MSRB Announces Selection of Officers and New Board Members

Date: August 18, 2008

Contact:              Jennifer A. Galloway, Chief Communications Officer
                          (703) 797-6600
                          jgalloway@msrb.org



ThE municipal securities rulemaking board ANNOUNCES
selection of OFFICERS AND new board members

Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) today announced the names of new officers and Board members who will begin their terms on Oct. 1, 2008.  Ronald A. Stack, Managing Director and Head of the Public Finance Department at Lehman Brothers, will serve as Chair of MSRB.  Peter T. Clarke, Head of Municipal Underwriting and Syndication at J.P. Morgan Securities Inc., will become Vice Chair of MSRB.   Officer terms are for one year.

MSRB's new members represent the municipal securities dealer community and the public. New Board representatives of securities firms are Michael Bartolotta, Vice Chairman of First Southwest Co., and Stanley E. Grayson, President and Chief Operating Officer of M. R. Beal & Co. Joining the Board as a bank dealer representative is Martin Vogtsberger, Managing Director, Head of Institutional Brokerage at Fifth Third Securities, Inc.  New public representatives on the Board are F. Thomas Howard, Executive Director of Kentucky’s Office of Financial Management within the Finance and Administration Cabinet, and Kathleen A. McDonough, a retired Ambac Financial Group executive.  Each Board member will serve a three-year term.

The MSRB was created by Congress in 1975 to develop rules for securities firms and banks involved in underwriting, trading and selling municipal securities with the overall mission of protecting investors in the municipal market.  The Board operates market information systems designed to promote market transparency and access to data, and does outreach and education in the municipal market. Biographical information about the new officers and Board members follows.

Ronald A. Stack, who has served on the Municipal Securities Rulemaking Board since 2006, is Managing Director and Head of the Public Finance Department at Lehman Brothers with responsibility for the firm's national public sector investment banking effort. Prior to his appointment as Head of the Department, Mr. Stack was a senior investment banker responsible for public finance investment banking in the East Region. During his 23-year investment banking career, Mr. Stack has served as a senior investment banker to clients throughout the country. Prior to his investment banking career, Mr. Stack was a management consultant with the public accounting and consulting firm Deloitte & Touche, and also served eight years in New York State government as Deputy Secretary to Gov. Hugh L. Carey.

Mr. Stack has been Chairman of the Nassau Interim Finance Authority since 2003, and previously served on the Board of Governors of the Municipal Forum of New York and as Chairman of the Municipal Executive Committee of The Bond Market Association. He holds a Bachelor's degree from Kings College in Pennsylvania and a Master's of Philosophy degree from Columbia University.  

Peter Clarke, who has served on the Board since 2007, is Head of Municipal Underwriting and Syndication at J.P. Morgan Securities Inc. and has held various management positions there since joining the firm in 1977. He is a former member of the Securities Industry and Financial Markets Association Syndicate and Trading Committee, and a former Board member of the Municipal Forum of New York. Mr. Clarke also previously served on the MSRB from 1990 to 1993. Mr. Clarke received his Bachelor's degree from the University of Virginia.

Joining the Board as members are:

Michael Bartolotta is Vice Chairman of First Southwest Company and serves on the Board of Directors of First Southwest Company and First Southwest Holdings, Inc. in Dallas, TX. Mr. Bartolotta co-manages First Southwest's Houston public finance practice and serves as Chairman of its Public Finance Management Committee. Mr. Bartolotta has more than 20 years of experience in public finance serving as either financial advisor or underwriter for a wide variety of clients and issuers. He is also an active member of the Board of Directors of TexSTAR, a local government investment pool, and the Board of Visitors of M.D. Anderson Cancer Center.  He also serves as an advisory Board member to LOGIC, another local government investment pool. Mr. Bartolotta received his Bachelor's of Science degree in actuarial science from the University of Illinois. 

