Education
Stanford University, Ph.D. in finance and economics; University of British Columbia, M.A.; Princeton University, B.S.E. |
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Biography
Dr. Michael Cragg is Chief Operating Officer and a member of the firm’s Management Committee and Compensation Committee. He has extensive experience in research, teaching, and consulting and has been an expert witness in finance, antitrust and complex damages matters.
Dr. Cragg has assisted numerous corporations, the U.S. Department of Justice, and the IRS in developing economic and financial testimony in complex financial litigation. He has recently testified about CDS contracts in the Ambac bankruptcy, about structured finance deals in the failure of AIG, about various financing activities in the Lehman bankruptcy and in several matters involving the financing and investment activities of various banks, leasing companies, mutual funds, hedge funds, venture capital funds and insurance companies. Dr. Cragg also leads case teams in complex litigation in the financial sector. For instance, he led the case team for the Department of Justice in its litigation against the former partners of Long Term Capital Management. More recently, he led a team that included Noble Prize Winner Dr. Joseph Stiglitz involving the failure of the Irish banking sector and the legality of various activities undertaken by the Irish government.
Dr. Cragg also has assisted corporations, the U.S. Department of Justice, and the FTC in various antitrust and intellectual property matters. He developed the litigation plan for ten separate experts in various Microsoft litigations. He assisted the FTC in the Mylan pharmaceutical matter which resulted in the largest antitrust settlement ever. He has been involved in several investigations of changes in market structure before and after deregulation in the U.K. and through the California Energy Crisis. He also developed testimony in various MasterCard/Visa antitrust litigations. In addition, Dr. Cragg has been involved in numerous disputes involving the pharmaceutical industry, medical device, services and high tech industries where he has valued intangible property, determined royalty rates and analyzed antitrust damages. Most recently, Dr. Cragg was a testifying expert on market power and the importance of O’Hare’s expansion in the dispute brought by United and American Airlines against the City of Chicago.
Prior to joining The Brattle Group, Dr. Cragg was a founding member of Cambridge Finance Partners, the founding partner for the Boston office of Bates White & Ballentine, and vice president at Analysis Group. Dr. Cragg has served as a management consultant at CFP, A.T. Kearney, and Integral.
Dr. Cragg began his career as a professor at Columbia University and UCLA's Anderson School of Management, where he taught courses in public finance, industrial organization, and econometrics. He has served on the faculty of the World Bank Training Programs, was an economist at RAND, and a senior research economist at the Milken Institute in Santa Monica, CA. Dr. Cragg was President of the Board of Trustees of the Cambridge Montessori School, a pre-K through grade nine school of 250 students.
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Selected
Publications
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The European Debt Crisis and the Role of the European Central Bank, 2012 November (Finance).
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"Resume for Michael I. Cragg,"
by Michael I. Cragg.
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"Valuing Properties with Wetland Potential,"
by Michael I. Cragg, Christine Polek and Stephen Polasky, The Appraisal Journal, Spring 2011.
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"Cleaning Up Spark Spreads: How Plant Owners Can Reduce Risk Through Carbon Markets,"
by Michael I. Cragg, Richard E. Goldberg, Varoujan Khatchatrian, and Jehan DeFonseka, The Brattle Group, Inc., March 2011.
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"The Impact Of HR 3424 On The US Insurance Market,"
by Michael I. Cragg and Bin Zhou, Insurance Law360, July 22, 2010.
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"The Impact on the U.S. Insurance Market of H.R. 3424 on Offshore Affiliate Reinsurance: An Updated Economic Analysis,"
by Michael I. Cragg, J. David Cummins, and Bin Zhou, The Brattle Group, Inc., July 8, 2010.
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"Can the U.S. Congressional Ethanol Mandate be Met?,"
by Metin Celebi, Evan Cohen, Michael I. Cragg, David Hutchings, and Minal Shankar, The Brattle Group, Inc., May 2010.
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Understanding the Credit Crisis Part 2: Getting Down the Mountain, 2009 No. 2 (Finance).
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"Carbon Geography: The Political Economy of Congressional Support for Legislation Intended to Mitigate Greenhouse Gas Production,"
by Michael I. Cragg and Matthew E. Kahn, The Brattle Group, Inc., May 2009.
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"The Impact on the U.S. Insurance Market of a Tax on Offshore Affiliate Reinsurance: An Economic Analysis,"
by Michael I. Cragg, J. David Cummins, and Bin Zhou, The Brattle Group, Inc., May 1, 2009.
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Understanding the Credit Crisis: The Treasury, the Fed, and the Banking System, 2008 No. 2 (Finance).
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