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Mark T. Williams

Mark Thomas Williams (born August 19, 1963) is an academic, financial author, columnist and risk management expert. He is a faculty member in the Finance Department at Boston University where he teaches courses in banking, risk management and capital market activities. In 2015, he co-authored a report with Harry Markopolos, the Bernie Madoff whistleblower about the growing risks associated with the MBTA pension.[1]

Mark T. Williams
Mark Williams Teaching front.jpg
Boston University Questrom School of Business
Born (1963-08-19) August 19, 1963 (age 54)

Contents

CareerEdit

In 1985, he earned a Bachelor of Science Degree in Business Administration from the University of Delaware.[2] He became a bank trust officer for Wilmington Trust Company and joined TD Banknorth in 1987. In 1993 he earned a Master of Business Administration from Boston University and joined the Federal Reserve Bank as an examiner in Boston and San Francisco. In 1997 he joined Citizens Power LLC, a Boston-based energy trading company and became a senior vice president, Head of Global Risk Management.[3] Since 2002, he has been on the faculty of Boston University as Executive-in-Residence/Master Lecturer.[4]

Williams is a member of the Standard & Poor’s Academic Council, a senior advisor at the Brattle Group[5] and is on the advisory board of Appleton Partners, a Boston-based private wealth management firm.[6]

Williams is a frequent guest contributor for the Financial Times,[7][8][9] Reuters,[10][11][12][13][14][15][16] Forbes.com,[17][18] and Business Insider.[19][20][21][22][23][24] He has also written articles for Bloomberg,[25] the Boston Globe,[26][27][28][29] Foreign Policy magazine[30] and The New York Times[31][32]

Bitcoin criticismEdit

He said in the testimony, "to transform Bitcoin into a virtual currency would require regulation, centralization, creation of a legal framework and strong regulatory oversight." He raised concerns about Bitcoin, including lack of consumer protection, it being a high-risk virtual commodity, having an artificially inflated price, extreme hoarding, hyped demand, high potential for market manipulation, and fraud.[33][34] On April 2, 2014, Williams provided congressional testimony before the U.S. House of Representatives Committee on Small Business discussing the 10 major risks associated with Bitcoin.[35] On October 21, 2014 he presented on virtual currencies at The World Bank and on April 23, 2015 at the Bretton Woods Committee.[36] The Bitcoin community remains critical of his concerns.[37][38] Williams also continues to assert that the virtual currency is in a hyper bubble and will eventually suffer a price collapse.[37] In 2013, after Bitcoin peaked at $1,200, Williams predicted that it was in a bubble and would trade for less than 10 dollars by mid-2014.[39] On January 29, 2014, he provided risk testimony before the New York State Department of Financial Services hearing on virtual currencies.[40] Bitcoin prices dropped by over 50% but bottomed out above $200 through 2014 and didn't reached $10 like he said it would.[41] Other academics including Robert Shiller consider Bitcoin a speculative bubble.[42]

AwardsEdit

  • Beckwith Prize for Excellence in Teaching - Boston University, 2008
  • New England Book Show Best Reference Book of 2013, New England Book Show, 2014

PublicationsEdit

  • Williams, Mark T. Uncontrolled Risk: The Lessons of Lehman Brothers and How Systemic Risk Can Still Bring Down the World Financial System. New York: McGraw-Hill, 2010.[43] Chinese Version Published McGraw Hill, 2014.
  • Williams, Mark T. & Lawson, Alan. Longwood Covered Courts: And the Rise of American Tennis. Boston: 2013.

