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Honoring a Financial Educator: The Legacy of Scott Gromacki

2025-02-26

Scott Gromacki, an esteemed affiliate professor of finance at Loyola University, left an indelible mark on the academic community. His career transition from a seasoned trader to an influential educator exemplifies dedication and passion for both finance and teaching. With nearly three decades in financial services, Gromacki brought unparalleled real-world experience into the classroom, captivating students and colleagues alike.

A Tribute to an Unforgettable Educator

The passing of Scott Gromacki has cast a shadow over the academic world, particularly at Loyola University where he was a beloved figure. Esteemed for his extensive trading background and commitment to education, Gromacki's legacy continues to inspire future generations of finance professionals. His ability to bridge practical experience with theoretical knowledge set him apart as a remarkable teacher.

From Trading Floors to Lecture Halls

Gromacki’s journey from the bustling trading floors to the serene halls of academia is nothing short of inspiring. After a distinguished 18-year tenure at Campbell and Company, one of the leading hedge funds, he embarked on a new chapter at Loyola in early 2019. His decision to impart his wealth of knowledge to aspiring financiers marked a significant shift in his career trajectory. Students were not only drawn to his expertise but also to his genuine enthusiasm for sharing insights gained from years in the financial industry.Gromacki’s courses quickly became highly sought after, a testament to his exceptional teaching skills. Elective classes filled up rapidly, reflecting students' eagerness to learn from someone who had navigated the complexities of global markets firsthand. Colleagues like Lisa Fairchild and Frank D’Souza praised his ability to blend theory with practice, making complex financial concepts accessible and engaging.

An Educator Who Made a Difference

Gromacki’s impact extended beyond the curriculum. He was a mentor, guiding students through challenging topics and encouraging them to think critically about the financial landscape. His approachability and willingness to share personal experiences made him a favorite among students. They appreciated his candor and the practical wisdom he offered, which often went beyond textbooks.Moreover, Gromacki’s adaptability shone during the pandemic when he seamlessly transitioned between in-person, online, and asynchronous teaching formats. This flexibility underscored his commitment to ensuring that learning continued uninterrupted. His resilience and dedication endeared him to both students and faculty, solidifying his reputation as an outstanding educator.

Contributions Beyond the Classroom

Beyond his professional achievements, Gromacki was deeply involved in his community. He volunteered as a soccer and football coach, instilling values of teamwork and perseverance in young athletes. Additionally, he served as treasurer for a Boy Scout troop, demonstrating his leadership and organizational skills outside of finance.Gromacki’s life was characterized by a balance between professional excellence and community service. His multifaceted contributions reflected a well-rounded individual dedicated to making a positive difference wherever he could. At Loyola, he will be remembered not just for his academic prowess but for the profound influence he had on countless lives.

A Lasting Impact on Future Generations

The loss of Scott Gromacki leaves a void in the academic and financial communities, yet his legacy endures. His wife Kathy, alongside friends and colleagues, mourns the passing of a man whose passion for teaching and finance knew no bounds. Arrangements for visitation and funeral services have been made, providing an opportunity for those who knew him to pay their respects.In the days ahead, Loyola plans to honor Gromacki’s memory with a special Mass and a celebration of his life. These tributes serve as reminders of his enduring impact on the institution and its students. As we reflect on his remarkable journey, it becomes clear that Scott Gromacki’s influence will continue to shape the future of finance education for years to come.

In a recent report, the Equipment Leasing and Finance Association (ELFA) highlighted a significant downturn in new business volumes for January 2025. The seasonally adjusted total new business volume rose by $9.3 billion but marked a decline of 17.8% compared to December. Year-to-date figures also showed a contraction of 6.4%, indicating a challenging start to the year. Despite these setbacks, charge-offs decreased to 0.46%, reflecting the industry's resilience. Key factors influencing this trend include economic uncertainty and a shift in equipment demand from January to December. Industry leaders anticipate normalization in the coming months but acknowledge lingering risks.

The CapEx Finance Index (CFI), a key indicator of commercial equipment financing, revealed a substantial month-over-month decline in new business volumes. This drop was particularly pronounced among banks and captives, which saw their activity plummet by over 30%. Meanwhile, independent financiers managed to post a modest gain of nearly 9%. According to Leigh Lytle, President and CEO of ELFA, much of the overall decline can be attributed to a strong end-of-year performance in December, which pulled forward equipment demand. As a result, January started on a softer note, with conditions expected to stabilize in the near future.

