Michael C. Iracondo

Board of Visitors

Michael Iracondo

Michael C. Iracondo, BA ’91
Managing Director – Global Treasury, The Clorox Company

Michael provides leadership for Clorox’s cash and banking activities worldwide, managing bank
relationships, developing and executing capital structure decisions involving investment, borrowing and
debt issuance activities, and supporting the Company’s dividend policy and share repurchase activities.
His responsibilities also include leading the Company’s efforts to manage financial risk associated with
foreign exchange, interest rate, and commodity price volatility, and providing direction and oversight of
the Company’s defined benefit and contribution plan investments. Over the course of 20 years with
Clorox, Michael has played a significant role in numerous strategic initiatives, providing leadership to
transformational operating model and technology projects, business development activities including
acquisitions and divestitures, and in helping the Company achieve climate stewardship goals.
Based at their headquarters in Oakland, CA, Michael joined Clorox in 2001, holding roles in accounting
and investor relations before moving into treasury in 2005. Michael began his professional career with
Ernst & Young, serving for over 6 years in their San Francisco and London offices before joining the
treasury department of Transamerica Corporation in San Francisco.
Michael received his B.A. in economics/business from UCLA, and is a Certified Treasury Professional and Certified Public Accountant.

Reminiscence of Bill Allen

Below is a reminiscence for Professor Bill Allen, who passed away on January 15, 2021, from former student Suheil Kawar (UCLA Econ Ph.D. – 1974).

 

Dear Dr. Costa,

May I start by telling you how much I appreciate your efforts at maintaining contact with graduates of the UCLA Economics Program and enjoy reading about faculty and student endeavors and achievements.

Pease forgive my intrusion on your time.  I have taken the liberty of contacting you to express an appreciation of Bill Allen whose death on January 15, 2021 just came to my attention through your latest letter. In this connection, it may be a worthwhile endeavor to invite former students to reminisce about faculty they have known and thereby establish a written record to supplement the longstanding oral tradition.

Bill Allen (throughout my daily presence at UCLA from 1964 through 1968, I never heard anybody refer to him except as “Bill”) was a wonderful teacher and conveyer of the basic economic concepts and ideas. He may not enjoy the reputation among academic economists that his high-powered UCLA contemporaries Armen Alchian, Karl Brunner, Jack Hirshleifer, Axel Leijonhufvud, and Earl Thompson enjoyed through their well-regarded books or articles in the top professional journals, but he was a very effective disseminator of the basic ideas and issues of price theory. Through his talks on “The Midnight Economist” he reached a much wider audience to which he succinctly explained various issues arising out of the scarcity, cost-benefit calculus, choice, and allocation issues that are at the center of microeconomic analysis. In this respect, he may have had a much greater impact on the dissemination of ideas, and their acceptance, and on formulation of public policy than was possible through addressing the more exclusive audience that academic economists try to reach in their writings.

Allow me to share a few reminiscences from my encounters with Bill Allen.

I first ran into him just after my arrival to the graduate program in September 1964 when he was assigned as my advisor for selecting courses to register for. He looked at my selection of graduate classes which included Economic Theory (then Econ 201A) with Dr. Alchian. His reaction was that three of the four selections were fine but that taking Theory with Alchian during my first semester was a bad idea! He suggested taking the class with Dr. Intriligator who had just joined the department from MIT and was sure to assign a long and comprehensive reading list that all new graduate students should labor through. He said that Alchian would expect his students to start addressing implications of resource allocation questions regardless of whether they had the tools or even knew the literature! And he was right. I audited Alchian’s class in my first semester (we were on the semester system back then) and realized what a challenge it would have been to make sense of the class and the instructor’s seriousness.

Bill Allen was known for his wry sense of humor and ability to couch statements in low-key terms that did not intimidate the listener. As such he could convey a harsh evaluation in a much easier to take manner compared with how Alchian and Karl Brunner would convey the same information. This made him much more successful at toning down both good and bad news and avoided the listener’s elation or deflation.