ReferencesEdit

  1. ^ "Madoff whistle-blower sounds alarm on T pension fund". Boston Globe. June 27, 2015. 
  2. ^ Thomas, Neil (June 10, 2010). "UD alum writes book on Lehman, financial crisis and important lessons learned". UDaily. 
  3. ^ https://www.amazon.com/review/R1GGB6YXEBF9BZ
  4. ^ Barlow, Rich (June 17, 2010). "Learning from Lehman Brothers". BU Today. 
  5. ^ http://www.brattle.com/experts/mark-t-williams
  6. ^ "Form N-1A". SEC. April 30, 2013. 
  7. ^ "MF Global Gives Fed a Lesson in How to Pick its Friends" The Financial Times - November 6, 2011
  8. ^ "Few Silver Linings When Gold Bubble Bursts" The Financial Times - October 17, 2010
  9. ^ "Ignore the hyperbole: America is not bust" The Financial Times - September 8, 2010
  10. ^ "Why did the SEC fail to spot the Madoff case?" Reuters - January 6, 2009
  11. ^ "Minimizing exposure to investment management fraud" Reuters - December 15, 2008
  12. ^ "Big banks aren’t bad banks" Reuters - February 2, 2010
  13. ^ "Two Years After Lehman, Risk of Financial Collapse is Still High" Reuters - September 15, 2010
  14. ^ "Is the Fed up to examining your trillion dollar bet?" Reuters - January 30, 2009
  15. ^ "Don’t give the Fed a new job" Reuters - July 16, 2009
  16. ^ Williams, Mark (May 8, 2009). "Stress tests: The results are in, now what?". 
  17. ^ "A Breach Of Fiduciary Duty At Bank Of America?" Forbes - February 26, 2009
  18. ^ "Subprime Market Debacle" Forbes - February 26, 2008
  19. ^ http://www.businessinsider.com/trumps-economic-plan-a-finance-professors-opinion-2016-10
  20. ^ "Finance Professor: Mt Gox is Now a Fallen Tower of Sludge Business" Business Insider - February 25, 2014
  21. ^ "Bitcoin Could Involve Into An Existential Threat Worthy Of A Science Fiction Movie" Business Insider - February 15, 2014
  22. ^ "FINANCE PROFESSOR: Trump's 'failed trade economics' could push the US back into recession by 2018". Business Insider. Retrieved 2017-02-04. 
  23. ^ "There is good reason few economists have endorsed Trump's economic plan | Public Relations". www.bu.edu. Retrieved 2017-02-04. 
  24. ^ "FINANCE PROFESSOR: There are signs that Trump is preparing a 'hostile takeover' of the Fed". Business Insider. Retrieved 2017-02-21. 
  25. ^ "Derivatives Trading Comes Clean in the Open: Mark T. Williams" Bloomberg - April 16, 2010
  26. ^ Williams, Mark T. (June 30, 2016). "A five-point plan to save the MBTA's pension fund". Boston Globe. 
  27. ^ Williams, Mark T. (February 2, 2015). "A priority list for fixing the MBTA". Boston Globe. 
  28. ^ "The weak link in bank reform" The Boston Globe - July 8, 2010
  29. ^ "Don’t throw the keys to the Fed" The Boston Globe - July 2, 2009
  30. ^ "Fool's Gold" Foreign Policy - November 8, 2010
  31. ^ William, Mark T. (January 24, 2014). "Bitcoin Is Not Yet Ready for the Real World". New York Times. 
  32. ^ "Beware Of Bitcoin". cognoscenti. 2013-12-05. Retrieved 2017-01-04. 
  33. ^ Testimony of Mark T. Williams The New York State Department of Financial Services: Hearing on Virtual Currencies - January 29, 2014.
  34. ^ Panel 3: The Academic View on Virtual Currencies The New York State Department of Financial Services: Hearing on Virtual Currencies - January 29, 2014.
  35. ^ [1] House Committee on Small Business: Committee Explores Risks and Benefits of Bitcoin Use by Small Businesses
  36. ^ "Event Summary - Digital Payments and Currencies: Global Threat or Opportunity?". 
  37. ^ a b "Prof. Mark T. Williams: "My Concerns Over Bitcoin Remain"". July 1, 2014. 
  38. ^ "Time is Running Out for Mark Williams Prediction of a $10 Bitcoin". May 30, 2014. 
  39. ^ http://www.businessinsider.com/williams-bitcoin-meltdown-10-2013-12
  40. ^ http://www.dfs.ny.gov/about/hearings/vc_01282014/williams.pdf
  41. ^ http://bitcoincharts.com/charts/bitstampUSD#rg60zczsg2014-1-1zeg2014-12-31ztgSzm1g10zm2g25zv
  42. ^ Shiller, Robert (March 1, 2014). "In Search of a Stable Electronic Currency". New York Times. 
  43. ^ Healy, Beth. "Learning from Wall Street's failures". Boston.com.