Honorable Governor and Elected Representatives:

I was appointed as a tenured Associate Professor of Finance in August 1995, when I was a financial economist at the Board of Governors of the Federal Reserve System, after a national search for a senior professor position in the Department of Finance of the College of Business Administration within University of Illinois at Chicago. The then CBA Dean had given me an informal assurance that I would be promoted after joining UIC.3 I relentlessly pursued my research agenda, which was structured during five years of lucubration as a Fed economist, and which was the basis of my appointment at UIC. My research agenda has been about general equilibrium of the economy for efficient resolution of moral
hazard (blackmailing).4 The Fed did not admit when I was a financial economist but has ultimately.

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