prompt_front: Now, answer the following question based on the text below, only give me the answer and do not output any other words.

Question: When did Goodwin become a Naval aviator?

Read the following text and answer briefly.

Context 1: Hugh Hilton Goodwin (December 21, 1900 – February 25, 1980) was a decorated officer in the United States Navy with the rank of Vice Admiral  A veteran of both World Wars, he commanded escort carrier  during the Mariana Islands campaign  Goodwin then served consecutively as Chief of Staff, Carrier Strike Group 6 and as Air Officer, Philippine Sea Frontier and participated in the Philippines campaign in the later part of the War 

Following the War, he remained in the Navy and rose to the flag rank and held several important commands including Vice Commander, Military Air Transport Service, Commander, Carrier Division Two and Commander, Naval Air Forces, Continental Air Defense Command 

Early life and career

Hugh H  Goodwin was born on December 21, 1900, in Monroe, Louisiana and attended Monroe High School there (now Neville High School)  Following the United States' entry into World War I in April 1917, Goodwin left the school without receiving the diploma in order to see some combat and enlisted the United States Navy on May 7, 1917  He completed basic training and was assigned to the battleship   Goodwin participated in the training of armed guard crews and engine room personnel as the Atlantic Fleet prepared to go to war and in November 1917, he sailed with the rest of Battleship Division 9, bound for Britain to reinforce the Grand Fleet in the North Sea 

Although he did not complete the last year of high school, Goodwin was able to earn an appointment to the United States Naval Academy at Annapolis, Maryland in June 1918  While at the academy, he earned a nickname "Huge" and among his classmates were several future admirals and generals including: Hyman G  Rickover, Milton E  Miles, Robert E  Blick Jr , Herbert S  Duckworth, Clayton C  Jerome, James P  Riseley, James A  Stuart, Frank Peak Akers, Sherman Clark, Raymond P  Coffman, Delbert S  Cornwell, Frederick J  Eckhoff, Ralph B  DeWitt, John Higgins, Vernon Huber, Albert K  Morehouse, Harold F  Pullen, Michael J  Malanaphy, William S  Parsons, Harold R  Stevens, John P  Whitney, Lyman G  Miller and George J  O'Shea 

Goodwin graduated with Bachelor of Science degree on June 3, 1922, and was commissioned Ensign in the United States Navy  He was subsequently assigned to the battleship  and took part in the voyage to Rio de Janeiro, Brazil, before he was ordered to the Naval Torpedo Station at Newport, Rhode Island for submarine instruction in June 1923  Goodwin completed the training several weeks later and was attached to the submarine   He then continued his further training aboard submarine  and following his promotion to Lieutenant (junior grade) on June 3, 1925, he qualified as submariner 

He then served aboard submarine  off the coast of California, before he was ordered for the recruiting duty to San Francisco in September 1927  While in this capacity, Goodwin applied for naval aviation training which was ultimately approved and he was ordered to the Naval Air Station Pensacola, Florida in August 1928  Toward the end of the training, he was promoted to lieutenant on December 11, 1928, and upon the completion of the training in January 1929, he was designated Naval aviator 

Goodwin was subsequently attached to the Observation Squadron aboard the aircraft carrier  and participated in the Fleet exercises in the Caribbean  He was transferred to the Bureau of Aeronautics in Washington, D C  in August 1931 and served consecutively under the architect of naval aviation William A  Moffett and future Chief of Naval Operations Ernest J  King 

In June 1933, Goodwin was ordered to the Naval War College at Newport, Rhode Island, where he completed junior course in May of the following year  He subsequently joined the crew of aircraft carrier  and served under Captain Arthur B  Cook and took part in the Fleet exercises in the Caribbean and off the East Coast of the United States 

He was ordered back to the Naval Air Station Pensacola, Florida in June 1936 and was attached to the staff of the Base Commandant, then-Captain Charles A  Blakely  When Blakely was succeeded by William F  Halsey in June 1937, Goodwin remained in Halsey's staff and was promoted to Lieutenant Commander on December 1, 1937  He also completed correspondence course in International law at the Naval War College 

Goodwin was appointed Commanding officer of the Observation Squadron 1 in June 1938 and attached to the battleship  he took part in the patrolling of the Pacific and 
West Coast of the United States until September 1938, when he assumed command of the Observation Squadron 2 attached to the battleship  

When his old superior from Lexington, now Rear Admiral Arthur B  Cook, was appointed Commander Aircraft, Scouting Force in June 1939, he requested Goodwin as his Aide and Flag Secretary  He became Admiral Cook's protégé and after year and half of service in the Pacific, he continued as his Aide and Flag Secretary, when Cook was appointed Commander Aircraft, Atlantic Fleet in November 1940 

