{{short description|American economist}} {{Use mdy dates|date=May 2011}} {{Infobox officeholder | name = John Lipsky | image = Lipsky, John (IMF).jpg | office = Managing Director of the International Monetary Fund | status = Acting | term_start = May 15, 2011 | term_end = July 5, 2011 | predecessor = Dominique Strauss-Kahn | successor = Christine Lagarde | office1 = First Deputy Managing Director of the International Monetary Fund | 1blankname1 = Director | 1namedata1 = Dominique Strauss-Kahn<br>Christine Lagarde | term_start1 = September 1, 2006 | term_end1 = September 1, 2011 | predecessor1 = Anne Osborn Krueger | successor1 = David Lipton | birth_date = {{birth date and age|1947|2|19}}<br>{{citation needed|date=December 2012}} | birth_place = Cedar Rapids, Iowa, U.S. | death_date = | death_place = | children = 3 | relations = Joan Lipsky (mother) | education = Wesleyan University (BA)<br>Stanford University (MA, PhD) | caption = Lipsky in 2010 }} '''John Phillip Lipsky''' (born February 19, 1947){{citation needed|date=December 2012}} is an American economist. He was the acting managing director of the International Monetary Fund from May to July 2011.<ref name="IMFBio">{{cite web|url=http://www.imf.org/external/np/omd/bios/jl.htm|title=John Lipsky – Biographical Information|publisher=International Monetary Fund|date=May 25, 2011|accessdate=May 28, 2011}}</ref><ref>{{cite news|url=http://www.businessinsider.com/5-big-questions-about-john-lipsky-answered-2011-5|title=Meet John Lipsky And The 6 Other People Who Could Take Over For DSK|last=McEnery|first=Thornton|date=May 17, 2011|work=Business Insider|accessdate=May 21, 2011}}</ref><ref name="USAToday">{{cite news|url=https://www.usatoday.com/money/world/2011-05-17-lipsky-imf_n.htm|title=Lipsky 'well-prepared' for IMF leadership|last=Belz|first=Adam|date=May 17, 2011|work=USA Today|accessdate=May 21, 2011}}</ref> He assumed the post of acting managing director after Dominique Strauss-Kahn was arrested in May 2011 accused of sexual assault.<ref name="WSJ">{{cite web|url=https://online.wsj.com/article/BT-CO-20110515-701694.html|title=IMF Official: Lipsky Acting Managing Director of Fund|work=Wall Street Journal|date=May 15, 2011}}</ref><ref>{{cite news|url=https://www.washingtonpost.com/business/economy/lipsky-to-direct-imf/2011/05/15/AFz8YR4G_story.html|title=Lipsky to direct IMF|newspaper=Washington Post|date=May 15, 2011|agency=Reuters}}</ref> After the appointment of Christine Lagarde he returned to his post as the first deputy managing director of the IMF. He retired from the IMF in November 2011 and is currently a distinguished visiting scholar at Johns Hopkins School of Advanced International Studies (SAIS).<ref name="CNC">{{cite web|url=http://www.cncworld.tv/news/v_show/15733_IMF_s_Lipsky_on_China_s_economy.shtml|title=IMF's Lipsky on China's economy|work=CNC World|date=June 13, 2011}}</ref>
==Family, early life and education== [[File:John Lipsky.jpg|thumb|200px|Lipsky during the WEF 2011]] Lipsky was born into a Jewish family in Cedar Rapids, Iowa.<ref>{{cite web |url=http://www.thejc.com/business/alex-brummer-business/21159/if-anyone-can-save-us-strauss-kahn |title=If anyone can save us, Strauss-Kahn | the Jewish Chronicle |accessdate=2011-05-16 |url-status=dead |archiveurl=https://web.archive.org/web/20110518151648/http://www.thejc.com/business/alex-brummer-business/21159/if-anyone-can-save-us-strauss-kahn |archivedate=May 18, 2011 |df=mdy-all }}</ref> Lipsky's great-grandfather, Henry Smulekoff, was a Ukrainian immigrant who opened a furniture store on Cedar Rapids' May's Island in 1890. Lipsky was the middle child of three<ref name=USAToday/> born to Abbott and Joan Miller Lipsky.<ref name=DesMoinesRegister>{{cite web|url=http://blogs.desmoinesregister.com/dmr/index.php/2011/05/15/iowa-native-lipsky-named-acting-imf-chief-in-wake-of-scandal|title=The Des Moines Register|website=Des Moines Register|accessdate=October 4, 2017}}</ref> His late father was president of Smulekoff's,<ref name=DesMoinesRegister /> and sister Ann Lipsky is president today.<ref name=USAToday /> His mother was a lawyer who served as a member of the Iowa House of Representatives and as the chair of the Iowa Council on Human Services.<ref name=USAToday /><ref name=DesMoinesRegister /> Early interest in Latin America was sparked by a family vacation in Mexico which led to a friendship, a summer in Guadalajara with the friend, and a summer for the friend in Iowa.<ref name=USAToday /><ref name=DMR01 />
