Robert Rudolf Glauber (March 22, 1939February 14, 2021) was an American academic who was a lecturer at Harvard's

Kennedy School of Government The Harvard Kennedy School (HKS), officially the John F. Kennedy School of Government, is the school of public policy and government of Harvard University in Cambridge, Massachusetts. The school offers master's degrees in public policy, public ...

and a visiting professor at the

Harvard Law School Harvard Law School (Harvard Law or HLS) is the law school of Harvard University, a private research university in Cambridge, Massachusetts. Founded in 1817, it is the oldest continuously operating law school in the United States. Each class ...

. He was the former chairman, president, board member and

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

of NASD, and

Under Secretary of the Treasury for Domestic Finance The Under Secretary of the Treasury for Domestic Finance is a high-ranking position within United States Department of the Treasury that reports to, advises, and assists the Secretary of the Treasury and the Deputy Secretary of the Treasury. The u ...

from 1989 to 1992. Glauber was executive director of the task force appointed by President Reagan to report on the

1987 stock market crash Black Monday is the name commonly given to the global, sudden, severe, and largely unexpected stock market crash on Monday, October 19, 1987. In Australia and New Zealand, the day is also referred to as ''Black Tuesday'' because of the time z ...

. He was also a director of

Moody's Corporation Moody's Corporation, often referred to as Moody's, is an American business and financial services company. It is the holding company for Moody's Investors Service (MIS), an American credit rating agency, and Moody's Analytics (MA), an American p ...

, a trustee of the International Accounting Standards Committee Foundation; and director of

XL Capital XL or variants may stand for: Arts and entertainment * XL (band), a J-Pop band * XL Recordings, a British independent record label * XL, a character in the animated series ''Buzz Lightyear of Star Command'' Businesses and organizations Transport ...

Ltd. Glauber had been a senior advisor at Peter J. Solomon Co., an investment bank, since November 2006 and was a member of the

Committee on Capital Markets Regulation The Committee on Capital Markets Regulation is an independent and nonpartisan 501(c)(3) research organization financed by contributions from individuals, foundations, and corporations. Background Thirty-six leaders from the financial sector, incl ...

. He received his degrees from

Harvard College Harvard College is the undergraduate college of Harvard University, an Ivy League research university in Cambridge, Massachusetts. Founded in 1636, Harvard College is the original school of Harvard University, the oldest institution of higher lea ...

and

Harvard Business School Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...

Early life

Glauber was born on March 22, 1939, in

Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...

, New York. His father, E. Robert Glauber, was an executive at a chain of men's hat stores. Glauber grew up in the

Upper East Side The Upper East Side, sometimes abbreviated UES, is a neighborhood in the borough of Manhattan in New York City, bounded by 96th Street to the north, the East River to the east, 59th Street to the south, and Central Park/Fifth Avenue to the wes ...

neighborhood of Manhattan. He graduated

magna cum laude Latin honors are a system of Latin phrases used in some colleges and universities to indicate the level of distinction with which an academic degree has been earned. The system is primarily used in the United States. It is also used in some So ...

from

Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher le ...

in 1961, starting out with math before graduating with an economics major. He went on to complete his

PhD PHD or PhD may refer to: * Doctor of Philosophy (PhD), an academic qualification Entertainment * '' PhD: Phantasy Degree'', a Korean comic series * ''Piled Higher and Deeper'', a web comic * Ph.D. (band), a 1980s British group ** Ph.D. (Ph.D. albu ...

from the

in 1964.

Career

Glauber started his career as a member of the faculty at

in 1964 and continued here until he was called to

Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

as the executive director of the Task Force appointed by President Reagan to report on the

. The team was chartered with a sixty day goal of identifying the root cause of the stock market crash on October 19, 1987, an event that was called

Black Monday Black Monday refers to specific Mondays when undesirable or turbulent events have occurred. It has been used to designate massacres, military battles, and stock market crashes. Historic events *1209, Dublin – when a group of 500 recently arriv ...

