Ruth Porat

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Ruth Porat
Born1957
Sale, Cheshire, England
NationalityAmerican
Alma materStanford University
London School of Economics
Wharton School
OccupationFinancier
TitleChief Financial Officer & Executive Vice President of
Morgan Stanley
 
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Ruth Porat
Born1957
Sale, Cheshire, England
NationalityAmerican
Alma materStanford University
London School of Economics
Wharton School
OccupationFinancier
TitleChief Financial Officer & Executive Vice President of
Morgan Stanley

Ruth Porat (born 1957) has been Chief Financial Officer and Executive Vice President of Morgan Stanley since January 2010. She is frequently referred to as the most powerful woman on Wall Street.[1]

Career[edit]

Porat started her career at Morgan Stanley in 1987 but left to follow Morgan Stanley President Robert F. Greenhill to Smith Barney in 1993 [2] and returned to Morgan Stanley in 1996. Before becoming CFO, she served as Vice Chairman of Investment Banking, from September 2003 to December 2009 and Global Head of the Financial Institutions Group from September 2006 through December 2009. She was previously the co-head of Technology Investment Banking and worked for Morgan Stanley in London.[3] Her financial partner during the Internet investment banking craze was Mary Meeker, who is the godmother to Porat’s three children.[4]

During the financial crisis, Porat led the Morgan Stanley team advising the United States Department of the Treasury regarding Fannie Mae and Freddie Mac, and the New York Federal Reserve Bank with respect to AIG.[5] In the 2011 HBO Movie "Too Big To Fail," Porat is played by Jennifer van Dyck.[6] In May, 2011, she presented to the Bretton Woods Committee hosted by the International Monetary Fund in Washington, D.C. on post-crisis reform and financial legislation, and to the World Economic Forum in Davos, in 2013 on "trust" levels within and of the financial sector.[7][8]

In 2013 it was said that President Barack Obama would nominate Porat as the next Deputy Secretary of the Treasury.[9] However, it was reported later by Bloomberg News and The New York Times that Porat had contacted White House officials to withdraw her name from consideration because of improving conditions at Morgan Stanley and the acrimonious confirmation process inflicted upon then Treasury Secretary-nominee Jack Lew.[10]

Porat's career was analyzed in the McKinsey & Company study "How Remarkable Women Lead".[11] She was named "Best Financial Institutions CFO" in a poll conducted by Institutional Investor for its "2014 All-America Executive Team".[12]

Personal life[edit]

Porat moved at a young age to Cambridge, Massachusetts where her father was a research fellow in the physics department at Harvard University. Her father later relocated the family to Palo Alto, California where he worked at the SLAC National Accelerator Laboratory for 26 years.[13] Porat is a graduate of Stanford University, and holds Master's Degrees from The London School of Economics and The Wharton School of the University of Pennsylvania. She is a member of the Borrowing Advisory Committee of the United States Treasury,[14] the Board of Trustees of Stanford University,[15] the Board of Directors of The Council on Foreign Relations,[16] the Board of Trustees of the Economic Club of New York,[17] the Bretton Woods Committee,[18] and the Business Committee of The Metropolitan Museum of Art.[19] She is a member of the Advisory Council of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution[20]

Porat supported Senator Hillary Clinton when she ran for President in 2008, hosting a fundraiser at her apartment in The Dakota in New York City.[21] In 2011, Porat expressed her support for increased taxes on the wealthy and declared on the topic of significant spending decreases that "we cannot cut our way to greatness."[22]

She has been married to Anthony Paduano, partner in the law firm of Paduano & Weintraub, since 1983.[23] Porat is a survivor of breast cancer.[24]

References[edit]