World War II

Following the United States' entry into World War II, Goodwin was promoted to the temporary rank of Commander on January 1, 1942, and assumed duty as advisor to the Argentine Navy  His promotion was made permanent two months later and he returned to the United States in early 1943 for duty as assistant director of Planning in the Bureau of Aeronautics under Rear admiral John S  McCain  While still in Argentina, Goodwin was promoted to the temporary rank of Captain on June 21, 1942 

By the end of December 1943, Goodwin was ordered to Astoria, Oregon, where he assumed command of newly commissioned escort carrier USS Gambier Bay  He was responsible for the initial training of the crew and was known as a strict disciplinarian, but the crew appreciated the skills he taught them that prepared them for combat  Goodwin insisted that everyone aboard has to do every job right every time and made us fight our ship at her best 

During the first half of 1944, Gambier Bay was tasked with ferrying aircraft for repairs and qualified carrier pilots from San Diego to Pearl Harbor, Hawaii, before departed on May 1, 1944, to join Rear admiral Harold B  Sallada's Carrier Support Group 2, staging in the Marshalls for the invasion of the Marianas 

The air unit, VC-10 Squadron, under Goodwin's command gave close air support to the initial landings of Marines on Saipan on June 15, 1944, destroying enemy gun emplacements, troops, tanks, and trucks  On the 17th, her combat air patrol (CAP) shot down or turned back all but a handful of 47 enemy planes headed for her task group and her gunners shot down two of the three planes that did break through to attack her 

Goodwin's carrier continued in providing of close ground support operations at Tinian during the end of July 1944, then turned her attention to Guam, where she gave identical aid to invading troops until mid-August that year  For his service during the Mariana Islands campaign, Goodwin was decorated with Bronze Star Medal with Combat "V" 

He was succeeded by Captain Walter V  R  Vieweg on August 18, 1944, and appointed Chief of Staff, Carrier Division Six under Rear admiral Arthur W  Radford  The Gambier Bay was sunk in the Battle off Samar on October 25, 1944, during the Battle of Leyte Gulf after helping turn back a much larger attacking Japanese surface force 

Goodwin served with Carrier Division Six during the Bonin Islands raids, the naval operations at Palau and took part in the Battle of Leyte Gulf and operations supporting Leyte landings in late 1944  He was later appointed Air Officer of the Philippine Sea Frontier under Rear admiral James L  Kauffman and remained with that command until the end of hostilities  For his service in the later part of World War II, Goodwin was decorated with Legion of Merit with Combat "V"  He was also entitled to wear two Navy Presidential Unit Citations and Navy Unit Commendation 

Postwar service

Following the surrender of Japan, Goodwin assumed command of Light aircraft carrier  on August 24, 1945  The ship was tasked with air missions over Japan became mercy flights over Allied prisoner-of-war camps, dropping food and medicine until the men could be rescued  She was also present at Tokyo Bay for the Japanese surrender on September 2, 1945 

Goodwin returned with San Jacinto to the United States in mid-September 1945 and he was detached in January 1946  He subsequently served in the office of the Chief of Naval Operations until May that year, when he entered the instruction at National War College  Goodwin graduated in June 1947 and served on Secretary's committee for Research on Reorganization  Upon promotion to Rear admiral on April 1, 1949, Goodwin was appointed Chief of Staff and Aide to Commander-in-Chief, Atlantic Fleet under Admiral William H  P  Blandy 

Revolt of the Admirals

In April 1949, the budget's cuts and proposed reorganization of the United States Armed Forces by the Secretary of Defense Louis A  Johnson launched the wave of discontent between senior commanders in the United States Navy  Johnson proposed the merging of the Marine Corps into the Army, and reduce the Navy to a convoy-escort force 

Goodwin's superior officer, Admiral Blandy was call to testify before the House Committee on Armed Services and his harsh statements for the defense of the Navy, costed him his career  Goodwin shared his views and openly criticized Secretary Johnson for having power concentrated in a single civilian executive, who is an appointee of the Government and not an elected representative of the people  He also criticized aspects of defense unification which permitted the Joint Chiefs of Staff to vote on arms policies of individual services, and thus "rob" the branches of autonomy 

The outbreak of the Korean War in summer 1950 proved the proposal of Secretary Johnson as incorrect and he resigned in September that year  Also Secretary of the Navy, Francis P  Matthews resigned one month earlier 

