David W. Tice & Assoc., Inc.

The Credit Bubble and its Aftermath:
A Time for Dialogue

Speaker Bio's

Marshall Auerback

Marshall Auerback is a portfolio manager with over 14 years' experience. He spent 9 years with GT Management in Hong Kong and Japan, initially covering the stock markets of Hong Kong, Korea, South East Asia (Thailand, Indonesia, the Philippines, Singapore, and Malaysia), Australia, and New Zealand, and then later from Tokyo, the Japanese equity market. In 1992, he moved to New York, where he ran an Asia/Pacific hedge fund for the Tiedemann Investment Group. During his tenure there, he also oversaw the Group's investments in the CIS (Russia and the former Soviet Republics), and Africa. Since the beginning of 1996, Mr. Auerback has been a partner in Veneroso Associates. Mr. Auerback graduated magna cum laude from Queen's University and later earned a law degree at Corpus Christi College, Oxford University.

Marc Faber Ph.D.

Marc Faber was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a Ph.D. in Economics magna cum laude.  Between 1970 and 1978, Dr Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In June 1990, he set up his own business, Marc Faber Limited, which acts as an investment advisor, fund manager and broker/dealer.

Dr. Faber publishes a widely read monthly investment newsletter "The Gloom, Boom & Doom" report which highlights unusual investment opportunities, and is the author of the book "The Great Money Illusion - The Confusions of the Confusions" which was on the best-seller list for several weeks in 1988 and has been translated into Chinese and Japanese. A book on Dr Faber, "Riding the Millennial Storm", by Nury Vittachi, was published in 1998.   A regular speaker at various investment seminars, Dr Faber is well known for his "contrarian" investment approach. He is also associated with a variety of funds including the Iconoclastic International Fund, The Baring Chrysalis Fund, The Baring Taiwan Fund, The Income Partners Global Strategy Fund, The Framlington Eastern Europe Fund, The Buchanan Special Emerging Markets Fund, The Hendale Asia Fund, The Indian Smaller Companies Fund, The Central and Southern Asian Fund and The Regent Magna Europa Fund plc and Tellus Advisors LLC.

Stuart A. Feldstein

Stuart A. Feldstein is president and founder of SMR Research Corporation of Hackettstown, New Jersey. SMR is the nation's largest publisher of strategic research studies on consumer loan markets, and also offers statistical products, modeling, and private consulting. Since 1986, Mr. Feldstein has been the senior author of SMR’s annual studies on the size, growth trends, strategic issues, and leading players in home equity lending, mortgage lending, and credit cards.

In credit risk, SMR has done three studies on the causes of spiraling personal bankruptcy filings. They have been widely quoted in the press, and parts have been entered into the Congressional Record. SMR furnishes specialized predictive services on bad debt collection based on its knowledge of the characteristics of financially troubled Americans. A majority of the nation’s larger finance companies, banks, thrifts, insurance companies, mortgage bankers, and brokerage houses are clients for various SMR products and services.

Prior to founding SMR in early 1984, Mr. Feldstein was editor of the Corporate Strategies section of Business Week magazine. He is a frequent public speaker on consumer loan subjects and is a member of the American Financial Services.

Henry Kaufman Ph.D.

Henry Kaufman is President of Henry Kaufman & Company, Inc., a firm established in April 1988, specializing in investment management and economic and financial consulting. For the previous 26 ears, he was with Salomon Brothers Inc, where he was Managing Director, member of the Executive Committee, and in charge of the Firm's four research departments. He was also a Vice Chairman of the parent company, Salomon Inc. Before joining Salomon Brothers, Dr. Kaufman was in commercial banking and served as an economist at the Federal Reserve Bank of New York. Dr. Kaufman, who was born in 1927, received a B.A. in economics from New York University in 1948, an M.S. in finance from Columbia University in 1949, and a Ph.D. in banking and finance from Now York University Graduate School of Business Administration in 1958. He also received an honorary Doctor of Laws degree from New York University in 1982 and an honorary Doctor Of Humane Letters degree from Yeshiva University in 1986. In 1987, Dr. Kaufman was awarded the first 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.

Besides his business activities, Dr. Kaufman is active in a number of public organizations in the following capacities:
Chairman of the Board of Trustees, Institute of International Education;
Chairman of the Board of Overseers, Stern School of Business, New York University;
Member of the Board of Directors, W. R. Berkley Corporation;
Member of the Board of Directors, Federal Home Loan Mortgage Corporation; Member of the Board of Directors,
Lehman Brothers Holdings Inc.;
Member of the Board of Trustees, The Animal Medical Center; Member of the Board of Trustees, New York
University Member of the Board of Trustees, Whitney Museum of American Art;
Member, International Capital Markets Advisory Committee of the Federal Reserve Bank of New York-,
Member, Advisory Committee to the Investment Committee, International Monetary Fund Staff Retirement Plan;
Member of the Board of Governors, Tel-Aviv University.

Lawrence B. Lindsey Ph.D.

Lawrence B. Lindsey is a Resident Scholar and holder of the Arthur F. Burns Chair in Economics at the American Enterprise Institute in Washington, DC. Dr. Lindsey is serving as Governor George W. Bush’s chief economic adviser for his 2000 presidential campaign. He is also Managing Director of Economic Strategies, an economic advisory service based in New York City.

