Wallace C. Turbeville
Senior Fellow, DEMOS
Mr. Turbeville practiced law for seven years before joining Goldman, Sachs & Co. in 1985 as an investment banker. In his twelve years at Goldman, he specialized in infrastructure finance and public/private partnerships. From 1990 through 1996, he was posted to the London office where he was co-head of a group tasked to pursue financing of transportation, energy and environmental projects, particularly in the newly opened eastern European nations. While in London, Mr. Turbeville served on the consultative Committee for Public/Private Partnership Finance of Transportation Infrastructure of HM Treasury.
In 1997, Mr. Turbeville founded, and became Managing Partner of, the Kensington Group. The firm focused on financial advisory services in domestic and international energy, environmental, transportation and telecommunications sectors. In late 2000, the firm was engaged to advise public and private clients relating to the California energy crisis. In the process of these assignments, Mr. Turbeville observed credit management weaknesses in the derivatives markets. He led the development of an innovative business model for the post-trade management of credit exposures in over-the-counter derivatives transactions, adapting many of the characteristics of traditional clearing for initial application in the OTC energy markets. This business was spun off as VMAC LLC in late 2002, and Mr. Turbeville became its Chief Executive Officer.
Mr. Turbeville left VMAC in late 2009 to devote his efforts to financial reform, energy and environmental policy issues. He served as Visiting Scholar at the Roosevelt Institute and authored nearly 30 articles concerning financial reform, energy, the environment and political opinion.
In October 2010, Mr. Turbeville joined Better Markets, Inc. He was the primary author of dozens of comment letters relating to proposed rules and studies implementing the Dodd-Frank Act of the Commodity Futures Trading Commission, Securities and Exchange Commission, Financial Stability Oversight Counsel and the Federal prudential banking regulators. He resigned from Better Markets in late 2011 to devote time to interests in New York City while continuing to assist Americans for Financial Reform in its efforts relating to the Volcker Rule and derivatives regulation. He has testified on financial reform issues before the Permanent Subcommittee on Investigations of the US Senate Committee on Homeland Security and Governmental Affairs and the House Financial Services Committee.