Later service

Due to the Revolts of the admirals, Blandy was forced to retire in February 1950 and Goodwin was ordered to Newport, Rhode Island for temporary duty as Chief of Staff and Aide to the President of the Naval War College under Vice admiral Donald B  Beary in April 1950  Goodwin was detached from that assignment two months and appointed member of the General Board of the Navy  He was shortly thereafter appointed acting Navy Chief of Public Information, as the substitute for Rear Admiral Russell S  Berkey, who was relieved of illness, but returned to the General Board of the Navy in July that year  Goodwin served in that capacity until February 1951, when he relieved his Academy class, Rear admiral John P  Whitney as Vice Commander, Military Air Transport Service (MATS) 

While in this capacity, Goodwin served under Lieutenant general Laurence S  Kuter and was co-responsible for the logistical support of United Nations troops fighting in Korea  The MATS operated from the United States to Japan and Goodwin served in this capacity until August 1953, when he was appointed Commander Carrier Division Two  While in this assignment, he took part in the Operation Mariner, Joint Anglo-American exercise which encountered very heavy seas over a two-week period in fall 1953 

Goodwin was ordered to the Philippines in May 1954 and assumed duty as Commander, U S  Naval Forces in the Philippines with headquarters at Naval Station Sangley Point near Cavite  He held that command in the period of tensions between Taiwan and China and publicly declared shortly after his arrival, that any attack on Taiwan by the Chinese Communists on the mainland would result in US participation in the conflict  The naval fighter planes under his command also provided escort for passing commercial planes  Goodwin worked together with retired Admiral Raymond A  Spruance, then-Ambassador to the Philippines, and accompanied him during the visits to Singapore, Bangkok and Saigon in January 1955 

On December 18, 1955, Goodwin's classmate Rear admiral Albert K  Morehouse, then serving as Commander, Naval Air Forces, Continental Air Defense Command (CONAD), died of heart attack and Goodwin was ordered to CONAD headquarters in Colorado Springs, Colorado to assume Morehouse's position  While in this capacity, he was subordinated to Army General Earle E  Partridge and was responsible for the Naval and Marine Forces allocated to the command designated for the defense of the Continental United States 

Retirement

Goodwin retired on June 1, 1957, after 40 years of active service and was advanced to the rank of Vice admiral on the retired list for having been specially commended in combat  A week later, he was invited back to his Monroe High School (now Neville High School) and handed a diploma showing that he had been graduated with the class of 1918  He then settled in Monterey, California where he taught American history at Stevenson school and was a member of the Naval Order of the United States 

Vice admiral Hugh H  Goodwin died at his home on February 25, 1980, aged 79  He was survived by his wife, Eleanor with whom he had two children, a daughter Sidney and a son Hugh Jr , who graduated from the Naval Academy in June 1948, but died one year later, when the Hellcat fighter he was piloting collided with another over the Gulf of Mexico during training 

Decorations

Here is the ribbon bar of Vice admiral Hugh H  Goodwin:

References

1900 births
1980 deaths
People from Monroe, Louisiana
Military personnel from Louisiana
United States Naval Academy alumni
Naval War College alumni
United States Naval Aviators
United States Navy personnel of World War I
United States Navy World War II admirals
United States Navy vice admirals
United States submarine commanders
Recipients of the Legion of Merit
Context 2: Hugh Hilton Goodwin (December 21, 1900 – February 25, 1980) was a decorated officer in the United States Navy with the rank of Vice Admiral  A veteran of both World Wars, he commanded escort carrier  during the Mariana Islands campaign  Goodwin then served consecutively as Chief of Staff, Carrier Strike Group 6 and as Air Officer, Philippine Sea Frontier and participated in the Philippines campaign in the later part of the War 

Following the War, he remained in the Navy and rose to the flag rank and held several important commands including Vice Commander, Military Air Transport Service, Commander, Carrier Division Two and Commander, Naval Air Forces, Continental Air Defense Command 

Early life and career

Hugh H  Goodwin was born on December 21, 1900, in Monroe, Louisiana and attended Monroe High School there (now Neville High School)  Following the United States' entry into World War I in April 1917, Goodwin left the school without receiving the diploma in order to see some combat and enlisted the United States Navy on May 7, 1917  He completed basic training and was assigned to the battleship   Goodwin participated in the training of armed guard crews and engine room personnel as the Atlantic Fleet prepared to go to war and in November 1917, he sailed with the rest of Battleship Division 9, bound for Britain to reinforce the Grand Fleet in the North Sea 

