'Rising tide of debt' topic of Harder Lecture

In an economic climate jolted by the mortgage crisis, higher prices for gasoline, groceries, and other goods, and twin threats of inflation and recession, an expansive 30-year national trend of easy credit may be coming to an end. Credit and its limits will be the subject of Skidmore's F.William Harder lecture, titled "The Rising Tide of Debt: Where Are the Limits?" The annual lecture, which focuses on management and business, will be delivered by Paul Calhoun, the College's current Harder Professor of Business Administration, at 5:30 p.m. Wednesday, March 5, in Gannett Auditorium, Palamountain Hall.

Admission to the lecture and to the reception that follows is free and open to the public.

Calhoun's talk will explore the role played by "financial engineering" and financial instruments (such as credit default swaps and mortgage securitization bundling) in raising the current tide of debt. But Calhoun, an experienced banker for many years, will also bring to bear a broader perspective, pointing out that such innovative financial engineering ushered in an era of enormous growth and expansion. His talk will also consider changes in personal attitudes that have made debt appear less risky to many Americans.

Calhoun is Skidmore's seventh F. William Harder Professor of Business Administration. He came to Skidmore in fall 2006 after a career in banking and finance, including 33 years with the Mellon Financial Corp. Earlier in his career, as a senior vice president and manager of International Credit Management Group in London, he served in senior supervisory positions in southern Europe, Mexico, and Central America. Before coming to Skidmore he was director of finance and operations at the Arsenal Center for the Arts near Boston. His areas of expertise include commercial and international lending, credit policy, residential mortgage lending, and investment services.

At Skidmore, Calhoun, who holds a Yale degree in economics, teaches special-topics classes related to banking and finance, and the department's capstone course in business strategy. Last fall, he also directed the Skidmore-Saratoga Entrepreneurial Partnership, which connects Skidmore students with local businesses to help incubate ideas, serve as business consultants, write business plans, conduct marketing research, and more.

The College's annual F. William Harder Lecture was inaugurated in 1985 through the generosity of F. William Harder, a Skidmore parent who served as trustee from 1968 to 1980. The lecture brings together students and faculty with industry leaders to explore the current business environment and upcoming challenges.