Amnon Levy, Managing Director, Head of Portfolio Research, Moody's KMV
Dr. Amnon Levy heads the Portfolio Research Group that is responsible for research and model development for MKMV's portfolio, CDO, and valuation models.

Dr. Levy holds a B.A. in Economics from the University of California at Berkeley and a Ph.D. in Finance from the Kellogg Graduate School of Management, Northwestern University. Prior to joining MKMV, Dr. Levy was a visiting assistant professor at the Stern School of Business, New York University, and the Haas School of Business, University of California at Berkeley. He also has taught Corporate Finance at the Kellogg School of Management, Northwestern University and worked at the Board of Governors of the Federal Reserve System. Dr. Levy's work has been published in the Journal of Financial Economics, Journal of Monetary Economics, and Risk. His research interests include capital structure choices as it relates to macroeconomic conditions, modeling credit risk, and recovery.  

Andrew Kaplin, Ph.D., Director, Moody's KMV
Andrew works in the Credit Risk Modeling group of Moody?s KMV and is the Model Manager for Portfolio Products. His main responsibilities include research, model development, and client support.

He holds an MS in Applied Mathematics from the St. Petersburg State University and a Ph.D. in Finance from the Kellogg School of Management, Northwestern University. Prior to joining Moody?s KMV, Andrew taught Finance courses at the Kellogg School of Management. His work has been published in the Journal of Econometrics. Andrew?s research interests include credit risk and interest rate risk models, modeling of structured instruments in credit portfolio framework, market microstructure effects around corporate events, and capital structure choices as it relates to macroeconomic conditions.

Anthony Hughes, Ph.D., Senior Director of Credit Analytics, Moody's Economy.com
Tony Hughes is Senior Director of Credit Analytics at Moody's Economy.com. Primarily, his responsibilities involve overseeing the company's consulting efforts related to consumer credit risk modelling and forecasting. His work in this area has been far ranging, covering corporate credit risk and asset backed securities and the spectrum of consumer banking products from credit cards to mortgages and student loans.

Based in West Chester, PA he was previously the Director of Moody's Economy.com's Sydney office (which he established) and editor of the Dismal Scientist's Asia Pacific coverage. Though he now specializes in credit problems, he retains a deep interest in Asia Pacific macroeconomics.

Anuj Gupta, Product Manager, Moody’s KMV
Anuj Gupta is a Product Manager with Moody’s KMV in San Francisco, and has been with the firm for three years. He is responsible for developing and supporting products to evaluate single-obligor credit risk. Anuj manages the following products: Credit Edge, RiskCalc, and Loss Calc.

Anuj has a significant risk management background that includes hands-on experience in structuring and managing commodity risk, especially in the Energy sector.

Barry Herrin, Credit Risk Applications Implementation Manager, SunTrust Bank
Barry Herrin and his team serve as the liaison between the SunTrust Quant/Modeling team, the Technology team and the users of the Credit Risk applications which include Moody?s RiskAnalyst. His main responsibilities include developing/maintaining models via RA Tuner, testing, production implementation and user training/support. Before joining SunTrust in January 2005, he was a developer at Electronic Data Systems for 10 years and was part of a team that built a Credit Risk Management application for EDS clients.

Bernie Lantsberger, Manager - Global Credit Services, Chevron Corporation
In his current capacity, Bernie has oversight responsibility for global credit research initiatives, receivables securitization activities and cash application functions in support of Chevron’s commercial activity. Additionally, he’s worked extensively on credit scoring protocols and tools to quantify credit exposure associated with various commodity trading businesses. Throughout his 20+ year career with Chevron he’s held positions of managerial responsibility in the areas of accounting and international management reporting, as well as playing an integral role in the implementation of enterprise system solutions like SAP and JD Edwards.

Bill Quadrini, Director, Moody's KMV
Bill Quadrini, Director, is the product specialist for the Moody's Analytics Commercial Real Estate solutions. Bill has over 20 years experience in commercial real estate, including lending for banks, insurance companies, and CMBS, disposition of troubled assets, and property management of existing assets. Bill has worked with all different asset classes of CRE. Bill joined Moody's KMV in 2006, where he was responsible for the insurance segment in North America. Bill has gained extensive experience in credit risk modeling for all different types of insurance products, as well as economic capital modeling and setting loss reserves.

