he is former chairman of the board and chief executive officer of golden state bancorp, inc., headquartered in san francisco. it was a holding company for the nation's second largest thrift institution and california's fourth largest bank. in 2002, he sold it to citigroup for $6 billion. he is currently chairman of the board of hilltop holdings, a bank and insurance holding company. he is also the non-executive chairman of the boards of directors of freeport-mcmoran (fcx), the world's largest publicly traded extractor of copper and gold.