There used to be a faculty-graduate student get together on Friday afternoons 3-5 pm wherein faculty would provide coffee and doughnuts and topical economic issues would be raised. It was held in that gloomy windowless common room in the middle of the 8th floor of Bunche Hall. One day Bill Allen came into the room beaming saying that he had talked to Professor McKean at the University of Virginia (Dr. McKean was an eminent specialist in public finance who had moved from UCLA to UVa in 1965) who told him that supermarkets in Charlottesville, Va. sold only grade A California oranges! Many in the room looked quizzically at one another waiting for Bill Allen to elaborate. He beamed and explained that Mckean’s observation was a confirmation of the Law of Demand: with equal transport costs, superior quality oranges would be relatively less expensive than lower quality oranges and thus relatively more of them would be consumed! Bill Allen always delighted in pursuing such basic implications of price theory

Throughout my stay at UCLA, Bill Allen had the office at the very end of a long corridor on the 8th floor of Bunche Hall (room 8296 if memory serves me correctly) which required a long walk to reach him. He would give directions to his office as being after Dr. Herrick’s office and just before the room allocated for women students trying to take a rest!

Sometime in the late 1980s, Bill Allen came to the International Monetary Fund in Washington, D.C. to give a talk about payment imbalances. I was working there at the time and went to hear his remarks. After he finished and we were making some small talk, he beamed at me and said that he was happy that the UCLA brand of economics was finding newer places to work in than the usual college affiliates. I told him that I had listened to The Midnight Economist by accident during a passage through Los Angeles and he was kind enough to send me seven compilations of his talks which I keep at hand and refer to frequently. Good analysis never goes stale.

Should Congress Raise The Minimum Wage?: A Debate

On April 7, 2021, the Adam Smith Society held a lively debate on the merits and drawbacks of raising the minimum wage with UCLA professor Lee Ohanian and MIT professor Daron Acemoglu, moderated by the Wall Street Journal’s Eric Morath. (Hosted by CMU Tepper and Pitt Katz chapters.)

 

The Adam Smith Society works to provide a venue where this discussion of foundational ideas can be explored and applied to the current economic environment. We believe that MBA students and business professionals should acquire more than just expertise in areas such as management, marketing, and quantitative analysis—as important as these skills are. They should also come to understand—and be able to defend—the nature of the economic system that fosters job creation, wealth generation, the alleviation of poverty globally, and scientific innovation.

Martha Bailey’s Research Featured in NBER Digest

UCLA’s Martha J. Bailey, along with Brenden D. Timpe & Shuqiao Sun, had their paper Prep School for Poor Kids: The Long-Run Impacts of Head Start on Human Capital and Economic Self-Sufficiency featured in the April 2021 issue of The NBER Digest. The paper evaluates the long-run effects of Head Start using large-scale, restricted 2000-2018 Census-ACS data linked to the SSA’s Numident file, which contains exact date and county of birth. Using the county rollout of Head Start between 1965 and 1980 and age-eligibility cutoffs for school entry, we find that Head Start generated large increases in adult human capital and economic self-sufficiency, including a 0.65-year increase in schooling, a 2.7-percent increase in high-school completion, an 8.5-percent increase in college enrollment, and a 39-percent increase in college completion. These estimates imply sizable, long-term returns to public investments in large-scale preschool programs.

 

 

The NBER Digest is a free monthly publication featuring non-technical summaries of research on topics of broad public interest.

The National Bureau of Economic Research (NBER) is a private, nonpartisan organization that facilitates cutting-edge investigation and analysis of major economic issues. It disseminates research findings to academics, public and private-sector decision-makers, and the public by posting more than 1,200 working papers and convening more than 120 scholarly conferences, each year.

 

Christine Tseng

2020 Robert D. & Margaret A. Wark Memorial Scholarship Award Recipient

 

Biography: Christine Tseng is a third-year Pure Mathematics and Economics double major. Having seen education rescue her immigrant parents from a life of poverty in the countryside of Taiwan, Christine grew up in awe of the unparalleled power of education and now strives for the highest academic excellence at UCLA. Though fascinated by both math and economics, Christine initially only planned to earn her math degree. However, engrossed with the elegant overlap and applications of math in economics, she has since also immersed herself in the Economics Department courses and enjoys every second of it. Despite early doubts from others, Christine has excelled as a woman in mathematics and economics, and she is particularly thankful for her parents’ unfaltering support of her seeking any education she loves.

Outside of school, Christine works to share this same support from her parents with her peers: as a member of the UCLA Learning Assistants Program, Christine strives to spread joy in learning as she works directly with students in math courses and also UCLA faculty who seek ways to make their STEM courses more inclusive to students of underrepresented backgrounds. She is also a member of the USAC Finance Committee and works to allocate funds to support the fantastic programs put on by student organizations. Having found so much opportunity at UCLA, Christine is incredibly proud of all of her academic and leadership accomplishments thus far.