Brian J. Dvorak, Managing Director, Moody’s KMV
Brian Dvorak joined KMV in 1998. Named Head of Europe, Middle East and Africa in 2003, he went on to lead the Global Account Solutions team in 2005. Previously, he was VP of Product Marketing and Technical Support at CATS Software Inc. and was EVP and COO of LOR/Geske Bock Associates and LORGB Investment Advisors before that.

Brian has an AB in Economics with Highest Honors and an MBA with concentration in Finance from the University of California, Berkeley.

David Fanger, Senior Vice President, Global Banking and Securities, Moody’s Investors Service
Mr. Fanger has been with Moody's since 1995 as a member of Moody's Financial Institutions Group. In June 2008 he returned to Moody’s Global Banking team after serving as Chief Credit Officer for Moody’s Financial Institutions Group for 2 ? years. He currently has lead or a co-lead analytic responsibility for a number of large universal banks and securities firms headquartered in Europe and the U.S., and also provides guidance and support to other analysts covering similar institutions to help ensure consistency in Moody’s analysis and ratings of these complex firms. Mr. Fanger also continues to support Moody’s Credit Policy function through his participation on a variety of standing committees and special projects.

Mr. Fanger has previously served as Regional Credit Officer for the Americas Banking team and the Finance and Securities team at Moody’s, and has been lead analyst on a wide range of banks, thrifts, and credit card companies on those teams.

Prior to joining Moody’s Mr. Fanger worked at the Federal Reserve Bank of New York in Banking Supervision, and also served a brief stint at the Federal Reserve Bank of San Francisco. Mr. Fanger has a Masters in Public Policy from Harvard University’s Kennedy School of Government where he concentrated in Business and Government Relations, and a B.A. from Colby College where he majored in Economics and Government.

David T. Lamar, Managing Director, Bank of New York Mellon
David T. Lamar is Managing Director of Economic Capital and Credit Reporting for the Bank of New York Mellon. Dave has responsibility for the Company’s Economic Capital Reporting processes, Basel 2 Pillar II implementation, loan loss reserving, and credit portfolio reporting.

Dave has held various positions in the Finance Department at Mellon Financial Corporation, including a stint as the Chief Financial Officer for the Wholesale Bank. Subsequent to that, Dave was Manager of Investor Relations for Mellon and a manager in Corporate Strategy & Development responsible for acquisitions and strategy, primarily for the asset management businesses of the Company.

Dave received his BS in Finance from Pennsylvania State University and his MBA from the University of Pittsburgh.

David W. Munves, CFA, Divisional Managing Director, Moody’s Analytics

David Munves is a Divisional Managing Director at Moody’s Analytics, and is in charge of the Capital Markets Research Group. The group encompasses the firm's Market Implied Ratings service, Credit Strategy group, Capital Markets Economics group, and equity research effort. David joined Moody's in December 2004.

Prior to joining Moody's David worked for nine years in Lehman Brothers¡¯ Fixed Income Research Group in London. At Lehman he headed the European Credit Strategy Group for seven years before taking responsibility for the European Fixed Income Index Group. He began his sellside career at Kidder Peabody and PaineWebber.

David also worked for 10 years at Standard & Poor's Ratings Group, where he held a variety of analytical and managerial positions in New York, Stockholm, and London. Prior to joining S&P David was a lending officer with Swiss Bank Corporation in New York.

A Chartered Financial Analyst, David holds a Batchelor's of Arts degree from Kenyon College and a Masters Degree in International and Public Affairs from Columbia University.

Douglas W. Dwyer, Managing Director, has been at Moody's KMV for seven years. He is now responsible for the research foundations of KMV's single obligor risk models including both public and private EDFs as well as loan valuation and loss given default.

Dr. Dwyer was the lead architect of Moody's RiskCalc v3.1 modeling framework. The RiskCalc models predict private company defaults throughout the world. These models cover 22 geographic specific regions and represent over 80% of the world's GDP. Hundreds of institutions worldwide use RiskCalc. While using the same underlying framework, each model reflects the domestic lending and accounting practices of its specific region. By incorporating both market (systematic) and company specific (idiosyncratic) risk factors, the RiskCalc v3.1 models are at the forefront of modeling middle-market default risk.

