Catherine Austin Fitts (born December 24, 1950) is an American investment banker and former public official who served as managing director of Dillon, Read & Co. and, during the Presidency of George H.W. Bush, as United States Assistant Secretary of Housing and Urban Development for Housing. She has widely written and commented on the subject of public spending and has alleged several large-scale instances of government fraud. Early life and education Catherine Austin Fitts was born in Philadelphia, Pennsylvania. She earned an AA degree from Bennett College in 1970 and a BA degree in history from the University of Pennsylvania in 1974. After graduating, she briefly worked as a bartender until one of her customers, who was director of admissions at the Wharton School, encouraged her to pursue graduate studies. She received her MBA from Wharton in 1978. Career Dillon, Read & Co. After graduate school, Fitts went to work at Dillon, Read & Co. While there, in 1982, she organized a novel municipal bond sale to raise several billion dollars to revitalize the New York Subway System, marking the first time that a public agency had sold bonds backed by rider fares. In 1986, Fitts became the first woman promoted to managing director of Dillon, Read & Co. in the investment bank's then 156 year history. During her time as managing director, Businessweek described Fitts as "Wall Street's foremost champion" of public utilities bonds. U.S. Department of Housing and Urban Development (HUD) During the 1988 United States presidential election, Fitts worked on the campaign of George H. W. Bush and was appointed as Assistant Secretary of Housing and Urban Development for Housing in the Bush administration, where she was charged with repairing the department's reputation in the aftermath of the savings and loan crisis. Among her initial observations upon taking office was that the department had a $300 billion portfolio of mortgage insurance but only employed one certified actuary. The reforms she announced included a plan to sell government-foreclosed homes at a 50-percent discount to non-profit organizations to operate as rentals. Previously, the government had sought to sell residential properties at the highest possible value, which resulted in a glut of real estate in its portfolio that had to be managed at great expense, as well as in shortages of housing stock in some high-density markets. She resigned her post in 1990, following a report that her relationship with