. Working with a group that included academics, computer science experts, and

Wall Street Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for t ...

experts, the task force produced a 350-page report that attributed the crash to computer-driven automated orders and trading. One of the outcomes of the recommendations was the introduction of circuit breakers that would automatically halt trading when certain volume or price targets were breached. Glauber joined the Treasury Department as the

in 1989 in the

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 ...

administration, when Nicholas Brady was the

Treasury Secretary The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

, and served in this position through 1992. During his time at the department, he helped develop legislation driving regulatory changes for at risk savings and loans associations. The approved legislation in 1989, created the

Resolution Trust Corporation The Resolution Trust Corporation (RTC) was a U.S. government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets ...

, a government owned asset management corporation that would sell assets claimed from these S&L associations. He also drafted proposals in 1991, that aimed to repeal

depression-era The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The Financial contagion, ...

regulations that prevented banks from diversifying into a range of adjacent financial services. The proposals did not pass Congress. Glauber returned to the academic circuit back in 1992, when he came back as a lecturer at the Harvard's

and was later a visiting professor at the

. He was the chairman, president, board member and

of NASD (now called

FINRA The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Associati ...

), the American private sector regulator of financial markets, between 2000 and 2006. During his time as the CEO, he led the organization's transition to a non-profit organization focused on driving market regulations. This was also the period when NASD divested its ownership in

Nasdaq The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

and

American Stock Exchange NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known ...

, and improving its finances towards pursuing regulatory actions, set up the

TRACE Trace may refer to: Arts and entertainment Music * Trace (Son Volt album), ''Trace'' (Son Volt album), 1995 * Trace (Died Pretty album), ''Trace'' (Died Pretty album), 1993 * Trace (band), a Dutch progressive rock band * The Trace (album), ''The ...

bond price transparency systems, and drove new rules around conflict of interest declarations for analysts. The organization also led investor education programs to drive financial literacy amongst market participants. Glauber was on the board of directors of

, the

Federal Reserve Bank of Boston The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers New England: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and all of Connecticut except ...

Freddie Mac The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons Corner, Virginia.Northeast Bank, and

Ltd., and a trustee of the International Accounting Standards Committee Foundation. He had been a senior advisor at Peter J. Solomon Co., an investment bank, since November 2006 and was also a member of the

Personal life

Glauber met his future wife, Barbara Winter, when she was studying at

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 ...

. The couple married in 1978 and went on to have two children. He was noted to have loved opera, including those by

Giuseppe Verdi Giuseppe Fortunino Francesco Verdi (; 9 or 10 October 1813 – 27 January 1901) was an Italian composer best known for his operas. He was born near Busseto to a provincial family of moderate means, receiving a musical education with the h ...

and

Richard Wagner Wilhelm Richard Wagner ( ; ; 22 May 181313 February 1883) was a German composer, theatre director, polemicist, and conductor who is chiefly known for his operas (or, as some of his mature works were later known, "music dramas"). Unlike most op ...

, having made multiple visits to England and Germany, stating that one could watch the same opera "infinite times". Glauber died at his home in

Brookline, Massachusetts Brookline is a town in Norfolk County, Massachusetts, Norfolk County, Massachusetts, in the United States, and part of the Greater Boston, Boston metropolitan area. Brookline borders six of Boston's neighborhoods: Brighton, Boston, Brighton, A ...

, on February 14, 2021. He was aged 81 and had been diagnosed with

pancreatic cancer Pancreatic cancer arises when cell (biology), cells in the pancreas, a glandular organ behind the stomach, begin to multiply out of control and form a Neoplasm, mass. These cancerous cells have the malignant, ability to invade other parts of t ...

References

External links

* * Report of the Presidential Task Force on Market Mechanisms on

Internet Archive The Internet Archive is an American digital library with the stated mission of "universal access to all knowledge". It provides free public access to collections of digitized materials, including websites, software applications/games, music, ...

{{DEFAULTSORT:Glauber, Robert R. Harvard Law School faculty American chief executives of financial services companies Harvard Business School alumni Harvard College alumni Harvard Kennedy School faculty 1939 births 2021 deaths Businesspeople from New York City People from Manhattan Deaths from pancreatic cancer Deaths from cancer in Massachusetts