Future plans: Passionate about the role of mathematical modeling in economics, Christine Tseng intends to continue pursuing a future career in economic and financial modeling. After studying all Winter quarter on various mathematical models, Christine will launch an individual project on modeling financial market volatility in Spring quarter alongside a mentor graduate math student. In addition, this summer, she will join the UCLA Computational and Applied Math Research Experience for Undergraduates program to investigate applications of mathematical modeling to identifying quality claims for the California Innocence Project, an organization that works to free the wrongfully convicted from prison. Ultimately, Christine looks forward to continuing in her studies — to receive her PhD, research in modeling, and someday come back to teach at UCLA.

What does the scholarship mean to me? I am beyond grateful to receive the Robert D. & Margaret A. Wark Memorial Scholarship Award. With COVID-19 having taken a financial toll on my family, I am deeply appreciative of the generous scholarship from Mr. Walter Wark. This support has allowed me to cut back work hours for my campus jobs and instead focus more on seeking and preparing for yet higher education, especially as I hope to earn my PhD. I am indebted to Mr. Wark’s generous commitment to education and academic excellence in the Economics Department; I cannot wait to return as a researcher and educator to support future generations of UCLA students too.

Ellie Taraska

2020 Robert D. & Margaret A. Wark Memorial Scholarship Recipient

 

Biography: Ellie Taraska is a third year Economics major, who is hoping to double major in Statistics. She is from Boston, Massachusetts but now considers Los Angeles her home. On campus, Ellie currently serves as the Vice President of Finance for UCLA Panhellenic and is a volunteer for UCLA’s Volunteer Income Tax Association. Additionally, she works at the UCLA Anderson Graduate School of Business in the Marketing and Communications department as a marketing intern. Outside of her classes and extracurriculars, Ellie likes exploring Los Angeles, playing soccer, and spending time with her friends.

Future Plans: Ellie will be staying in Los Angeles this summer to intern at Intrepid Investment Bankers. She is excited to bring what she has learned from the classroom and her extracurriculars to the team this summer and learn more about mergers and acquisitions. After graduation, she hopes to work in finance and is considering going back to school after a few years to pursue a Master’s in Business Administration or a Master’s in Data Science.

What does this scholarship mean to me? I truly cannot express how grateful I am to the Wark Family for making this scholarship possible. With all of the struggles that have come this year during the COVID-19 pandemic, scholarships like the  Robert D. & Margaret A. Wark Memorial Scholarship are even more important. This scholarship will greatly impact not only my success at UCLA this year but also my success in the future. I am able to focus more on my extracurriculars, community service, and academics because of this scholarship. Being recognized by the Economics department for my academic achievements also means a great deal to me and motivates me to continue to work hard.

Katia Arami

2020 Robert D. & Margaret A. Wark Memorial Scholarship Recipient

 

Biography: Katia Arami is in her third and final year at UCLA, graduating with two degrees in Economics and International Development. Katia’s passion for economics began in high school as she became founder of the Young Investors Society, teaching principles of financial literacy and investment to her peers. Since coming to UCLA, Katia has become involved in the Undergraduate Economics Society through which she led several initiatives. She is most proud of founding the first undergraduate economics journal on campus, the Bruin Economics Journal, leading a team of writers as Editor-in-Chief and writing articles on economic subjects and trends. In her final year, Katia was accepted to the Undergraduate Student Initiated Education program through which she is creating her own course “Political Economy of American Empire” which she will teach this Spring.

Outside of UCLA, Katia has explored the financial world through her varied internship experiences. Throughout her college years, Katia has interned in venture capital, private equity, community development banking, and financial consulting for the entertainment industry. She is grateful for these experiences which have allowed her to apply what she has learned of economics at UCLA outside of the classroom. In her free time, Katia enjoys researching topics which include settler colonialism, slavery, and other key issues in preparation for her upcoming course, as well as obsessively reading through her library and dancing, a new lock down hobby.

Future plans: In her final year, Katia’s future plans include enjoying her last quarter at UCLA and taking some classes in varying departments, as well as teaching her weekly course, “Political Economy of American Empire.” Upon graduation, Katia has accepted an offer from wealth and asset management consulting firm, Alpha FMC. She greatly looks forward to beginning her work with the firm and continuing to learn from real-life applications of economics. Before beginning work in September, Katia is excited for her first summer “off” in quite some time, though knowing herself, she knows fully well it will not end up being quite so idle.

