Albert “Pete” Kyle, Charles E. Smith Chair Professor of Finance, Senior Fellow
Albert S. (Pete) Kyle has been the Charles E. Smith Chair Professor of Finance at the University of Maryland’s Robert H. Smith School of Business since 2006. He earned is B.S. degree in mathematics from Davidson College (summa cum laude, 1974), studied philosophy and economics at Oxford University as a Rhodes Scholar from Texas (1974-1977), and completed his Ph.D. in economics at the University of Chicago in 1981. He has been a professor at Princeton University (1981-1987), the University of California Berkeley (1987-1992), and Duke University (1992-2006).
Kyle’s research focuses on market microstructure, including topics such as informed speculative trading, market manipulation, price volatility, the information content of market prices, market liquidity, and contagion. His current research also deals with concepts from industrial organization to value companies.
His teaching interests include market microstructure, institutional asset management, venture capital and private equity, corporate finance, option pricing, and asset pricing.
He has been a Fellow of the Econometric Society (2002), a board member of the American Finance Association (2004-2006), a staff member of the Presidential Task Force on Market Mechanisms (Brady Commission, 1987), a member of NASDAQ’s economic advisory board (2004-2007), a member of the FINRA economic advisory committee (since 2010), and a member of the CFTC’s Technology Advisory Committee (since 2010).
David Kass, Clinical Associate Professor, Senior Fellow Center for Financial Policy
Dr. David Kass received his Ph.D. in Business Economics from Harvard University and has published articles in corporate finance, industrial organization, and health economics. He currently teaches Advanced Financial Management and Business Finance, and is the Faculty Champion for the Sophomore Wall Street Fellows. Prior to joining the faculty of the Smith School in 2004, he held senior positions with the Federal Government (Federal Trade Commission, General Accounting Office, Department of Defense, and the Bureau of Economic Analysis). Dr. Kass has recently appeared on Bloomberg TV, CNBC, PBS Nightly Business Report, Maryland Public Television, Business News Network TV (Canada), American Public Media's Marketplace Radio, and WYPR Radio (Baltimore), and has been quoted on numerous occasions by Bloomberg News and The Wall Street Journal, where he has primarily discussed Warren Buffett and Berkshire Hathaway. He has also launched a Smith School “Warren Buffett” blog. Dr. Kass has accompanied MBA students on trips to Omaha for private meetings with Warren Buffett, and Finance Fellows to Berkshire Hathaway’s annual meetings. He is an officer of the Harvard Business School Club of Washington, DC, and is a member of the investment and budget committees of a local nonprofit organization. Dr. Kass received a Smith School “Top 15% Teaching Award” for the 2009-2010 academic year.
Clifford Rossi, Professor of the Practice & Executive-in-Residence, Senior Fellow Center for Financial Policy
Dr. Rossi is an Executive-in-Residence and Professor of the Practice at the Robert H. Smith School of Business, University of Maryland. Prior to entering academia, Dr. Rossi had nearly 25 years’ experience in banking and government, having held senior executive roles in risk management at several of the largest financial services companies.
His most recent position was Managing Director and Chief Risk Officer for Citigroup’s Consumer Lending Group where he was responsible for overseeing the risk of a $300+B global portfolio of mortgage, home equity, student loans and auto loans with 700 employees under his direction. While there he was intimately involved in Citi’s TARP and stress test activities. He also served as Chief Credit Officer at Washington Mutual (WaMu) and as Managing Director and Chief Risk Officer at Countrywide Bank.
Previous to these assignments, Dr. Rossi held senior risk management positions at Freddie Mac and Fannie Mae. He started his career during the thrift crisis at the U.S. Treasury’s Office of Domestic Finance and later at the Office of Thrift Supervision working on key policy issues affecting depositories. Dr. Rossi was also an adjunct professor in the Finance Department at the Robert H. Smith School of Business for eight years and has numerous academic and nonacademic articles on banking industry topics. Dr. Rossi is frequently quoted on financial policy issues in major newspapers and has appeared on such programs as C-SPAN’s Washington Journal and CNN’s Situation Room. He is currently writing a book, Fundamentals of Risk Management for John Wiley & Sons, Inc. His policy and research interests include GSE reform, housing finance reform, bank capital issues and implications of Dodd-Frank on banking.
Phillip L. Swagel, Professor in International Economic Policy, Maryland School of Public Policy
Phillip L. Swagel is Professor in International Economic Policy at the Maryland School of Public Policy. He directs the Thomas Schelling Distinguished Visitor Series, which brings to the university eminent policy makers and leading academics who have made sustained contributions to public policy.
Swagel comes to MSPP from the McDonough School of Business at Georgetown University, where he served as a visiting professor teaching classes on the relationship between financial markets and the economy. Swagel was also the director of the McDonough School's Center for Financial Institutions, Policy, and Governance. He is a non-resident scholar at the American Enterprise Institute.
Swagel was Assistant Secretary for Economic Policy at the Treasury Department from December 2006 to January 2009. In that position, he advised Secretary Paulson on all aspects of economic policy. He served as a member of the TARP investment committee, and was responsible for analysis on issues including housing, financial markets, healthcare, pensions, and macroeconomic forecasts.
Swagel was previously chief of staff and a senior economist at the White House Council of Economic Advisers, and was an economist at the IMF and the Federal Reserve Board. He has taught courses on domestic and international economics at Northwestern University and the University of Chicago Booth School of Business. He received a bachelor's degree in economics from Princeton University in 1987 and a PhD in economics from Harvard University in 1993.