Milken's Year In Review E-Mail
December 28, 2009
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This mass e-mail arrived recently from Mike Klowden, Milken's President and CEO:
Titled, "Milken Institute Year in Review 2009," and not to be confused with MI's Reviewmagazine, the message reads:
As we all know, 2008 was a year of difficult and uncharted financial challenges.
With each passing year, the Milken Institute assumes a more prominent role in helping to develop solutions to the social and economic challenges we face in the United States and around the world. The demand for our work in 2009 was greater than ever. This year, when markets, companies and individuals worldwide struggled with economic conditions, we received an unprecedented flood of requests for advice and analysis from foundations, nonprofit organizations, financial institutions, industry and government at the local, state and national levels. Two examples demonstrate the relevance of our work. First, we provided expertise at the federal level on the tools available to help U.S. companies deleverage. These discussions culminated in the inclusion of a provision in the federal stimulus package that allows companies to reacquire their debt without an immediate tax impact. Because of this change, many firms have been able to retire their debt and reallocate debt service payments to activities that can save jobs. We also advocated increasing the loan-to-value ratio provision in the Homeowner Affordability and Stability Plan from 105 percent to 125 percent. It was adjusted in August, allowing many more struggling homeowners to keep their homes. Of course, the year was full of significant research and compelling events. Please see the updates from each of our centers below for a roundup of the highlights. [Not included here - TTLA.] Today we are preparing for an even busier year ahead. Not only are we jumping into planning for the 2010 Global Conference, but we also are moving forward on several important initiatives. We'll be starting off the year with an analysis of U.S. manufacturing, examining what can be done to retain and add high-wage jobs in this important sector. Also, be on the lookout for Financial Innovations Labs focused on growing the small and medium-sized enterprises and start-ups that are the engines of job creation. Additional reports will explore effective solutions to climate change and energy security, plus ways to increase the momentum behind life-saving medical discoveries. This critical work cannot be accomplished without the commitment of our sponsors and supporters. As a publicly supported, nonprofit organization, we welcome and appreciate your continued involvement in our work. We invite you to join us in our efforts to find the solutions that can get our economy growing again, put people back to work, save lives through more efficient medical research and address a variety of other challenges through effective, stable capital markets. All of us at the Milken Institute wish you a season of hope and a new year of opportunity. Sincerely, Mike Klowden, President and CEO. Milken Institute
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