Although he did not complete the last year of high school, Goodwin was able to earn an appointment to the United States Naval Academy at Annapolis, Maryland in June 1918  While at the academy, he earned a nickname "Huge" and among his classmates were several future admirals and generals including: Hyman G  Rickover, Milton E  Miles, Robert E  Blick Jr , Herbert S  Duckworth, Clayton C  Jerome, James P  Riseley, James A  Stuart, Frank Peak Akers, Sherman Clark, Raymond P  Coffman, Delbert S  Cornwell, Frederick J  Eckhoff, Ralph B  DeWitt, John Higgins, Vernon Huber, Albert K  Morehouse, Harold F  Pullen, Michael J  Malanaphy, William S  Parsons, Harold R  Stevens, John P  Whitney, Lyman G  Miller and George J  O'Shea 

Goodwin graduated with Bachelor of Science degree on June 3, 1922, and was commissioned Ensign in the United States Navy  He was subsequently assigned to the battleship  and took part in the voyage to Rio de Janeiro, Brazil, before he was ordered to the Naval Torpedo Station at Newport, Rhode Island for submarine instruction in June 1923  Goodwin completed the training several weeks later and was attached to the submarine   He then continued his further training aboard submarine  and following his promotion to Lieutenant (junior grade) on June 3, 1925, he qualified as submariner 

He then served aboard submarine  off the coast of California, before he was ordered for the recruiting duty to San Francisco in September 1927  While in this capacity, Goodwin applied for naval aviation training which was ultimately approved and he was ordered to the Naval Air Station Pensacola, Florida in August 1928  Toward the end of the training, he was promoted to lieutenant on December 11, 1928, and upon the completion of the training in January 1929, he was designated Naval aviator 

Goodwin was subsequently attached to the Observation Squadron aboard the aircraft carrier  and participated in the Fleet exercises in the Caribbean  He was transferred to the Bureau of Aeronautics in Washington, D C  in August 1931 and served consecutively under the architect of naval aviation William A  Moffett and future Chief of Naval Operations Ernest J  King 

In June 1933, Goodwin was ordered to the Naval War College at Newport, Rhode Island, where he completed junior course in May of the following year  He subsequently joined the crew of aircraft carrier  and served under Captain Arthur B  Cook and took part in the Fleet exercises in the Caribbean and off the East Coast of the United States 

He was ordered back to the Naval Air Station Pensacola, Florida in June 1936 and was attached to the staff of the Base Commandant, then-Captain Charles A  Blakely  When Blakely was succeeded by William F  Halsey in June 1937, Goodwin remained in Halsey's staff and was promoted to Lieutenant Commander on December 1, 1937  He also completed correspondence course in International law at the Naval War College 

Goodwin was appointed Commanding officer of the Observation Squadron 1 in June 1938 and attached to the battleship  he took part in the patrolling of the Pacific and 
West Coast of the United States until September 1938, when he assumed command of the Observation Squadron 2 attached to the battleship  

When his old superior from Lexington, now Rear Admiral Arthur B  Cook, was appointed Commander Aircraft, Scouting Force in June 1939, he requested Goodwin as his Aide and Flag Secretary  He became Admiral Cook's protégé and after year and half of service in the Pacific, he continued as his Aide and Flag Secretary, when Cook was appointed Commander Aircraft, Atlantic Fleet in November 1940 

World War II

Following the United States' entry into World War II, Goodwin was promoted to the temporary rank of Commander on January 1, 1942, and assumed duty as advisor to the Argentine Navy  His promotion was made permanent two months later and he returned to the United States in early 1943 for duty as assistant director of Planning in the Bureau of Aeronautics under Rear admiral John S  McCain  While still in Argentina, Goodwin was promoted to the temporary rank of Captain on June 21, 1942 

By the end of December 1943, Goodwin was ordered to Astoria, Oregon, where he assumed command of newly commissioned escort carrier USS Gambier Bay  He was responsible for the initial training of the crew and was known as a strict disciplinarian, but the crew appreciated the skills he taught them that prepared them for combat  Goodwin insisted that everyone aboard has to do every job right every time and made us fight our ship at her best 

During the first half of 1944, Gambier Bay was tasked with ferrying aircraft for repairs and qualified carrier pilots from San Diego to Pearl Harbor, Hawaii, before departed on May 1, 1944, to join Rear admiral Harold B  Sallada's Carrier Support Group 2, staging in the Marshalls for the invasion of the Marianas 