  1. ^ Forbes Magazine,"World's Most Powerful Women: Ruth Porat". http://www.forbes.com/profile/ruth-porat/, August, 2011
  2. ^ The New York Times,"Ruth Porat Tries Not to Stumble at Morgan Stanley", November 11, 2010. http://www.nytimes.com/2010/11/10/business/10porat.html?pagewanted=all&_r=0
  3. ^ The Council on Foreign Relations: Officers and Directors: Ruth Porat. http://www.cfr.org. Accessed, July 18, 2013.
  4. ^ The New York Times, "Dealbook: A Female Wall St. Financial Chief Avoids Pitfalls That Stymied Others." November 9, 2010
  5. ^ Andrew Ross Sorkin, "Too Big To Fail", pages 372, 382 (Viking Press, 2009); The Deal Magazine, "When Treasury Calls", http://www.thedeal.com/magazine/ID/019479/dealmakersold/when-treasury-calls.php, September, 2008
  6. ^ "Too Big To Fail" (HBOTV Movie 2011)http://www.imdb.com/title/tt1742683/fullcredits?ref_=tt_cl_sm.cast., May 2011. Accessed June 19, 2013.
  7. ^ The Bretton Woods Committee, "2011 Bretton Woods Annual Meeting: Risks to the Global System". http://www.brettonwoods.org/node/390, May, 2011
  8. ^ Edelman, "2013 Edelman Trust Barometer"</http://www.edelman.com/insights/intellectual-property/trust-2013/, January, 2013;World Economic Forum 2012. http://www.weforum.org/contributors/ruth-porat, December 2013
  9. ^ Bloomberg News, "Obama Considering Morgan Stanley's Porat for Treasury Job". http://www.bloomberg.com/news/2013-01-14/obama-said-to-consider-morgan-stanley-s-porat-for-treasury-post.html, January 14, 2013
  10. ^ Bloomberg News, "Morgan Stanley's Porat No Longer Interested in Treasury Post" http://www.bloomberg.com/news/2013-03-28/morgan-stanley-s-porat-no-longer-interested-in-treasury-post.html; The New York Times, "Ruth Porat Withdraws Name From Deputy Treasury Race", March 28, 2013. http://dealbook.nytimes.com/2013/03/28/ruth-porat-withdraws-name-from-deputy-treasury
  11. ^ Joanna Barsh, Susie Cranston, Geoffrey Lewis, "How Remarkable Women Lead: The Breakthrough Model for Work and Life"(Crown Books 2010). http://www.amazon.com/books/dp/030746170X
  12. ^ Institutional Investor, December 3, 2013, http://www.institutionalinvestor.com/Research/4633/Best-CFOs.html
  13. ^ The Wall Street Journal, "A Dossier on Morgan Stanley's New CFO Ruth Porat" http://blogs.wsj.com/deals/2009/12/08/a-dossier-on-morgan-stanleys-new-cfo-ruth-porat/, December 8, 2009
  14. ^ US Department of the Treasury, "Treasury Borrowing Advisory Committee Members" http://www.treasury.gov/resource-center/data-chart-center/quarterly-refunding/Pages/members-index.aspx
  15. ^ Stanford University, "Stanford Report" http://news.stanford.edu/news/2010/august/trustees-porat-pritzker-081710.html
  16. ^ The Council on Foreign Relations "Officers and Directors" http://www.cfr.org/about
  17. ^ The Economic Club of New York "Trustees and Officers", http://econclubny.com/trusteesandofficers.asp. Accessed 8/1/2013
  18. ^ [The Bretton Woods Committee, "Members", http://brettonwoods.org
  19. ^ The Metropolitan Museum of Art, "Business Committee". http://metmuseum.org
  20. ^ http://www.brookings.edu/about/media-relations/news-releases/2014/0327-hutchins-center.
  21. ^ The Washington Post, "A Morning At The Dakota"http://voices.washingtonpost.com/44/2008/02/19/a_morning_at_the_dakota_1.html, February 2008
  22. ^ The Huffington Post, "Morgan Stanley CFO Ruth Porat: Raise Taxes On The Rich". http://www.huffingtonpost.com/2011/12/03/ruth-porat-taxes_n_1127584.html,December 2011
  23. ^ "The New York Times" http://www.nytimes.com/1983/12/18/style/ruth-porat-wed-to-law-student.html
  24. ^ Big Think: ""Ruth Porat, Battling Cancer by Going to Work". http://bigthink.com/videos/battling-cancer-by-going-to-work, November 2010.