Prior to working at Moody's KMV, Dr. Dwyer was a Principal at William M. Mercer, Inc., in their Human Capital Strategy practice. Dr. Dwyer Earned a Ph.D. in Economics at Columbia University. He has published several articles in peer reviewed academic journals.

Eric Kolchinsky, Chief Operating Officer, Moody's Evaluations Inc ("MEI")
Eric Kolchinsky is the Chief Operating Officer of Moody's Evaluations Inc ("MEI"). MEI offers the financial community independent evaluations of U.S. fixed income securities with a high degree of accuracy and timeliness. Prior to MEI, Mr. Kolchinsky was a Managing Director in the Derivatives Group, covering ABS CDOs. Mr. Kolchinsky has also worked at Merrill Lynch, Lehman Brothers and MBIA in their respective CDO groups.

Mr. Kolchinsky holds a JD from New York University School of Law, an MS in Statistics from New York University Stern School of Business and BS in Aerospace Engineering from the University of Southern California.

Geoff Fite, Chief Operating Officer, Moody's Analytics and Head of Moody's KMV
Geoff Fite joined Moody's KMV in July 2005 as CTO and became COO and Head of Moody's KMV in July 2007. Previously, Geoff was Head of Technology and VP of Institutional Investment Consulting at Morningstar Associates (a business unit of Morningstar Inc). Prior to Morningstar Associates, Geoff was COO and CTO of mPower Advisors, a Principal at Pricewaterhouse Coopers and CTO of Cogent.

Geoff holds a bachelor's degree from the University of California at San Diego and master's degree from Columbia University.  

Irina Korablev, Director, Moody's KMV
Irina Korablev has been with Moody's KMV since 1998. She leads Moody's KMV default research and is responsible for various validation studies, which include EDF model validation and validation of loan valuation against LPC prices. She is currently working on a new loss given default model.

She holds MS in Applied Mathematics from Moscow State University and MA in Economics from Central European University.  

Jacob Grotta, Chief Operating Officer, Moody's Wall Street Analytics, Inc.
Jacob Grotta is the Chief Operating Officer of Moody's Wall Street Analytics, Inc. ("MWSA"). MWSA focuses on creating data and analytic tools to support the structured finance market. Jacob also served as COO of Wall Street Analytics prior to its acquisition by Moody's in December, 2006. Jacob has been with MWSA since 1996 and attended the Massachusetts Institute of Technology.

James Grant, Grant's Interest Rate Observer
James Grant founded Grant's Interest Rate Observer in 1983.

He is the author of four books on finance and financial history: Bernard M. Baruch: The Adventures of a Wall Street Legend (Simon & Schuster, 1983), Money of the Mind (Farrar, Straus & Giroux, 1992), Minding Mr. Market (Farrar, Straus & Giroux, 1993) and The Trouble with Prosperity (Times Books, 1996)  

A fifth book-John Adams: Party of One, a biography of the second president of the United States¡ªwas published in March 2005 by Farrar, Straus & Giroux. Mr. Grant's television appearances include "60 Minutes," "The News Hour with Jim Lehrer," "CBS Evening News," and a ten year stint on Wall Street Week. His journalism has appeared in a variety of periodicals, including the Financial Times, the Harvard Business Review, the New Republic, the American Spectator, and the Times Literary Supplement. He is, in addition, a founding general partner of Nippon Partners, a hedge fund that invests in Japan.
Mr. Grant, a former Navy gunner's mate, is a Phi Beta Kappa alumnus of Indiana University. He earned a master's degree in international relations from Columbia University and began his career in journalism in 1972, at the Baltimore Sun. He joined the staff of Barron's in 1975 where he originated the Current Yield column.

Janet Zhao, Ph.D., Assistant Director, Research
Janet works in the single obligor research group for Moody's KMV. She joined KMV in January 2008. She has been working on the RiskCalc large firm model and exposure at default project. Janet obtained a Ph.D. in Finance from City University of Hong Kong and a Ph.D. in Accounting from Carnegie Mellon University

Janice K. Murphy, Vice President of Finance, Kaiser Permanente; Board Trustee, California Self-Insurers’ Security Fund
Janice Murphy is a board trustee of the $6B California Self-Insurers’ Security Fund (for workers’compensation obligations). The Fund’s purpose is to provide injured workers continued benefits if and when their self-insured employer becomes insolvent and defaults on its workers’ compensation obligations. Janice is also Chairman of both the Credit and the Audit Board Committees.