Economic and political uncertainties have added to the challenges faced by the equipment finance sector. Businesses are becoming cautious about investments amid global tensions, potentially impacting equipment demand later in the year. However, the industry remains well-prepared for prolonged periods of uncertainty, as evidenced by low charge-off rates and healthy financial conditions. Aging receivables over 30 days stood at 2.2%, remaining relatively low despite a slight uptick.

Employment trends in the sector have also been affected, with job numbers contracting for the third consecutive month. The 12-month change showed a decline of 3.5%, particularly noticeable in banks and captives. Independent firms, however, saw slower job gains. On a positive note, credit approvals surged to 75.9% in January, marking the largest increase since October 2023. This rise suggests that lenders are becoming more willing to extend credit, which could support future growth.

Mitch Rice, CEO of Commercial Capital Company, emphasized the importance of technological advancements in addressing evolving business needs. The industry is increasingly focusing on process automation and artificial intelligence to offer more flexible and efficient financing solutions. Despite macroeconomic challenges, companies are looking for innovative ways to meet their financial requirements. The Monthly Confidence Index, released by ELFA's affiliate, the Equipment Leasing & Finance Foundation, eased slightly to 66.9 in February, signaling a cautious outlook for the next few months.

While January presented challenges for the equipment finance sector, there are signs of resilience and adaptability. The industry's focus on technology and improved credit approval rates bodes well for future stability. Leaders remain optimistic about overcoming current hurdles and continuing to provide essential financing services to businesses across the U.S.

In a striking display of activism, a group of students at New York University confronted the university’s Finance Committee on Tuesday, urging divestment from companies linked to Israel. Organized by NYU’s Students for Justice in Palestine, the protest took place outside the Institute for the Study of the Ancient World. Demonstrators sought dialogue with trustees over the university's financial ties amid ongoing tensions between Israel and Hamas.

Protesters Call for Change: Trustees Refuse Engagement Despite Urgent Appeals

Activism Unfolds Outside NYU’s Hallowed Halls

The scene was charged with emotion as approximately 20 students gathered outside the prestigious institution. The protesters, driven by their commitment to justice, approached the trustees as they exited the meeting, escorted by several Campus Safety officers. Hamza, an NYU Law student present at the demonstration, described the atmosphere as tense yet civil. He expressed frustration over the trustees' reluctance to engage, noting that their behavior suggested an expectation of hostility rather than a willingness to listen.The presence of four police officers added to the gravity of the situation. As the demonstrators circled the building’s entrance, chanting slogans such as “Trustees, trustees, look at me, we will fight till Gaza’s free,” it became clear that this was more than just a routine protest. The chants echoed a deeper sentiment—a plea for recognition and action. After about an hour, the disruption escalated to the point where students and faculty were unable to enter the building through its turnstiles, highlighting the impact of the demonstration.

Barriers to Dialogue: A Growing Divide Between Students and Administration

The protest underscored a growing divide between the student body and university leadership. Several trustees left the building without engaging with the demonstrators, including President Linda Mills. This lack of engagement fueled concerns among activists who accused Mills of maintaining close ties with individuals opposed to pro-Palestinian advocacy. Hamza highlighted the discrepancy between the administration’s actions and its purported commitment to open dialogue.Students have repeatedly reached out to the administration, sending multiple emails requesting meetings, only to be met with silence. This pattern of non-response has left many feeling unheard and frustrated. Hamza emphasized that students are unsure how else to initiate meaningful conversations with the university. The refusal to meet face-to-face has not only dampened hopes for productive dialogue but also raised questions about the administration’s transparency and accountability.

The Broader Implications of Student Activism

This protest is part of a larger movement advocating for divestment from entities involved in conflicts that violate human rights. The call for divestment is rooted in the belief that educational institutions should align their investments with ethical principles. By withdrawing financial support from companies tied to controversial policies, universities can send a powerful message about their values and priorities.The Gaza conflict has brought these issues into sharp focus, prompting students to demand action from their institution. The tenuous ceasefire negotiations between Israel and Hamas have heightened awareness of the humanitarian crisis in Gaza. For many students, the protest represents a moral imperative to stand against injustice and advocate for peace. The demonstration serves as a reminder that universities, as influential entities, have a responsibility to consider the broader implications of their financial decisions.

A Call for Transparency and Accountability

Ultimately, the protest reflects a broader call for transparency and accountability within academic institutions. Students like Hamza are pushing for a more open and responsive administration that listens to diverse voices. The refusal to engage in dialogue highlights the need for systemic changes that foster genuine communication and address legitimate concerns. As the movement gains momentum, it challenges universities to rethink their roles in promoting social justice and upholding ethical standards.