Lipsky attended Wesleyan University, earning a B.A. in economics. He then earned a M.A. and Ph.D. in economics from Stanford University.<ref name="IMFBio" /><ref>{{cite web|url=http://www.wesleyan.edu/econ/newhogendorns.html|title=Hogendorn Lectures|publisher=Wesleyan University|accessdate=May 28, 2011|url-status=dead|archiveurl=https://web.archive.org/web/20110405114113/http://www.wesleyan.edu/econ/newhogendorns.html|archivedate=April 5, 2011|df=mdy-all}}</ref>
==Career==
On graduation from Stanford, Lipsky joined the International Monetary Fund, where he helped manage the Fund's exchange rate surveillance procedure. Appointed the IMF's resident representative in Chile from 1978 (during General Augusto Pinochet's military dictatorship), Lipsky returned, in 1980, to the IMF headquarters in Washington D.C. to develop the IMF's analysis of international capital markets.<ref name="IMFBio" /><ref>{{cite news|url=http://www.businessweek.com/news/2011-05-16/imf-amid-scandal-turns-to-lipsky-as-greece-talks-persist.html|archive-url=https://web.archive.org/web/20110518131927/http://www.businessweek.com/news/2011-05-16/imf-amid-scandal-turns-to-lipsky-as-greece-talks-persist.html|url-status=dead|archive-date=May 18, 2011|title=IMF Amid Scandal Turns to Lipsky as Greece Talks Persist|work=Bloomberg Businessweek|date=May 16, 2011|last=Katz|first=Ian}}</ref> He also participated in negotiations with several member countries.<ref name="IMFBio" />
After 10 years at the IMF, in 1984 he joined Salomon Brothers in New York, working with Henry Kaufman.<ref name="NYTSalomon">{{cite news|url=https://www.nytimes.com/1992/01/07/business/business-people-economist-post-filled-by-salomon-brothers.html|title=BUSINESS PEOPLE; Economist Post Filled By Salomon Brothers|work=New York Times|date=January 7, 1992|last=Fuerbringer|first=Jonathan|accessdate=May 15, 2012}}</ref> Based in London, England, from 1989, he was director of the bank's European Economic and Market Analysis Group. He returned to New York in 1994, when appointed the bank's chief economist<ref name="IMFBio" /> and a managing director, with an office next to Henry Kaufman.<ref name=DMR01>{{cite news|url=http://www.desmoinesregister.com/article/20110517/BUSINESS/105170358/Iowan-John-Lipsky-well-prepared-IMF-role|title=Iowan John Lipsky 'well-prepared' for IMF role|publisher=Des Moines Register|date=May 17, 2011<!-- 5:34 AM CDT-->|last=Belz|first=Adam|accessdate=2011-06-16}}</ref> In 1998 he joined JPMorgan as Chief Economist, and on that bank's merger with Chase Manhattan was appointed Chief Economist and Director of Research. He was then appointed to an operation role, becoming vice chairman of JPMorgan Investment Bank.<ref name="IMFBio" />
"In 2000, he chaired [an IMF] Financial Sector Review Group, established by former Managing Director Horst Köhler, to provide ... an independent perspective on [the Fund's] work on international financial markets."<ref name="IMFBio" /> On September 1, 2006, he returned to the IMF as First Deputy Managing Director, succeeding the departing Anne Osborn Krueger.<ref name="IMFBio" /> On May 12, 2011, Lipsky announced that he would leave his post at the end of his term on August 31, 2011, declining the option to serve for a second term.<ref>{{cite press release|url=http://www.imf.org/external/np/sec/pr/2011/pr11173.htm|title=IMF First Deputy Managing Director John Lipsky Announces Departure|publisher=International Monetary Fund|date=May 12, 2011}}</ref><ref>{{cite news|url=https://www.bloomberg.com/news/2011-05-12/imf-s-no-2-official-lipsky-will-leave-post-on-august-31-1-.html|title=IMF's No. 2 Official Lipsky Will Leave Post on August 31|publisher=Bloomberg Television|date=May 12, 2011|last=Rastello|first=Sandrine}}</ref> Three days later, on May 15, 2011, Lipsky was appointed acting managing director of the IMF, after managing director Dominique Strauss-Kahn's resignation due to being arrested on sexual assault charges.<ref name="WSJ" />
