Nicolas Brady

Mr. Brady served as the 68th U.S. Secretary of the Department of Treasury, beginning September 1988. In this capacity, he also served as the U.S. Governor of the World Bank, International Monetary Fund, Inter-American Development Bank, and the European Bank for Reconstruction and Development. During his four and one-half years at Treasury, Mr. Brady designed and implemented a successful strategy to resolve the $1.3 trillion less developed nation debt crisis. This strategy became known as the Brady Plan. The Plan offered debt relief to countries that had implemented substantial structural and economic reforms and served as a catalyst for the economic and political progress for many Latin American and Eastern European countries. The Brady Bonds became an important international fixed income category and reached a peak of $160 billion before amortizing or being retired by the issuing countries. Mr. Brady is also credited with containing and resolving the U.S. savings and loan industry crisis through the creation of the Resolution Trust Corporation and serving as its Chairman. Prior to his appointment as Treasury Secretary, Mr. Brady had a 34-year career in investment banking. He joined Dillon, Read & Co., Inc. in 1954 and rose to become President and Chief Executive Officer in 1971 and Chairman of the Board in 1974. Mr. Brady has served on five Presidential commissions, including service as Chairman of the Presidential Task Force on Market Mechanisms, commonly called the Brady Commission, which investigated the causes of the 1987 stock market crash and recommended a number of reforms that were subsequently adopted. In 1982, Mr. Brady represented the State of New Jersey in the U.S. Senate. Mr. Brady was Chairman of Purolator, Inc., a NYSE-listed company, from 1971 through 1987. He is a Director/ Trustee of the Templeton Funds as well as the chairman and founder of Darby Overseas Investments, Ltd.