In addition, Janice is currently Vice President, Finance at Kaiser Permanente, where her current responsibilities include Corporate Risk Management. In 1989, she joined Kaiser, now a $40B revenue company, as Corporate Treasurer. She is a member of the Retirement Plans’ Investment Committee (55 plans; $14 billion, assets; $1billion, annual expense) and has chaired the Committee most of her years with the Company. Previous to joining Kaiser, she held various corporate finance positions at Pacific Gas & Electric in San Francisco.

Janice holds a BS in Commerce from the University of Santa Clara; an MS in Finance from the University of Illinois; and has earned Chartered Financial Analyst (CFA) accreditation, maintaining continuing education standards. Additionally, she has attended leadership programs at both Stanford University and the University of North Carolina. She is currently: a member of the Oakland Catholic Diocese Investment Committee and a member of the American Heart Association’s Investment and Insurance Committees, as well as Chairman of the American Heart Association San Francisco East Bay Division.

Jim Herrity, Senior Director, Moody's KMV
Jim has 21 years¡¯ experience in the credit profession, including 11 years at Moody's KMV. Currently, Jim is Senior Director of Moody's KMV Credit Research Database (CRD), which he cofounded in 1996 to support the firm's private firm default research and the RiskCalc network. Today, the CRD and RiskCalc cover countries that account for approximately 75% of the world's GDP.

At Moody's KMV, Jim has also been project manager for upgrades to the Public EDF model, product manager of Credit Monitor and LossCalc, and a relationship manager in the Corporate Sales Group. Prior to joining Moody's KMV, he was Senior Vice President and Chief Credit Officer at Banknorth Group. Previously, he managed Chapter 11 firms through the re-organization process. Jim started his credit career at Bank of America where he was a commercial real estate construction loan officer.  

He graduated cum laude from the University of Vermont in 1985.

Jim Lentino, Executive Director, Capital Management Group, ABN AMRO Bank N.V.
Mr. Lentino has been with ABN AMRO since 1983 and currently serves as Executive Director in the bank’s Capital Management Group with primary responsibilities for the portfolio strategy & execution function in North America.  The Capital Management Group is a global group at ABN and is responsible for working with the lines of business in the regions to actively manage concentrations and the bank’s capital position through the use of credit derivatives, loan sales, and securitizations as well as through disciplined origination.  During his career, Mr. Lentino has also served in marketing roles in the bank’s Corporate Lending Division and in the Acquisition Finance Group before joining the North American Risk Management Department in 1996 in what ultimately became the Portfolio Management group in 2000.  Mr. Lentino completed his undergraduate studies at Loyola University of Chicago and received his MBA from DePaul University.

Jim O'Neill, Chief Credit Officer, IBM and IBM Global Financing
Jim O'Neill, Chief Credit Officer for IBM and IBM Global Financing, has 31 years of financial experience in multiple Operating Units, Subsidiaries and Corporate positions in IBM. ?Jim began his IBM career in Accounting and has held Pricing, Financial Planning, Site Controllership, Division Controllership, Subsidiary CFO, Group and Corporate Financial Executive positions over his career spanning Domestic and Global Operations. ?Jim is a Certified Public Accountant with an undergraduate degree in Accounting from Pace University in New York and an MBA in Finance from Columbia University.

Jim was a CPA at Arthur Young and Company in New York City, and Adjunct Instructor of Accounting at Pace University. He is also a Founding Member of the National Association of Accountants in Boulder, Colorado, Vice President of Strategic Planning for the Longs Peak Council of the Boy Scouts of America and Treasurer for the United Way of Westchester and Putnam Counties in New York.

