Richard Bookstaber

Regents of the University of California

Rick Bookstaber is the Chief Risk Officer in the Office of the CIO for the Regents of the University of California, with oversight across its $100 billion pension and endowment portfolios. He is a noted expert in financial risk management, and is the author of The End of Theory (Princeton University Press, 2017), and A Demon of Our Own Design (Wiley, 2007). His career has spanned chief risk officer roles on both the buy-side at Moore Capital and Bridgewater, and on the sell-side at Morgan Stanley and Salomon. From 2009 to 2015 Rick served in the public sector. He was Senior Policy Adviser to the Financial Stability Oversight Council, with a focus on the development of its risk management structure, and worked in the Department of Treasury in the Office of Financial Research, where his focus in on developing an agent-based model to assess systemic financial vulnerabilities. His various roles have put him at the center of some of the critical crises of the last three decades - working with portfolio insurance during the 1987 Crash while at Morgan Stanley, overseeing risk at Salomon during the 1998 failure of Long-Term Capital Management (dubbed "Salomon North"), and with the aftermath of the 2008 Crisis while in the regulatory sphere. Rick received a Ph.D. in economics from MIT.

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Articles by Richard Bookstaber

A map of collateral uses and flows

This paper provides insights into the increased demand for collateral, the reduced capacity for banks to act as collateral intermediaries and examples of risks and vulnerabilities in collateral flows.

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