Henry Kaufman

Henry Kaufman ( * 1927 in Wenings, District of Gedern, Upper Hesse, Germany ) is an American economist. He was from 1962 to 1987 Banker ( former Managing Director) at Bankhaus Salomon Brothers.

Kaufman 1988 founded an investment and consulting firm Henry Kaufman & Co, which he also directs. Since 1966 he then following the credit crisis predicted correctly, he belongs to the respected voices of Wall Street. In 1982, when the stock market reached a low point, he predicted a major boom in the stock market and thus was right: It followed an eight -year increase. But he also warned against the end of the boom as one of the first in front of the far -plated in his opinion prices.

In particular, since 2001, he criticized in articles and interviews in particular in the New York Times, in the U.S. the banks would forgive frivolous loans, through deregulation and new financial products, poor and fragmented oversight threatened the economy immense damage. The sharp rise in stock prices, he interpreted as a price bubble. This skeptical and critical view meant that he was referred to in many publications, nicknamed Dr. Doom ( Dtr. misfortune Prophet ).

In 2000, he published his memoirs in the book On Money and Markets: A Wall Street Memoir which was published in 2001 in German language. In addition to the flight of the family from Nazi Germany and his experiences including Salomon and on Wall Street, he describes his findings on the markets. Since that time, he warns continuously from the mistakes of banks and banking supervision.

In November 2007, he declared, for example, in the Süddeutsche Zeitung: " central banks hesitate to say openly that there is on the credit market a bubble you say. We do not know when a credit bubble is created, but we know what we need to do when a bubble bursts: Interest. reduce, providing liquidity and shore up the system, I think that's a very good tactic, because as the emergence of excessive liquidity and excessive credit is allowed this allows the central bank to their actual task does not comply with: .. supporting continuous and sustainable economic growth, it is certainly much more pleasant if you will as the central bank only controls the supply of money and not bothered expected by subprime mortgages, by aggressive commercial practices and the like., the central bankers that the market -adjusted all that, but the market is not cleaned up. "

Biography

Henry Kaufman was born in 1927 the son of a Jewish butcher in the small German town Wenings. 1937 succeeded the family to escape the racist Nazi persecution in the United States. In New York, where the family settled, he attended high school in Washington Heights. He studied economics, first at New York University, then at Columbia University and reached there the degree of MBA After graduation, he worked for five years as a credit analyst at a bank industry. During this time he earned in night school at New York University Ph.D. Kaufman then worked for five years at the U.S. central bank, the Federal Reserve Bank, in the research department. In 1962, he joined Salomon Brothers & Hutzler. There he was chief economist for superiors of 450 analysts. In 1987, he lost the internal power struggle with a new generation of managers. In addition to his life story his memoirs contain several chapters that are more speeches or essays on developments and negative developments in the financial markets as Learning From Financial Crises, The Urgent Need for Regulatory and Supervisory Reform, Financial Institutions in the New Century is a businessman married to Elaine Kaufmann and donates large sums of money for social purposes.

Publications

  • Henry Kaufman: Interest Rates, the Markets, & the New Financial World, Crown, 1986, ISBN 978-0-8129-1333-0
  • Henry Kaufman: Money and Markets. Learning from the legend Henry Kaufman. WMI publishing service, Landsberg / Lech, 2001, ISBN 3-478-38810-4

Papers

  • The need for improved system of financial regulation to ( Bond market research ). Salomon Brothers, 1987, ASIN: B000713XI8
  • Henry Kaufmann: Wall Street Heads For Darker Days. on 23 February 1990 in the New York Times about the collapse of Drexel Burnham Lambert Inc. with a general warning about the new practices at Wall Street, re- publication of the article 11 October 2008

Honors

  • Honorary Doctor of Laws degree from New York University in 1982
  • Honorary Doctor of Humane Letters degree from Yeshiva University in 1986
  • George S. Eccles Prize for excellence in economic writing from the Columbia Business School for his book, Interest Rates, the Markets, and the New Financial World.
Master of Business Administration Integrated Authority File
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