David Campbell Mulford (born 27 June 1937) was the
United States Ambassador to India
The United States Ambassador to India is the chief diplomatic representative of United States in India. The U.S. Ambassador's office is situated at the U.S. Embassy in New Delhi.
Chiefs of Mission to India
U.S. Ambassadors to the Dominion o ...
from January 23, 2004 to February 2009, and served as Vice-Chairman International of Credit Suisse from 2009 to 2016. He is currently a distinguished visiting fellow at the
Hoover Institution
The Hoover Institution (officially The Hoover Institution on War, Revolution, and Peace; abbreviated as Hoover) is an American public policy think tank and research institution that promotes personal and economic liberty, free enterprise, an ...
, focusing on research, writing, and activities related to global economic integration, including the legal and political environments of trade agreements and their management. He also concentrates his efforts on economic growth in the Indian subcontinent and the trend of receding globalization in developed economies.
Biography
Early life
Mulford was born in
Rockford, Illinois
Rockford is a city in Winnebago County, Illinois, located in the far northern part of the state. Situated on the banks of the Rock River, Rockford is the county seat of Winnebago County (a small portion of the city is located in Ogle County). ...
. He earned his bachelor's degree from
Lawrence University
Lawrence University is a private liberal arts college and conservatory of music in Appleton, Wisconsin. Founded in 1847, its first classes were held on November 12, 1849. Lawrence was the second college in the U.S. to be founded as a coeducati ...
in 1959, his master's degree from
Boston University
Boston University (BU) is a private research university in Boston, Massachusetts. The university is nonsectarian, but has a historical affiliation with the United Methodist Church. It was founded in 1839 by Methodists with its original campu ...
in 1962 and his doctor of philosophy (DPhil.) from the
University of Oxford
, mottoeng = The Lord is my light
, established =
, endowment = £6.1 billion (including colleges) (2019)
, budget = £2.145 billion (2019–20)
, chancellor ...
in 1966.
Career
Mulford was a White House fellow in 1965 and 1966 and served as a special assistant to the Secretary of the Treasury. In 1966 he joined
White, Weld & Co., Inc.'s international investment banking in New York and London and from 1970 to 1974 he was head of White Weld International Finance Group in New York. From 1974 to 1984 Mulford was senior investment advisor to the Saudi Arabian Monetary Agency while remaining a Managing Director and head of International Finance at White, Weld.
From 1984 to 1988, he served as Assistant Secretary for International Affairs and later as
Under Secretary for International Affairs
The Under Secretary of the Treasury for International Affairs is a senior position within the United States Department of the Treasury responsible for advising the Secretary of the Treasury on international economic issues. During the Trump Admin ...
at the
Department of the Treasury from 1988 through 1992. In those roles, he served as the senior international economic policy official at the Treasury under Secretaries
Donald Regan
Donald Thomas Regan (December 21, 1918 – June 10, 2003) was the 66th United States Secretary of the Treasury from 1981 to 1985 and the White House Chief of Staff from 1985 to 1987 under Ronald Reagan. In the Reagan administration, he advocat ...
,
James Baker
James Addison Baker III (born April 28, 1930) is an American attorney, diplomat and statesman. A member of the Republican Party, he served as the 10th White House Chief of Staff and 67th United States Secretary of the Treasury under President ...
, and
Nicholas Brady.
Timothy Geithner
Timothy Franz Geithner (; born August 18, 1961) is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama from 2009 to 2013. He was the President of the Federal Reserve Bank o ...
served as a special assistant to Mulford at the Treasury during the administration of
George H. W. Bush
George Herbert Walker BushSince around 2000, he has been usually called George H. W. Bush, Bush Senior, Bush 41 or Bush the Elder to distinguish him from his eldest son, George W. Bush, who served as the 43rd president from 2001 to 2009; pr ...
.
In 1993 Mulford was appointed vice chairman of the First Boston Corporation and became chairman and chief executive of CS First Boston, at the beginning of 1994.
Credit Suisse First Boston
Credit Suisse First Boston (also known as CSFB and CS First Boston) is the investment banking affiliate of Credit Suisse headquartered in New York.
The company was created by the merger of First Boston Corporation and Credit Suisse Group in 1988 ...
in London, England, had formerly been known as Credit Suisse White Weld, until White, Weld & Co. was purchased by Merrill Lynch in 1978.
During his tenure at Credit Suisse First Boston Mulford worked with Argentine Economic Minister
Domingo Cavallo
Domingo Felipe Cavallo (born July 21, 1946) is an Argentine economist and politician. Between 1991 and 1996 he was Economic Ministry of Argentina during Carlos Menem presidency. He is known for implementing the '' Convertibility plan'', which ...
on the
Megacanje The Megacanje was an Argentine program that refinanced the Argentine foreign debt in 2001, during the 1998–2002 Argentine great depression. The payment of 30,000 million dollars was delayed to 2005, in exchange of a 14% interest rate.
The presid ...
, or mega-swap, a 2001 deal to allow investors to voluntarily swap old Argentine bonds for new ones at a higher interest rate. Critics of the mega-swap note that the deal failed to alleviate Argentina's insolvency and may have exacerbated the situation by adding to debt in the long term. More favorable analysis suggests that Argentina's gains in liquidity made up for the long-term increase in debt that would have to be paid out to investors. Much of the criticism relates to the over $90 million in fees that Credit Suisse and other firms earned while Argentina approached default.
During Argentine legal proceedings against former Argentine government officials in connection with the Megacanje, a judge issued an Interpol arrest warrant for Mulford after unsuccessfully seeking Mulford's testimony. The warrant was later upheld on appeal. On November 30, 2016, a court in Argentina (Judge Sebastian R. Ramos) resolved the investigation, dismissing Mulford from the case and stating that the existence of the case should not in any way affect Mulford’s reputation. Interpol rejected the previous court ruling as an abuse of its system, with instructions that Argentina not seek further use of Interpol’s systems in this matter.
[Notice from Interpol Subcommissioner Marcelo Fabian Chiarrero (October 10, 2013).]
Mulford is married to Jeannie Simmons Mulford.
References
External links
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{{DEFAULTSORT:Mulford, David
Ambassadors of the United States to India
Lawrence University alumni
Boston University alumni
Living people
1937 births