Lipsky also serves on the board of directors of the National Bureau of Economic Research.<ref>{{cite web|url=http://www.charlierose.com/guest/view/3618|title=John Lipsky|work=Charlie Rose|accessdate=May 28, 2011|archive-date=October 22, 2010|archive-url=https://web.archive.org/web/20101022035811/http://www.charlierose.com/guest/view/3618|url-status=dead}}</ref><ref>{{cite web|last=Rastello|first=Sandrine|url=https://www.bloomberg.com/news/2010-09-28/lipsky-says-global-growth-in-second-half-will-fall-short-of-imf-s-forecast.html|title=Lipsky Says Global Growth in Second Half Will Fall Short of IMF's Forecast|publisher=Bloomberg Television|date=September 28, 2010}}</ref> His other professional activities have included serving on the board of directors of the American Council on Germany, the Japan Society, the advisory board of the Stanford Institute for Economic Policy Research, and the Council on Foreign Relations.<ref>{{cite press release|url=http://www.imf.org/external/np/sec/pr/2006/pr06104.htm|title=IMF Managing Director de Rato Proposes Appointment of John Lipsky as First Deputy Managing Director|publisher=International Monetary Fund|date=May 18, 2006}}</ref> On 27 February that year, it was announced that he was joining the board of HSBC<ref>{{Cite web|url=http://www.hsbc.com/1/2/newsroom/news/2012/hsbc-annual-results|title = HSBC Group corporate website | HSBC Holdings PLC}}</ref>
===IMF leadership role=== Lipsky's unplanned accession at the IMF led quickly to his immersion in addressing the European and Greek sovereign debt crises, a high-profile role his predecessor had been playing. At the 37th G8 summit held on 26–27 May 2011 in Deauville, France, Lipsky had to overcome Germany's reluctance to fund another round of bailouts for Greece. He did so by threatening to withhold IMF disbursements, an action that would precipitate a Greek default – an option none was ready to accept at that point.<ref>{{cite news|url=https://www.theguardian.com/business/2011/jun/16/imf-forced-germany-to-guarantee-greek-bailout|title=Hardline IMF forced Germany to guarantee Greek bailout|work=The Guardian|date=16 June 2011<!-- 21.30 BST-->|last=Traynor|first=Ian|accessdate=2011-06-16}}</ref> In the "bitter infighting," Lipsky was characterized in ''The Guardian'' as "less silky, much blunter" than Strauss-Kahn.<ref>{{cite news|url=https://www.theguardian.com/business/2011/jun/16/dominique-strauss-kahn-europe-woe|title=How Dominique Strauss-Kahn's arrest in New York worsened Europe's woe|work=The Guardian|date=16 June 2011<!-- 21.31 BST-->|last=Traynor|first=Ian|accessdate=2011-06-16}}</ref><ref>{{cite news|url=https://www.theguardian.com/business/2011/jun/16/imf-forced-germany-to-guarantee-greek-bailout|title=Hardline IMF forced Germany to guarantee Greek bailout|work=The Guardian|date=17 June 2011|last=Traynor|first=Ian|accessdate=2011-06-17}}</ref>
Lipsky retired from the IMF in 2011. He now teaches at the Johns Hopkins School of Advanced International Studies (SAIS).<ref>{{cite web|url=http://gazette.jhu.edu/2011/12/05/john-lipsky-formerly-of-imf-joins-economics-program-at-sais/|title=John Lipsky, formerly of IMF, joins economics program at SAIS : Johns Hopkins University|website=Gazette.jhu.edu|accessdate=October 4, 2017}}</ref>
Lipsky was credited with introducing Elizabeth Holmes of Theranos to the sometime chairman of Oracle, Donald Lucas. Lucas went on to serve as the chairman of the board of Theranos. http://digitalassets.lib.berkeley.edu/roho/ucb/text/lucas_don.pdf
==Personal life== Lipsky lives in Washington, D.C., and Brooklyn, New York.{{citation needed|date=October 2017}}
==References== {{Reflist}}
==External links== {{Commons category}} *[http://www.imf.org/external/np/omd/bios/jl.htm Biography at the IMF] *[http://www.economonitor.com/blog/author/jlipsky/ Articles at Roubini economics] *{{C-SPAN|28722}}
{{s-start}} {{s-dip}} {{s-bef|before=Anne Osborn Krueger}} {{s-ttl|title=First Deputy Managing Director of the International Monetary Fund|years=2006–2011}} {{s-aft|after=David Lipton}} |- {{s-bef|before=Dominique Strauss-Kahn}} {{s-ttl|title=Managing Director of the International Monetary Fund<br>{{small|Acting}}|years=2011}} {{s-aft|after=Christine Lagarde}} {{s-end}}
{{Authority control}}
{{DEFAULTSORT:Lipsky, John}} Category:1947 births Category:21st-century American economists Category:Acting Managing directors of the International Monetary Fund Category:20th-century American Jews Category:American officials of the United Nations Category:Living people Category:National Bureau of Economic Research Category:Stanford University alumni Category:Wesleyan University alumni Category:21st-century American Jews Category:JPMorgan Chase people