Stanley E. Grayson is President and Chief Operating Officer of M. R. Beal & Company, a New York City-based, African-American owned investment firm he joined in 2002.  Mr. Grayson has worked for more than 25 years in public finance both as an investment banker and government executive.  Before joining M.R. Beal, Mr. Grayson was Managing Director and Manager of the public finance department of Prudential Securities Inc., and Vice President at Goldman, Sachs & Co. in the municipal bond department’s infrastructure group.  Earlier, Mr. Grayson served as Deputy Mayor for Finance and Economic Development for the City of New York and as the City's Finance Commissioner. He is a member of the New York State Bar and serves on the Board of Directors of New York Catholic Charities, the Alliance for Downtown Business, Brooklyn Information & Culture Inc., and the New York City School Construction Authority.  Mr. Grayson also is a Trustee of the Churchill School and Center.  Mr. Grayson received his Bachelor’s of Arts from the College of the Holy Cross and his law degree from the University of Michigan Law School. 

F. Thomas Howard is Executive Director of Kentucky’s Office of Financial Management, within the Finance and Administration Cabinet, where he oversees the Commonwealth's $12 billion investment and appropriation-supported debt programs. He also oversees all non-appropriation debt issued by Kentucky state agencies. Mr. Howard has a background in banking and investment management.  Before joining the Commonwealth in 1989 as a portfolio manager, Mr. Howard held various positions with First Security Bank & Trust Company and Eclipse Capital Management, Inc. Mr. Howard serves as the chair of the State Debt Management Network, an affiliate of the National Association of State Treasurers. Mr. Howard received his Bachelor's of Business Administration with a concentration in finance from the University of Kentucky. 

Kathleen A. McDonough is a retired executive from Ambac Financial Group with nearly 30 years of experience in public finance and securities law.  Ms. McDonough served as Senior Managing Director at Ambac through 2007, where she led the company’s public and project finance unit.  Before her senior management role at Ambac, Ms. McDonough was the company's General Counsel for Public Finance and also served as Assistant General Counsel.  Earlier experience included practicing securities and municipal finance law, and serving as an enforcement investigator with the New York Stock Exchange.  Ms. McDonough is an appointed member of the California Debt and Investment Advisory Commission Technical Committee, past Secretary and Director of the Association of Financial Guaranty Insurers, a Board member of the United Way of Scarsdale-Edgemont, a Trustee of Scarsdale Congregational Church and a founding member of Women in California Public Finance. Ms. McDonough received her Bachelor's of Science in Accounting from Fordham University and her law degree from Fordham University Law School.  

Martin Vogtsberger is the Managing Director, Head of Institutional Brokerage at Fifth Third Securities, Inc. in Columbus, OH.  He has day-to-day management responsibility for Public Finance, Fixed Income Trading and Institutional Sales, and is a member of the firm’s Risk Management Committee and Board of Directors.  Prior to his appointment as Head of Institutional Brokerage, Mr. Vogtsberger served as Vice President, Manger of Public Finance at Fifth Third Securities, Inc. He has over 20 years of senior-level experience in public finance and fixed income trading. Mr. Vogtsberger is registered as a General Securities Representative (Series 7), General Securities Principal (Series 24), Municipal Securities Principal (Series 53), and Uniform Securities Agent State Law Examination (Series 63 NASAA). He also serves as a member of the Alumni Advisory Council at the College of Arts & Sciences of Miami University, and is a former member and President of the Board of Trustees at the Ohio Municipal Advisory Council, a former allied member of the New York Stock Exchange, Inc., and a former member of the Board of Trustees at the Central Ohio Transit Authority. Mr. Vogtsberger received his Bachelor’s of Arts in political science from Miami University, Master of City Planning in the School of Engineering at Ohio State University, and attended the Public Finance Institute at the University of Michigan, Graduate School of Business Administration.

* * *

The Municipal Securities Rulemaking Board (MSRB) was established in 1975 by Congress to develop rules regulating securities firms and banks involved in underwriting, trading, and selling municipal securities.  The Board also operates information systems designed to promote transparency and access to information, and also has an extensive outreach and education effort.  The Board is composed of members from the municipal securities dealer community and the public, and is charged with protecting investors and promoting a fair and efficient market.  The Board is a self-regulatory organization that is subject to oversight by the Securities and Exchange Commission (SEC).

# # #