The air unit, VC-10 Squadron, under Goodwin's command gave close air support to the initial landings of Marines on Saipan on June 15, 1944, destroying enemy gun emplacements, troops, tanks, and trucks  On the 17th, her combat air patrol (CAP) shot down or turned back all but a handful of 47 enemy planes headed for her task group and her gunners shot down two of the three planes that did break through to attack her 

Goodwin's carrier continued in providing of close ground support operations at Tinian during the end of July 1944, then turned her attention to Guam, where she gave identical aid to invading troops until mid-August that year  For his service during the Mariana Islands campaign, Goodwin was decorated with Bronze Star Medal with Combat "V" 

He was succeeded by Captain Walter V  R  Vieweg on August 18, 1944, and appointed Chief of Staff, Carrier Division Six under Rear admiral Arthur W  Radford  The Gambier Bay was sunk in the Battle off Samar on October 25, 1944, during the Battle of Leyte Gulf after helping turn back a much larger attacking Japanese surface force 

Goodwin served with Carrier Division Six during the Bonin Islands raids, the naval operations at Palau and took part in the Battle of Leyte Gulf and operations supporting Leyte landings in late 1944  He was later appointed Air Officer of the Philippine Sea Frontier under Rear admiral James L  Kauffman and remained with that command until the end of hostilities  For his service in the later part of World War II, Goodwin was decorated with Legion of Merit with Combat "V"  He was also entitled to wear two Navy Presidential Unit Citations and Navy Unit Commendation 

Postwar service

Following the surrender of Japan, Goodwin assumed command of Light aircraft carrier  on August 24, 1945  The ship was tasked with air missions over Japan became mercy flights over Allied prisoner-of-war camps, dropping food and medicine until the men could be rescued  She was also present at Tokyo Bay for the Japanese surrender on September 2, 1945 

Goodwin returned with San Jacinto to the United States in mid-September 1945 and he was detached in January 1946  He subsequently served in the office of the Chief of Naval Operations until May that year, when he entered the instruction at National War College  Goodwin graduated in June 1947 and served on Secretary's committee for Research on Reorganization  Upon promotion to Rear admiral on April 1, 1949, Goodwin was appointed Chief of Staff and Aide to Commander-in-Chief, Atlantic Fleet under Admiral William H  P  Blandy 

Revolt of the Admirals

In April 1949, the budget's cuts and proposed reorganization of the United States Armed Forces by the Secretary of Defense Louis A  Johnson launched the wave of discontent between senior commanders in the United States Navy  Johnson proposed the merging of the Marine Corps into the Army, and reduce the Navy to a convoy-escort force 

Goodwin's superior officer, Admiral Blandy was call to testify before the House Committee on Armed Services and his harsh statements for the defense of the Navy, costed him his career  Goodwin shared his views and openly criticized Secretary Johnson for having power concentrated in a single civilian executive, who is an appointee of the Government and not an elected representative of the people  He also criticized aspects of defense unification which permitted the Joint Chiefs of Staff to vote on arms policies of individual services, and thus "rob" the branches of autonomy 

The outbreak of the Korean War in summer 1950 proved the proposal of Secretary Johnson as incorrect and he resigned in September that year  Also Secretary of the Navy, Francis P  Matthews resigned one month earlier 

Later service

Due to the Revolts of the admirals, Blandy was forced to retire in February 1950 and Goodwin was ordered to Newport, Rhode Island for temporary duty as Chief of Staff and Aide to the President of the Naval War College under Vice admiral Donald B  Beary in April 1950  Goodwin was detached from that assignment two months and appointed member of the General Board of the Navy  He was shortly thereafter appointed acting Navy Chief of Public Information, as the substitute for Rear Admiral Russell S  Berkey, who was relieved of illness, but returned to the General Board of the Navy in July that year  Goodwin served in that capacity until February 1951, when he relieved his Academy class, Rear admiral John P  Whitney as Vice Commander, Military Air Transport Service (MATS) 

While in this capacity, Goodwin served under Lieutenant general Laurence S  Kuter and was co-responsible for the logistical support of United Nations troops fighting in Korea  The MATS operated from the United States to Japan and Goodwin served in this capacity until August 1953, when he was appointed Commander Carrier Division Two  While in this assignment, he took part in the Operation Mariner, Joint Anglo-American exercise which encountered very heavy seas over a two-week period in fall 1953 

Goodwin was ordered to the Philippines in May 1954 and assumed duty as Commander, U S  Naval Forces in the Philippines with headquarters at Naval Station Sangley Point near Cavite  He held that command in the period of tensions between Taiwan and China and publicly declared shortly after his arrival, that any attack on Taiwan by the Chinese Communists on the mainland would result in US participation in the conflict  The naval fighter planes under his command also provided escort for passing commercial planes  Goodwin worked together with retired Admiral Raymond A  Spruance, then-Ambassador to the Philippines, and accompanied him during the visits to Singapore, Bangkok and Saigon in January 1955 

