Hardly a day goes by without someone’s proposing how to make the bad situation in subprime mortgage lending even worse, writes Steve Berger. Legislators at all levels of government are contending for ownership of the most destructive idea. Finalists in this legislative race to the bottom include punitively stiff lending standards, foreclosure holidays and taxpayer-financed bailouts. He proposes a far simpler, fairer and effective course of action: let free people sort it out for themselves.
Steve Berger
Steven Richard Berger is a Managing Partner of Adamas Partners which he cofounded in June of 2000. Adamas Partners is in the process of converting to a family investment office. In the past, Mr. Berger served as a Director of the CareGroup Board of Managers’ Investment Committee, as a non-trustee advisory member of the Dartmouth College Investment Committee, as Chairman of the Father Flanagan’s Trust Fund Investment Board for Girls and Boys Town and as Board Member of the Princeton University and University of Virginia Investment Management Companies. He is currently a member of the Mises Institute Board of Directors. Mr. Berger graduated from Princeton University in 1976, magna cum laude with a B.A in English Literature, received a JD from the University of Virginia Law School in 1979 and served as a labor law associate at Nutter McClennen & Fish from 1980-1984 after a year of general law practice at Davis, Kuelthau. In 1987, Mr. Berger graduated from the Amos Tuck Graduate School of Business Administration at Dartmouth College as a Tuck Scholar. From 1987 through May of 2000, Mr. Berger worked at Cambridge Associates. As a Managing Director, he was a specialist consultant in the area of marketable alternative assets, including hedge funds, event arbitrage and distressed securities. As an investment consultant, Mr. Berger consulted to numerous not-for-profit colleges and universities, hospitals, foundations, other endowed institutions and family groups.