What does the scholarship mean to me? I am extremely grateful and honored to have received the Robert D. & Margaret A. Wark Memorial Scholarship. The generosity of the Wark’s in securing my education in this challenging year is a help beyond my expectations. I left my student job at the Hammer Museum in Westwood at the outset of the pandemic, and this scholarship will be a great aid to me in my final year of education. This scholarship also serves as an inspiration for me in continuing my passion for life-long learning. In my first year at UCLA, I began to doubt whether I was fit for the Economics program here, but this recognition is an affirmation that sometimes it is worth taking the difficult path. I would like to extend my sincerest appreciation to the Wark family for their generosity and continual support of students like myself.

Siena Villegas

2020 Professor Harry Simons Endowed Undergraduate Scholarship for the Study of Accounting Recipient

 

Biography: Siena Villegas (she/hers) was born and raised in the Bay Area, where she first developed an understanding of diverse identities, a passion for empathetic leadership, and a love for math. She is graduating from UCLA in 2021 with a B.A. in Business Economics and Minor in Accounting. In her time at UCLA, Siena has been a student leader in Samahang Pilipino and a Resident Assistant. Siena also currently serves as the Chair of Associated Students UCLA Board of Directors, the largest student association in the country. Her work on the ASUCLA Board has enhanced the non-profit organization’s development and fundraising efforts, communication to students and other key stakeholders, commitment to sustainability and ethical labor, and relationship-building with university, local, and state governments.

Future plans: Siena is passionate about the ways identity intersects with and impacts finance and access to resources. After graduation, Siena plans to combine her background in business with her passion for serving the community. She is interested in both non-profit and client-serving work, with an emphasis in financial resources. Siena hopes to eventually give back to the community spaces at UCLA by providing mentorship and guidance to others.

What does the scholarship mean to me? I have been very dedicated and involved in student organizations throughout my undergraduate experience. It wasn’t until this year that I really started to build community within the Economics Department. Receiving this scholarship is a huge honor, and the perfect way to end my last year at UCLA. I am so grateful to the Donors of the Professor Harry Simons Endowed Undergraduate Scholarship, my professors, and my colleagues for making my time as a Business Economics and Accounting student so worthwhile. I will cherish all the memories I have made here.

Aeji Hyun

2020 Professor Harry Simons Endowed Undergraduate Scholarship for the Study of Accounting Recipient

 

Biography: Aeji Hyun is a third year Economics major and Accounting minor. At UCLA, Aeji is involved in various organizations including Korean Culture Night, Youth Empowerment Program, Kristos Campus Missions, and Spoon University. In her free time, Aeji enjoys reading, spending time with family and friends, and reading new recipes.

Future plans: This summer, Aeji will intern at Ernst & Young in their Assurance Services Practice. After graduation, she plans to obtain a CPA license and work in public accounting. Even as a working professional, Aeji hopes to be involved in giving back to her community, specifically the youth.

What this scholarship means to me? I am extremely grateful to be a recipient of the Professor Harry Simons Endowed Undergraduate Scholarship. Especially during a time like this, this award means so much to me as a student by allowing me to pursue my academic interests without any financial burden. I want to thank the generous donors for this award and will continue to express my gratitude by doing my best as a student and as a working professional.

Bruce Hsu

2020 Professor Harry Simon’s Endowed Undergraduate Scholarship for the Study of Accounting Recipient

Biography: Bruce Hsu is a second-year at UCLA majoring in Business Economics and minoring in Accounting. After realizing the practicality of accounting in understanding businesses, he decided that he wanted to take as many accounting classes as possible, switching his major from Economics to Business Economics. Outside of the classroom, Bruce watches anime, fiddles with Excel, runs, or plays video games like Pokemon and Minecraft.

Future plans: With a growing interest in accounting and computer science, Bruce intends to pursue a career in either tech or the financial services industry after graduation. For summer 2021, he does not have an internship lined up. He intends to spend summer 2021 either studying more about coding and investing, or interning at an accounting firm.

What does this scholarship mean to me? I am both extremely grateful and honored to receive the Professor Harry Simon’s Endowed Undergraduate Scholarship for the Study of Accounting. I came to UCLA with the intent to pay for it myself. With the pandemic halting a lot of extracurriculars I used to participate in at UCLA, I decided to spend more time working. By working more, I neglected my academics for a quarter. This scholarship not only puts me closer to my goal of self-financing my college education but also gives me more time to spend on furthering my interests both inside and outside of the classroom.