Dr. Lindsey served as a Member of the Board of Governors of the Federal Reserve System for five years from November 1991 to February 1997. Additionally, Dr. Lindsey was Chairman of the Board of the Neighborhood Reinvestment Corporation, a national public/private community redevelopment organization, from 1993 until his departure from the Federal Reserve. Prior to joining the Board, Dr. Lindsey was a Special Assistant to the President for Policy Development during the Bush Administration. He is a former professor of Economics at Harvard University. Dr. Lindsey also served three years on the staff of the Council of Economic Advisers during the Reagan Administration where he was Senior Staff Economist for Tax Policy.

Lindsey received his A.B. magna cum laude from Bowdoin College and his Masters and Ph.D. in Economics from Harvard University. He is the author of Economic Puppetmasters: Lessons From the Halls of Power (AEI Press, Washington, DC, 1999), The Growth Experiment: How the New Tax Policy is Transforming the U.S. Economy (Basic Books, New York, 1990) and has contributed numerous articles to professional publications. His honors and awards include the Distinguished Public Service Award of the Boston Bar Association, 1994; an honorary Juris Doctor Degree from Bowdoin College, 1993; selection as a Citicorp/Wriston Fellow for Economic Research, 1988; and the Outstanding Doctoral Dissertation Award from the National Tax Association, 1985.

Doug Noland

Doug Noland, financial markets strategist at David Tice & Associates, has ten years investment experience as a trader, analyst and portfolio manager. He worked seven years for Gordon Ringoen, a hedge fund manager in San Francisco. His analytical focus has been on the financial system and the crucial role of credit. For the past three years he has also been an analyst and contributing writer for The Richebacher Letter, an international economics and financial markets newsletter. Prior to his work in investments, Mr. Noland worked in the treasury department at Toyota and was a Price Waterhouse CPA. Mr. Noland graduated suma cum laude from the University of Oregon and received his MBA from Indiana University.

Charles W. Peabody

Charles W. Peabody has been a bank analyst for 20 years.  He has worked at Standard & Poor's, Merrill Lynch, Drexel Burnham Lambert, Kidder Peabody, and UBS.  During that span he was voted an Institutional Investor all-star several times, both in the money center bank and regional bank categories. Mr. Peabody graduated pre-med from Lake Forest College in 1977 and attended medical school before turning his attention and career to Wall Street.

Ron Paul

First elected to Congress in 1976, Dr. Ron Paul is considered the nation's leading spokesmen for sound money, free markets and Constitutional government.  For more than two decades Dr. Paul has advocated cutting the size and power of the federal government to a proper, constitutional level.  In 1988, Dr. Paul was the Libertarian Party nominee for the U.S. Presidency.  Dr. Paul was re-elected to Congress by the people of the 14th Congressional District of Texas in 1996 and 1998.  He serves on the House of Representatives' Banking and Financial Services Committee, and the Committee on the Education and the Workforce.  In the Banking Committee, Rep. Paul serves as the vice-chairman of the Subcommittee on Domestic and International Monetary Policy.  Dr. Paul has written numbers books, including "Challenge to Liberty," and "The Case for Gold," He has been a distinguished counselor to the Ludwig von Mises Institute.

Dr. Joseph T. Salerno

Dr. Joseph T. Salerno is a Professor of Economics in the Lubin School of Business at Pace University.  He is also a Visiting Scholar in the Department of Economics of New York University and is a Co-editor of the Quarterly Journal of Austrian Economics.  He has published articles in professional journals including The Review of Austrian Economics, The Eastern Economic Journal and The Cato Journal and has contributed chapters to a number of scholarly books.

Frank Shostak Ph.D.

Frank Shostak is a former professor of economics and a leading Austrian economist in Australia. He has been involved with financial markets since 1966. Since 1986 he is employed as the chief economist of Ord Minnett Jardine Fleming Futures, one of the largest Australian brokerage firms. He is an adjunct scholar of the Ludwig von Mises Institute and a member of the board of editors of the Quarterly Journal Of Austrian Economics. He is highly regarded for his skills to convert complex economic issues into plain English. He has published In The Wall Street Journal and in academic journals in Europe and the US.

Frank A. J. Veneroso

Frank A. J. Veneroso is currently the head of Veneroso Associates. Formerly he was a partner of Omega Advisors, where he was responsible for investment policy formulation. Prior to this, acting through his own firm, Mr. Veneroso has been an economic consultant and investment strategy advisor to governments, international agencies, financial institutions, and corporations around the world. He acted as an economic policy advisor to international agencies and governments in the areas of money and banking, financial instability and crisis, privatization, and the development and globalization of emerging securities markets. His clients have included the World Bank, the International Finance Corporation, and the Organization of American States. He has been an advisor to the governments of Bahrain, Brazil, Chile, Ecuador, Korea, Mexico, Portugal, Thailand, Venezuela, and the United Arab Emeritus. Mr. Veneroso graduated cum laude from Harvard University and has authored several articles on subjects in international finance. In 1998 he wrote the 1998 Gold Book Annual.

Peter Warburton

Peter Warburton is one of the UK's most respected financial commentators and a past winner of economic forecasting awards. He has worked in London as an economic researcher, forecaster, and lecturer since 1975 He is currently economic adviser to Robert Fleming & Co Ltd, a leading international investment banking group, and a member of the IEA's Shadow Monetary Policy Committee, which monitors the decisions taken on UK interest rates by the official Monetary Policy Committee. In 1999 he wrote the book Debt & Delusion. This volume looks at how an economic time-bomb has been created by unchecked credit expansion and the potential havoc it could wreak.