On December 18, 1955, Goodwin's classmate Rear admiral Albert K  Morehouse, then serving as Commander, Naval Air Forces, Continental Air Defense Command (CONAD), died of heart attack and Goodwin was ordered to CONAD headquarters in Colorado Springs, Colorado to assume Morehouse's position  While in this capacity, he was subordinated to Army General Earle E  Partridge and was responsible for the Naval and Marine Forces allocated to the command designated for the defense of the Continental United States 

Retirement

Goodwin retired on June 1, 1957, after 40 years of active service and was advanced to the rank of Vice admiral on the retired list for having been specially commended in combat  A week later, he was invited back to his Monroe High School (now Neville High School) and handed a diploma showing that he had been graduated with the class of 1918  He then settled in Monterey, California where he taught American history at Stevenson school and was a member of the Naval Order of the United States 

Vice admiral Hugh H  Goodwin died at his home on February 25, 1980, aged 79  He was survived by his wife, Eleanor with whom he had two children, a daughter Sidney and a son Hugh Jr , who graduated from the Naval Academy in June 1948, but died one year later, when the Hellcat fighter he was piloting collided with another over the Gulf of Mexico during training 

Decorations

Here is the ribbon bar of Vice admiral Hugh H  Goodwin:

References

1900 births
1980 deaths
People from Monroe, Louisiana
Military personnel from Louisiana
United States Naval Academy alumni
Naval War College alumni
United States Naval Aviators
United States Navy personnel of World War I
United States Navy World War II admirals
United States Navy vice admirals
United States submarine commanders
Recipients of the Legion of Merit



ground_truth: Goodwin became a Naval aviator in January 1929.

prompt_front: Now, answer the following question based on the text below, only give me the answer and do not output any other words.

Question: What was Hugh H. Goodwin's rank in the United States Navy?

Read the following text and answer briefly.

Context 3: Brooksley Elizabeth Born (born August 27, 1940) is an American attorney and former public official who, from August 26, 1996, to June 1, 1999, was chair of the Commodity Futures Trading Commission (CFTC), the federal agency which oversees the U S  futures and commodity options markets  During her tenure on the CFTC, Born lobbied Congress and the President to give the CFTC oversight of off-exchange markets for derivatives, in addition to its role with respect to exchange-traded derivatives, but her warnings were ignored or dismissed, and her calls for reform resisted by other regulators <ref name="nytimes">Goodman, Peter S  The Reckoning - Taking Hard New Look at a Greenspan Legacy, The New York Times, October 9, 2008 </ref> Born resigned as chairperson on June 1, 1999, shortly after Congress passed legislation prohibiting her agency from regulating derivatives 

In 2009, Born received the John F  Kennedy Profiles in Courage Award, along with Sheila Bair of the Federal Deposit Insurance Corporation, in recognition of the "political courage she demonstrated in sounding early warnings about conditions that contributed" to the 2007-08 financial crisis 

Early life and education
Born graduated from Abraham Lincoln High School (San Francisco, California) at the age of 16  She then attended Stanford University, where she majored in English and was graduated with the class of 1961   She initially wanted to become a doctor, but a guidance counsellor at Stanford advised her against medicine, so she majored in English literature instead 

She then attended Stanford Law School, one of only seven women in her class   She was the first female student ever to be named president of the Stanford Law Review  She received the "Outstanding Senior" award and graduated as valedictorian of the class of 1964 

Legal career
Immediately after law school Born was selected as a law clerk to judge Henry Edgerton of the U S  Court of Appeals for the District of Columbia Circuit  It was during this time that she met her first husband, Jacob C  Landau, who was a journalist covering the Federal courts at the time  Following her clerkship, she became an associate at the Washington, D C -based international law firm of Arnold & Porter  Born was attracted to Arnold & Porter because it was one of the few major law firms to have a woman partner at that time, Carolyn Agger, who was the head of the tax practice  Born took a two-year leave of absence from Arnold & Porter to accompany her first husband to Boston, where he had received a fellowship  During that time she worked as a research assistant to law professor Alan Dershowitz 

