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March 17, 2010 Financial Risk in Redefining the New Cost of Capital In the wake of the most significant financial crisis since the Great Depression, the President signed into law on May 20, 2009, the Fraud Enforcement and Recovery Act of 2009, creating the Financial Crisis Inquiry Commission ("FCIC"). The Commission was established to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." The Commission will be examining a dizzying array of financial topics, including the housing bubble, market accounting roles, collateralized debt obligations, over-the-counter derivates, Fannie Mae and Freddie Mac, and off-balance sheet transactions, among others. Peter Wallison, a FCIC Commission, will talk about the Commission's plans as it looks into the actions of public officials and private companies in an effort to uncover the roots of the financial meltdown and how to prevent an occurrence in the future. Ray Friedlob, a NACD-CO Advisory Board member and counsel in the Corporate & Securities and Infrastructure groups at Kamlet Reichert, LLP, will set up the discussion and moderate questions to Mr. Wallison. Even as the recovery continues, the focus of some board meetings turns to equipping directors to better deal with the risks of financial markets as they affect their companies. One of the more pointed issues is the current administration's plans to regulate the $600 trillion derivatives market. Directors need to acquire knowledge of these sophisticated financial markets to know and judge the risk from their companies issuing or holding these types of securities and dealing in these markets. Since many of the bonds and debt of companies are finding their way into derivative structures after issuance, it is incumbent that directors have an understanding of these financial structures and the advantages and potential pitfalls of dealing in markets, including the regulatory framework. Ray Friedlob is Counsel at Kamlet Reichert, LLP where he focuses his practice on federal securities, corporate law, federal administrative law, leveraged acquisitions, mergers, transportation, public-private finance, and taxation, including all aspects of capital formation and finance. He has guided clients in complex corporate and tax transactions primarily in the areas of manufacturing, technology, telecommunications and financial services. He has structured deals with many complex federal securities matters. Mr. Friedlob also led the first major modification of an economic development conveyance of a military base closing, has represented the Securities Investor Protection Corporation and has been a Special Trustee for SIPC. He has been a special officer and receiver of the U.S. District Court and SEC in connection with failed investment advisory firms and mutual funds and a Special Master in connection with a complex international commodities trading partnership, appointed by the United States District Court. Mr. Friedlob is also a faculty member at the University of Denver and teaches courses in the area of public policy and corporate governance. He has served as an adjunct member of the faculty of the University of Denver College of Law and was a founder of the Tax L.L.M. program in the College of Law. He holds a L.L.M., Taxation, New York University School of Law Graduate Division; a J.D., University of Denver College of Law; and a B.A., University of Colorado. Peter Wallison holds the Arthur F. Burns Chair in Financial Policy Studies and is co-director of the American Enterprise Institute (AEI)'s program on Financial Policy Studies. Prior to joining AEI, he practiced banking, corporate and financial law at Gibson, Dunn & Crutcher in Washington, D.C. and New York. Mr. Wallison has held a number of government positions. From June 1981 to January 1985, he was General Counsel of the United States Treasury Department, where he had a significant role in the development of the Reagan Administration's proposals for deregulation in the financial services industry. During 1986 and 1987, Mr. Wallison was White House counsel to President Ronald Reagan. Between 1972 and 1976, he served first as Special Assistant to New York's Gov. Nelson A. Rockefeller and, subsequently, as counsel to Mr. Rockefeller during his term as Vice President of the United States. Mr. Wallison is the author of Ronald Reagan: The Power of Conviction and the Success of His Presidency, published in December 2002 as well as author, coauthor or editor of a number of articles or proposals on financial or regulatory matters, all of which were published by AEI. He is a frequent contributor to the op-ed pages of New York Times, Washington Post, Wall Street Journal and Financial Times. He is a member of the Shadow Financial Regulatory Committee, the Council on Foreign Relations, the SEC Advisory Committee on Improvements to Financial Reporting (2008), and co-Chair of the Pew Financial Reform Task Force. He received his undergraduate degree from Harvard College in 1963 and law degree from Harvard Law School in 1966. In the days of our predecessor, the Colorado Directors Guild, a short update or talk on a “hot topic” was often presented along with the regularly scheduled program. We are honored to reinstate that tradition with Barbara Mowry, Chair of the Denver Branch of the Federal Reserve Bank of Kansas City, who will give a few comments about current issues surrounding the governance structure of the Federal Reserve, a hot topic in today’s news. Barbara Mowry is the CEO of Silver Creek Systems, a wholly owned subsidiary and soon to be division of Oracle. Her executive experience includes roles as Chairman and CEO at Requisite Technology and as a senior officer of Comcast (TCI) and United Airlines. Ms. Mowry serves on the Board of Directors of Gaiam and Real Goods Solar. She is a member of the Committee of 200, an organization comprised of successful women entrepreneurs and corporate leaders, and has served as a judge at the Ernst and Young World Entrepreneur of the Year Awards. Ms. Mowry earned an undergraduate degree at Miami University of Ohio, and an MBA from the University of Minnesota. Time: 5:00 PM Please note the early start time. ******
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