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Wallace Turbeville
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Wallace Turbeville practiced law for seven years before joining Goldman, Sachs & Co. in 1985 as an investment banker. In his twelve years at Goldman, he specialized in infrastructure finance and public/private partnerships. From 1990 through 1996, he was posted to the London office where he was co-head of a group tasked to pursue financing of transportation, energy and environmental projects, particularly in the newly opened eastern European nations. While in London, Mr. Turbeville served on the consultative Committee for Public/Private Partnership Finance of Transportation Infrastructure of HM Treasury.

In 1997, Mr. Turbeville founded, and became Managing Partner of, the Kensington Group. The firm focused on financial advisory services in domestic and international energy, environmental, transportation and telecommunications sectors. In late 2000, the firm was engaged to advise public and private clients relating to the California energy crisis. In the process of these assignments, Mr. Turbeville observed credit management weaknesses in the derivatives markets. He led the development of an innovative business model for the post-trade management of credit exposures in over-the-counter derivatives transactions, adapting many of the characteristics of traditional clearing for initial application in the OTC energy markets. This business was spun off as VMAC LLC in late 2002, and Mr. Turbeville became its Chief Executive Officer.

Mr. Turbeville left VMAC in late 2009 to devote his efforts to financial reform, energy and environmental policy issues. He served as Visiting Scholar at the Roosevelt Institute and authored nearly 30 articles concerning financial reform, energy, the environment and political opinion.

In October 2010, Mr. Turbeville joined Better Markets, Inc. He was the primary author of dozens of comment letters relating to proposed rules and studies implementing the Dodd-Frank Act of the Commodity Futures Trading Commission, Securities and Exchange Commission, Financial Stability Oversight Counsel and the Federal prudential banking regulators. He resigned from Better Markets in late 2011 to devote time to interests New York City while continuing to assist Americans for Financial Reform in its efforts relating to the Volcker Rule and derivatives regulation. He has testified on financial reform issues before the Permanent Subcommittee on Investigations of the US Senate Committee on Homeland Security and Governmental Affairs and the House Financial Services Committee.

Entries by Wallace Turbeville

Brinksmanship and the Return of Financial Crisis

(0) Comments | Posted December 15, 2014 | 10:03 AM

A government shutdown once again loomed, and familiar deadlines and ultimatums flew around Washington. And Congress just used the threat to loosen the rules created in the wake of the financial crisis, a victory for Wall Street banks in their constant and well-funded campaign against reform.

The rules they have...

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Pensioners Win and Banks Lose a Round in the Detroit Bankruptcy

(1) Comments | Posted January 21, 2014 | 9:02 AM

Just three days before Kevyn Orr, the emergency manager appointed by Michigan Governor Rick Snyder to run the fiscally strapped city, filed the largest municipal bankruptcy case in history, he signed a forbearance agreement with UBS and Bank of America/Merrill Lynch establishing a process to settle possible claims...

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Morgan Stanley, Italy and Weapons of Mass Destruction

(1) Comments | Posted March 21, 2012 | 1:52 PM

Warren Buffett once referred to derivatives as "financial weapons of mass destruction" created by "madmen." Real WMD have rarely been used. However, derivatives are used quite a lot, a $600 trillion per year market dominated by a narrow oligopoly of mega-banks. It appears that Italy got hit by the derivatives...

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The Murky Realm of (Derivatives) Clearing

(1) Comments | Posted August 9, 2010 | 4:19 PM

Matt Taibbi's latest article in Rolling Stone appropriately characterized the financial reform act as neither an "FDR-style, paradigm-shifting reform, nor a historic assault on free enterprise." While generally describing the act as a "cop out," he identified the Fed audit requirement and the Consumer Finance Protection...

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The Stealthy Deregulation of Energy

(5) Comments | Posted July 19, 2010 | 3:55 PM

A colleague with an encyclopedic knowledge of the economy told me recently that he did not have a good feel for energy deregulation. My friend thought its obscurity may have been planned by the industry. From my perspective, deregulation happens because the energy sector is treated as multiple sub-units by...

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The Second Energy Revolution

(2) Comments | Posted June 22, 2010 | 2:34 PM

In the 1930s, a great many Southerners had no access to electricity. The Roosevelt administration perceived an enormous opportunity to restructure the region's economy. By building facilities to bring power to the rural South, jobs would be created from thin air to mitigate the unemployment of the Great Depression. More...

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