Financial History Issue 124 (Winter 2018) | Page 5

IN THIS ISSUE DEPARTMENTS TRUSTEES Richard Sylla, Chairman New York University Andrea de Cholnoky, Vice Chair Golden Seeds Robert Muccilo, Treasurer Consolidated Edison 4 The Ticker Alvi Abuaf The Museum’s collections remain unharmed as the facility sustains flood damage. Capgemini Gregory Bauer Moody’s Marcy Cohen ING Americas David J. Cowen, President/CEO 4 Message to Members Museum of American Finance   By David Cowen, President and CEO Sanford Crystal Crystal & Company John P. Davidson III OCC Adam Goldstein 11 Educators’ Perspective Vettery In Defense of Capitalism Part 1: The Problem and a Definition Martha Clark Goss American Water Works   By Brian Grinder and Dan Cooper Cory Gunderson Protiviti Robert Hotz Houlihan Lokey 40 Book Reviews Bradford Hu Citi How Economics Professors Can Stop Failing Us: The Discipline at a Crossroads, by St even Payson Alfred F. Hurley, Jr. Emigrant Bank   Reviewed by Robert E. Wright Carol Kaimowitz Retired Insurance Executive Americana: A 400 Year History of American Capitalism, by Bhu Srinivasan Myron Kandel CNN Glenn Kaufman   Reviewed by James Prout Kaufman Family LLC Ranch Kimball Glorious Cahoots Capital Partners Consuelo Mack WealthTrack Elizabeth O’Melia S&P Global Ratings Richard B. Payne, Jr. Financial Services Executive Verne O. Sedlacek Financial Services Executive ON THE COVER Mark Shenkman Shenkman Capital Management, Inc. David L. Shuler A trader on the floor of the New York Stock Exchange shouts orders as stocks are devastated during one of the most frantic days in the exchange’s history, October 19, 1987. See article, page 22. Karen Seitz Fusion Partners itBit Maria Smith Smith Affiliated Capital (SAC) Charles Wait The Adirondack Trust Company John E. Herzog, Chairman and Trustee Emeritus Herzog & Co. www.MoAF.org  |  Winter 2018  |  FINANCIAL HISTORY  3