Born's early career at Arnold & Porter focused on international trade law, in which she represented a number of Swiss industries and the government of Switzerland  She developed a practice representing clients in numerous complex litigation and arbitration cases involving financial market transactions  Among her high-profile cases was the matter of the Hunt Brothers attempt to corner the market in silver in the 1970s  She made partner at Arnold & Porter, after moving to a three-day schedule to help raise her second child, and eventually rose to be the head of the firm's derivatives practice 

Born was among the first female attorneys to systematically address inequities regarding how the laws treated women  Born and another female lawyer, Marna Tucker, taught what is considered to have been the first "Women and the Law" course at Catholic University’s Columbus School of Law  The class exclusively concerned prejudicial treatment of women under the laws of the United States, past and present   Born and Tucker were surprised to discover that there was no textbook on the issue at the time   Born is also one of the co-founders of the National Women's Law Center  Born also helped rewrite the American Bar Association rules to make it possible for more women and minorities to sit on federal bench 

During her long legal career, and into her retirement, Born did much pro bono and other types of volunteer work  She was active in the American Bar Association, the largest professional organization of lawyers in the United States   Initially Born was named a member of the governing council of the ABA's Individual Rights Section, eventually becoming chairperson   Born and Tucker founded the ABA Women's Caucus, the first organization of female lawyers in the ABA   She held several other senior positions in the ABA, including being named the first woman member of the ABA's Standing Committee on the Federal Judiciary   As a member of the Judiciary Committee, Born provided testimony and opinion on persons nominated for federal judgeships  In 1980 she was named chair of the committee   As chair of the committee, Born was invited to address the U S  Congress regarding the nomination of Judge Sandra Day O'Connor to the U S  Supreme Court 

In 1993, Born's name was floated as a possible candidate for Attorney General of the United States, but Janet Reno was nominated 

In July 2009, Nancy Pelosi appointed Brooksley Born as a commissioner to the Financial Crisis Inquiry Commission (FCIC) 

Born and the OTC derivatives market
Born was appointed to the CFTC on April 15, 1994, by President Bill Clinton  Due to litigation against Bankers Trust Company by Procter and Gamble and other corporate clients, Born and her team at the CFTC sought comments on the regulation of over-the-counter derivatives, a first step in the process of writing CFTC regulations to supplement the existing regulations of the Federal Reserve System,  the Options Clearing Corporation, and the National Association of Insurance Commissioners  Born was particularly concerned about swaps, financial instruments that are traded over the counter between banks, insurance companies or other funds or companies, and thus have no transparency except to the two counterparties and the counterparties' regulators, if any   CFTC regulation was strenuously opposed by Federal Reserve chairman Alan Greenspan, and by Treasury Secretaries Robert Rubin and Lawrence Summers



ground_truth: Vice Admiral.

prompt_front: Now, answer the following question based on the text below, only give me the answer and do not output any other words.

Question: What hedge fund's collapse in 1998 highlighted the need for regulation of derivatives?

Read the following text and answer briefly.

Context 3:  On May 7, 1998, former SEC Chairman Arthur Levitt joined Rubin and Greenspan in objecting to the issuance of the CFTC's concept release  Their response dismissed Born's analysis and focused on the hypothetical possibility that CFTC regulation of swaps and other OTC derivative instruments could create a "legal uncertainty" regarding such financial instruments,  hypothetically reducing the value of the instruments  They argued that the imposition of regulatory costs would "stifle financial innovation" and encourage financial capital to transfer its  transactions offshore  The disagreement between Born and the Executive Office's top economic policy advisors has been described not only as a classic Washington turf war, but also a war of ideologies,  insofar as it is possible to argue that Born's actions were consistent with Keynesian and neoclassical economics while Greenspan, Rubin, Levitt, and Summers consistently espoused neoliberal, and neoconservative policies 

In 1998, a trillion-dollar hedge fund called Long Term Capital Management (LTCM) was near collapse   Using mathematical models to calculate debt risk, LTCM used derivatives to leverage $5 billion into more than $1 trillion, doing business with fifteen of Wall Street's largest financial institutions   The derivative transactions were not regulated, nor were investors able to evaluate LTCM's exposures   Born stated, "I thought that LTCM was exactly what I had been worried about"   In the last weekend of September 1998, the President's working group was told that the entire American economy hung in the balance   After intervention by the Federal Reserve, the crisis was averted   In congressional hearings into the crisis, Greenspan acknowledged that language had been introduced into an agriculture bill that would prevent CFTC from regulating the derivatives which were at the center of the crisis that threatened the US economy   U S  Representative Maurice Hinchey (D-NY) asked "How many more failures do you think we'd have to have before some regulation in this area might be appropriate?"  In response, Greenspan brushed aside the substance of Born's warnings with the simple assertion that "the degree of supervision of regulation of the over-the-counter derivatives market is quite adequate to maintain a degree of stability in the system"  Born's warning was that there wasn't any regulation of them   Born's chief of staff, Michael Greenberger summed up Greenspan's position this way: "Greenspan didn't believe that fraud was something that needed to be enforced, and he assumed she probably did  And of course, she did "  Under heavy pressure from the financial lobby, legislation prohibiting regulation of derivatives by Born's agency was passed by the Congress   Born resigned on June 1, 1999 

