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Thursday, July 10, 2008

07/10/08 The Mortgage Forclosure Mess Happens On Steel's Watch. Thousands Of CT Families Lose Thier Homes. Is He Fired? No He Gets A Better paying Job


In this Nov. 2, 2007 file photo, Greenwich Resident and Treasury Undersecretary Robert Steel, left, and Federal Housing Administration (FHA) Commissioner Brian Montgomery testify on Capitol Hill in Washington before the House Financial Services Committee hearing to discuss progress in preventing mortgage foreclosures.

Who is Robert Steel, Wachovia's new chief?

Charlotte Business Journal

Robert Steel is a North Carolina native. He grew up in Durham near Duke University east campus. He attended Durham public schools and then Duke, graduating with a bachelor of arts in history and political science in 1973.

After college, Steel relocated to Chicago for his first job in asset management. In 1976, he joined Goldman Sachs & Co. in institutional sales in the Chicago office. While at Goldman, Steel earned a master in business administration from the University of Chicago. He graduated in 1984 and became co-head of institutional sales in Chicago.

In 1986, he transferred to London, where he founded Goldman European equity capital markets group and was extensively involved in privatization and capital raising efforts for European corporations and governments. He later became head of equities for Europe. In 1994, he moved to New York and was head of the equities division from 1998 to 2001, when he was named a vice chairman of Goldman. Steel retired from Goldman in 2004 but still serves as an adviser to the firm.

He also is a nonexecutive director of Barclays plc and Barclays Bank plc.

In October 2006, Steel became Under Secretary of the Treasury for Domestic Finance. In that role, he was the principal adviser to the U.S. Treasury secretary on matters of domestic matters. He also led the department activities with respect to the domestic financial system, fiscal policy and operations, governmental assets and liabilities, and related economic and financial matters.

He has maintained ties to North Carolina through his involvement with Duke University. In 2000, Steel was named to the university board of trustees, and he was elected chairman of the board in 2005. He led the search committee that chose Duke ninth president, Richard Brodhead.

From February 2004 to September 2006, Steel taught at Harvard University John F. Kennedy School of Government. He also serves in roles with organizations that include the National Humanities Center, The After-School Corp. and the Aspen Institute.

He and his wife, Gillian, and three daughters live in Greenwich, Conn., and Washington, D.C. They will relocate to Charlotte.

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