Jing Zhang, Ph.D., Head of Research, Moody’s KMV
Jing Zhang heads the Research Group for Moody’s KMV. Jing joined the former KMV in 1998 in the research team, eventually becoming a Director in Research and managing day-to-day research operations of KMV. He made major contributions on single obligor EDF credit measures, correlation and portfolio research. Since then, Jing has held a number of additional senior roles at Moody's KMV for the Americas, most recently, Senior Director, Head of the Credit Risk Specialist Group. Jing obtained his Ph.D. from the Wharton School, University of Pennsylvania and a Master Degree from Tulane University.

John Baer, Director, Moody’s KMV
John Baer is a Product Management Director for Moody's KMV, responsible for Moody's KMV RiskAnalyst. As the RiskAnalyst product manager John's responsibilities include the future direction of the overall RiskAnalyst application. Prior to being the RiskAnalyst product manager, John's product management responsibilities included the financial and internal rating templates of RiskAnalyst. John has been with Moody's KMV for almost four years, joining Moody's KMV after nine years with Ernst & Young. While at Ernst & Young John worked in the Chicago and London offices advising clients on accounting standard application and financial reporting requirements. John also performed merger and acquisition due diligence on behalf of corporate and private equity clients. John is a Certified Public Accountant.

Jun Chen, Senior Economist and Co-Director of the Debt Group, Torto Wheaton Research
Jun Chen, Senior Economist and Co-Director of the Debt Group, is responsible for advancing the analytical capabilities of Commercial Mortgage Metrics, a joint product with Moody’s Economy.com.  Jun is also actively involved in the modeling and research efforts of CBRE/Torto Wheaton Research. 

Jun received his Ph.D. from the University of Southern California in Los Angeles with a concentration in real estate finance and urban economics. Jun received a Bachelor of Engineering and a Master of Engineering from Tongji University in P.R. China. 

Most recently, Jun was the Director of Research and Analytic Products for Property and Portfolio Research, Inc. (PPR).  Prior to that, Jun worked as a senior analyst/statistician for IndyMac Bank in Pasadena, CA.  Jun Chen’s written articles have been published in numerous academic and professional industry publications.

Lori M. Evangel, Credit Risk Officer and Senior Vice President - MetLife, Inc.
Lori is the Credit Risk Officer of MetLife, Inc. and is responsible for enterprise-wide credit risk identification, quantification, assessment and management including economic capital models and exposure limits, credit risk analysis and governance/policies.  She reports to the Chief Risk Officer and external constituencies on the institution’s credit risk profile, exposures and economic capital position.

Prior to joining MetLife, Lori was a Managing Director for MBIA Insurance Corp. and was most recently Group Head of Portfolio Management and Market Risk.  She was responsible for enterprise-wide integrated risk assessment and portfolio management for both credit and market risk.  

Lori began her career at Moody’s Investors Service in the asset-backed finance group.

Mark M. Zandi, Ph.D., Chief Economist and Cofounder, Moody’s Economy.com
Mark is Chief Economist and cofounder of Moody’s Economy.com Inc., where he directs the company’s research and consulting activities. Moody’s Economy.com is an independent subsidiary of the Moody’s Corporation and provides economic research and consulting services to businesses, governments and other institutions.

Mark’s research interests include macroeconomic, financial and regional economics. Recent areas of research include the benefits and risks of financial innovation, house price modeling, studying the determinants of mortgage delinquency and foreclosure, and an analysis of the economic impact of various tax and government spending policies. In addition, Mark conducts regular briefings on the economy. He is frequently quoted in national and global news outlets.

Mark received his Ph.D. at the University of Pennsylvania, where he did his research with Nobel Laureate Lawrence Klein and Gerard Adams, and he received his BS from the Wharton School at the University of Pennsylvania.

Martha Sellers, Managing Director, Moody's KMV
Martha Sellers is a Managing Director in Credit Strategies at Moody's KMV. Her role bridges research, product development and client relationships for the firm, as she brings emerging product and research innovation to clients in the Americas.

Martha joined Moody's KMV in 1995, first working in client service and product management. Before joining Moody's KMV, she spent five years managing client relationships at a quantitative equity investment management firm. She began her career at the Federal Reserve Bank of San Francisco, in bank supervision.  

Martha has a BA in economics from Mills College, an MBA in finance from the University of California, Berkeley, and a CFA.

