Salomon Swapco Inc
To Our Clients
Our independent directors are well qualified for
their role. Tom McGuire retired a year ago from
Moody's Investors Service where he was
Executive Vice President in charge of Corporate
Ratings. In that role, he supervised Moody's
ratings of industrial companies, financial
institutions, sovereigns, and mortgage- and
asset-backed securities worldwide. Prior to
joining Moodys in 1978, he worked in the Fixed
Income Department at Goldman Sachs and,
prior to that, as an Assistant Treasurer at Chase
Manhattan Bank. In addition to his duties as a
Swapco independent director, Tom is pursuing a
doctorate in colonial American History at
Columbia University.
John "Sandy" Burton is the Ernst & Young
Professor of Accounting and Finance at the
Columbia University Graduate School of
Business. He served as Dean of the School from
1982 to 1988. Sandy interrupted his teaching
career at Columbia in 1972 to serve, first, as
Chief Accountant of the Securities and Exchange
Commission from 1972 to 1976 and then as
Deputy Mayor for Finance of the City of New
York from 1976 to 1977. He also sits on the
boards of Commerce Clearing House, Inc.,
Scholastic Inc., Manville Corporation, and
CPAC, Inc., and serves as the Chairman of
Swapco's Audit Committee. He is a member of
the Consultants' Panel of the Comptroller
General of the United States, a public governor
of the National Association of Securities
Dealers, and a proud co-owner of the Pittsfield
Mets baseball team.
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Salomon Swapco Inc
To Our Clients
Mark Grinblatt is a Professor of Finance at the
University of California at Los Angeles and is
the current chairman of the finance group at
UCLA's Anderson Graduate School of
Management. Mark has been on the UCLA
faculty since 1991. He currently serves as an
Associate Editor of the
Journal of Financial and
Quantitative Analysis and the Review of
Financial Studies. The author of over twenty
papers published in finance and economics
journals, he has written extensively on the topic
of performance evaluation. His past research,
both theoretical and empirical, has also explored
asset pricing, rational expectations equilibria,
corporate finance, derivatives valuation and
agency theory. His current research interests
include security design, derivatives, and LDC
debt.
Last, but not least, Myron Scholes is a Principal,
co-founder and Limited Partner at Long-Term
Capital Management, L.P., an investment
management firm which specializes in the
development and application of sophisticated
financial technology to investment management.
Myron is the Frank E. Buck Professor of
Finance Emeritus at the Stanford University
Graduate School of Business. He has taught at
Stanford, at the University of Chicago, and at
M.I.T. and was a Senior Research Fellow at the
Hoover Institution from 1987 to 1996. He is a
member of the Econometric Society and served
as the President of the American Finance
Association in 1990. His most famous
contribution to the field of finance is
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