The derivatives market continued to grow yearly throughout both terms of George W  Bush's administration  On September 15, 2008, the bankruptcy of Lehman Brothers forced a broad recognition of a financial crisis in both the US and world capital markets   As Lehman Brothers' failure temporarily reduced financial capital's confidence, a number of newspaper articles and television programs suggested that the failure's possible causes included the conflict between the CFTC and the other regulators Faiola, Anthony, Nakashima, Ellen and Drew, Jill  The Crash: Risk and Regulation - What Went Wrong, The Washington Post, October 15, 2008 

Born declined to publicly comment on the unfolding 2008 crisis until March 2009, when she said: "The market grew so enormously, with so little oversight and regulation, that it made the financial crisis much deeper and more pervasive than it otherwise would have been " She also lamented the influence of Wall Street lobbyists on the process and the refusal of regulators to discuss even modest reforms 

An October 2009 Frontline documentary titled "The Warning"  described Born's thwarted efforts to regulate and bring transparency to the derivatives market, and the continuing opposition thereto  The program concluded with an excerpted interview with Born sounding another warning: "I think we will have continuing danger from these markets and that we will have repeats of the financial crisis -- may differ in details but there will be significant financial downturns and disasters attributed to this regulatory gap, over and over, until we learn from experience "

In 2009 Born, along with Sheila Bair of the FDIC, was awarded the John F  Kennedy Profiles in Courage Award in recognition of the "political courage she demonstrated in sounding early warnings about conditions that contributed" to the 2007-08 financial crisis   According to Caroline Kennedy, "Brooksley Born recognized that the financial security of all Americans was being put at risk by the greed, negligence and opposition of  powerful and well connected interests     The catastrophic financial events of recent months have  proved them [Born and Sheila Bair] right "  One member of the President's working group had a change of heart about Brooksley Born   SEC Chairman Arthur Levitt stated "I've come to know her as one of the most capable, dedicated, intelligent and committed public servants that I have ever come to know", adding that "I could have done much better  I could have made a difference" in response to her warnings 

In 2010, a documentary film Inside Job further alleged that derivatives regulation was ineffective from the Clinton administration on  Along with fellow whistleblower, former IMF Chief Economist Raghuram Rajan, who was also scorned by the economic establishment, Brooksley Born was cited as one of the authorities arguing that financial derivatives increase economic risk 

 Personal life 
Born is married to Alexander E  Bennett (also retired from Arnold & Porter)   She has five adult children - two from a previous marriage to Jacob Landau and three stepchildren  Notably, Born was named a partner at Arnold & Porter while working part-time so she could raise her two young children   When both of her children were school-age, Born returned to practice full-time 

References

External links
Attorney profile at Arnold & Porter
Brooksley Born (2009 Winner) of the Profiles in Courage Award, with acceptance speech transcript and NECN video

Profile at MarketsWiki
Speeches and statements
"Testimony Of Brooksley Born Chairperson of the CFTC Concerning The Over-The-Counter Derivatives Market", before the House Committee On Banking And Financial Services, July 24, 1998 
"The Lessons of Long Term Capital Management L P ", Remarks of Brooksley Born, Chairperson of the CFTC, Chicago-Kent-IIT Commodities Law Institute, Chicago, Illinois, October 15, 1998 
 Interview: Brooksley Born for "PBS Frontline: The Warning", PBS, (streaming VIDEO 1 hour), October 20, 2009 
Articles
Manuel Roig-Franzia  "Credit Crisis Cassandra:Brooksley Born's Unheeded Warning Is a Rueful Echo 10 Years On", The Washington Post, May 26, 2009
 Taibbi, Matt  "The Great American Bubble Machine", Rolling Stone'', July 9–23, 2009

1940 births
American women lawyers
Arnold & Porter people
Clinton administration personnel
Columbus School of Law faculty
Commodity Futures Trading Commission personnel
Heads of United States federal agencies
Lawyers from San Francisco
Living people
Stanford Law School alumni
21st-century American women




ground_truth: Long Term Capital Management (LTCM).