 Story: 8 - Raymond McGuire talks about earning his graduate degrees and receiving job offers

Tape: 4 Story: 9 - Raymond McGuire talks about First Boston, Joseph Perella, and Bruce Wasserstein

Tape: 4 Story: 10 - Raymond McGuire recalls being interviewed for a position at First Boston

Tape: 4 Story: 11 - Raymond McGuire talks about working at First Boston after graduating from Harvard Law School and Harvard Business School

Tape: 4 Story: 12 - Raymond McGuire describes mergers and acquisitions work

Tape: 5 Story: 1 - Raymond McGuire talks about the creation of Wasserstein Perella & Co.

Tape: 5 Story: 2 - Raymond McGuire talks about deciding to leave First Boston to work at Wasserstein Perella & Co.

Tape: 5 Story: 3 - Raymond McGuire talks about his roles and duties at Wasserstein Perella & Co.

Tape: 5 Story: 4 - Raymond McGuire explains why Joseph Perella left Wasserstein Perella & Co. in 1993

Tape: 5 Story: 5 - Raymond McGuire explains why he left Wasserstein Perella & Co. and joined Merrill Lynch Wealth Management

Tape: 5 Story: 6 - Raymond McGuire talks about managing a business deal with Nabisco and R.J. Reynolds Tobacco Company

Tape: 5 Story: 7 - Raymond McGuire talks about taking Fort Howard Paper Company private and the slowdown in mergers and acquisitions in the early 1990s

Tape: 5 Story: 8 - Raymond McGuire talks about the importance of Japanese investors to mergers and acquisitions

Tape: 5 Story: 9 - Raymond McGuire talks about working with the Unilever Group on mergers and acquisitions deals

Tape: 5 Story: 10 - Raymond McGuire talks about how mergers and acquisitions deals are executed

Tape: 5 Story: 11 - Raymond McGuire talks about advice he gave during leadership changes at Morgan Stanley

Tape: 6 Story: 1 - Raymond McGuire talks about the changes in leadership at Morgan Stanley in the mid-2000s

Tape: 6 Story: 2 - Raymond McGuire talks about leaving Morgan Stanley for Citigroup in 2005

Tape: 6 Story: 3 - Raymond McGuire talks about Franklin A. Thomas

Tape: 6 Story: 4 - Raymond McGuire talks about opportunities at Citigroup

Tape: 6 Story: 5 - Raymond McGuire talks about working through crises

Tape: 6 Story: 6 - Raymond McGuire talks about handling the sale of Wyeth pharmaceutical company to Pfizer Inc.

Tape: 6 Story: 7 - Raymond McGuire talks about the effect of the 2007 economic crisis

Tape: 6 Story: 8 - Raymond McGuire ranks international regions by market size and economic influence

Tape: 6 Story: 9 - Raymond McGuire talks about his work for Citigroup and its development during his tenure

Tape: 6 Story: 10 - Raymond McGuire talks about his art-collecting

Tape: 7 Story: 1 - Raymond McGuire talks about creative organizations and artists he supports

Tape: 7 Story: 2 - Raymond McGuire reflects over his life

Tape: 7 Story: 3 - Raymond McGuire talks about his son and describes what he envisions for his future

Tape: 7 Story: 4 - Raymond McGuire describes his hopes and concerns for the African American community

Tape: 7 Story: 5 - Raymond McGuire considers what he may have done differently

Tape: 7 Story: 6 - Raymond McGuire considers his legacy

DASession

1$1

DATape

3$5

DAStory

2$6

DATitle
Raymond McGuire talks about the political community at The John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts
Raymond McGuire talks about managing a business deal with Nabisco and R.J. Reynolds Tobacco Company
Transcript
So the other communities that you mentioned--$$Mm-hmm.$$So what were some of the other communities? You mentioned the athletics--$$(Unclear) to the politics as an example.$$Okay.$$This is at the Kennedy School [The John F. Kennedy School of Government at Harvard University, Cambridge, Massachusetts]. And this is one where you were introduced to some of the country's great politicians. Dutch Morial [Ernest Nathan Morial] I can remember back, the great mayor of New Orleans [Lousiana]. And when, when Dutch came, this is, remember this is a time when you're first getting a number of, of black mayors.$$That's right$$And so to get exposed to that in the world of politics was, was, we actually could see in a way that, in a world where black representation had been denied for all the reasons that we know, to see these people who had been able to, to, to get to that level, to command the respect of the voting population to get them to that level was, was, it was encouraging. It was up lifting. It was certainly inspiring. So you would see these politicians, you can, then you'd go and you go to debate but that was part of the political process. At least you are at a much junior level at that level at the, at the college you thought you were actually practicing. So it is a, it was a world of, of politics and, and governance and government. And for people who aspired to be in public service, who wanted to be in government service that was a great training ground for that. And many of them have gone on to do that. Many people who weren't part of that have gone on to become part of that as well but many of them have gone on to do that. That's, that was kind of the intro to politics.$Okay, so let me ask you, during this period of time what deals are you most proud of that you did?$$The, the Nabisco transaction was a big deal.$$And that, that deal was--$$Carl Icahn went after Nabisco.$$Mm-hmm.$$And I was the lead M&A [mergers and acquisitions] banker on that deal.$$And that deal was of, almost a $15 billion deal.$$It was probably $15 billion, something along that line.$$Yeah, right.$$It was a big deal.$$On that line. And is this your first time in a deal where Carl Icahn is involved? 'Cause he was, is it, is it the first time?$$I'm thinking through that, Carl, there had been other instances I think where I was probably something that Carl did but directly, where Carl is directly on the other side and I'm associated, this is probably the first one.$$Okay. And the person heading up of, you know, what, what I found interesting because this, you do a similar deal later than this but with, 'cause you work on another Philip Morris later, right?$$Yeah, that's, that's--$$That's much later.$$Yes.$$Okay. But, but the thing that I found interesting about this, can you just talk about the nature of what Nabisco, why the Philip Morris and Nabisco deal made sense at the time, and who was trying to do what? Can you talk a little bit about that?$$Yeah this, this goes on, if, if I remember the facts correctly, RJR [R.J. Reynolds Tobacco Company] and Nabisco had been under the overall, back when the big deal was done, the, the take private deal back in the '80s [1980s] I guess it was, large leverage buy out. And we split the, the tobacco up from the food company. The reason it got to be so complex is because the heavy tax implications for selling the food business prematurely. And the reason, the way that, that the deal evolved was because there was an outsider who came in, who instigated a, a transaction in the form of Carl Icahn. The rules didn't apply to the sale of the food business. And we eventually ran an auction for the sale of the food business, for the sale of the Nabisco business. And Philip Morris bought it, great strategic deal for them. We got a great price for the Nabisco shareholders. Carl made off well, his investors made off well. And we eventually left with the, the RJR business was primarily a cash business. It had a lot of cash on its balance sheet. It was, was and was a good business, sort of backup business from a cash flow generating standpoint. And we will successfully sell the business to, to, to the Philip Morris people. And they ran it well and then it got sold or spun off.$$So was the use of an auction, had you used that before and--$$Sure.$$Okay. So there are lots of-$$Yeah, it's a public auction.