The world of finance just lost two prominent figures

The world of finance just lost two prominent figures

James D. Wolfensohn, 10-year leader of the World Bank, dies at 86. Edward P. Lazear, the advisor of the president of the US George W. Bush and great economist, dies at 75.

The first was the World Bank’s president starting in 1995, with 1 return to its reign, in total, heading this institution for a decade. He died at his home in Manhattan, NYC. In addition to heading the bank, he was also a major player on Wall Street and a figure participating in numerous other undertakings, like saving the Chrysler Corporation from financial failure; he did fundraising for Carnegie Hall; he revived the Kennedy Center in Washington. It is under his governing, the WB became much more what it should have been: a center for help to the world.

The second was a professor of Stanford University, a labor economist, and a founder of what is known today as the ‘personnel economics’ – a wing of science that studies personnel relationship with hirers, including hiring, payments, and retaining. He is most remembered as the person financially leading the US in the crisis of 2000 when the burst debt bubble led to hundreds of billions of dollars put into the sinking economy to save it from collapse.