Michael Jacobs, Senior Financial Economist, Office of the Comptroller of the Currency.
Michael Jacobs, Senior Financial Economist, Risk Analysis Division / Credit Risk Modeling Group, joined the OCC in June 2005. He is a researcher in financial economics, specializing recently in empirical studies of wholesale credit risk (loss given default, exposure at default, ratings migrations and PD modeling for large corporate loans and bonds; also performance of distressed debt and credit derivatives). He has participated in examinations as an advisor in quantitative modeling issues for credit risk rating processes, allowance and economic capital modeling at several large and mid-sized banks. Recently, he has also been involved in projects related to the development of policy and guidance for the new Basel capital framework, including the AIGV Research Task Force on vendor models. Prior to joining the OCC, Mike was a Vice-President at JP Morgan Chase Risk Methodology for 5 years, leading the empirical research program in credit risk for the wholesale bank, publishing several articles in the RMA Journal; 3 years as a quantitative analyst at Sumitomo-Mitsui Banking corporation, implementing economic capital and RAROC models; and 5 years as an Instructor and Assistant Professor at Baruch College, lecturing and performing research in financial economics, having several publications in the Journal of Futures Markets. Mike holds a BS in Engineering Science form SU.N.Y. Center at Stony Brook, an MA and ABD in Mathematical Economics from SUNY Stony Brook and a PhD in Finance from the City University of New York; he is also a Chartered Financial Analyst. Mike lives in New York City with his wife and enjoys running and wine tasting on his spare time.

Nihil Patel, Research Associate, Moody's KMV
Nihil Patel is a Research Associate in the Research Services group at Moody's KMV. The group leverages its strong quantitative credit research capabilities in the latest portfolio management and valuation techniques at Moody’s KMV to support consulting services and research projects related to the measurement and management of credit risk. Since joining Moody’s KMV in 2006, Nihil has primarily focused on an empirical work assessing credit risk over short horizons and enhancing Moody’s KMV Global Correlation Model to incorporate risk factors in Commercial Real Estate (CRE) exposures. The extended correlation model allows Moody’s KMV clients to effectively model the credit risk of CRE portfolios combined with corporate loan portfolios.

Nihil has a MSE in Operations Research and Financial Engineering from Princeton University and a BS in Industrial Engineering and Operations Research from UC Berkeley. Prior to joining Moody’s KMV, Nihil worked as an Analyst for Cornerstone Research, a firm which specializes in litigation consulting.

Ozge Gokbayrak, Ph.D., Assistant Director, Research
Ozge works in the single obligor research group for Moody's KMV. She joined KMV in September 2007. She has been working on the public EDF model and RiskCalc US banking model. Ozge obtained a Ph.D. in Finance from Carnegie Mellon University.

Pamela M. Bickel - Director, Client Solutions, Moody's Analytics
Pam Bickel is a Solution Specialist at Moody's Analytics where she works directly with clients to identify Moody's products and services that will help them meet their credit risk management objectives. Her focus remains tightly coupled with RiskAnalyst as she previously help the Product Management position and was responsible for the RiskAnalyst application suite.

After working as an independent consultant to Moody's KMV, Pam joined the firm in 2003. Previously, she was Partner and Client Support Executive at iWork Software LLC, where she managed the worldwide remarketer partner channel including pre-sales, execution and relationship management. Pam also brings nearly 12 years of experience with Crowe Chizek, where she was an executive in the Systems Consulting Group.

She earned a BS in Industrial Engineering from the University of Cincinnati and holds certifications from the American Production and Inventory Control Society, the National Society of Professional Engineers and the Society of Manufacturing Engineers.

Raymond W. McDaniel, Chairman and Chief Executive Officer, Moody's Corporation
Raymond W. McDaniel, Jr. is Chairman and Chief Executive Officer of Moody's Corporation. In this role, Mr. McDaniel is responsible for all activities of the corporation, including managing the Moody's Investors Service credit rating agency, the Moody's KMV quantitative credit risk analysis business, and Moody's Economy.com, a provider of economic research.

Mr. McDaniel has held a variety of positions since joining the firm in 1987. He was named President of Moody's Investors Service in November 2001. He was promoted to Executive Vice President of the corporation and was elected to its board of directors in April 2003. Mr. McDaniel was appointed Chief Operating Officer of Moody's Corporation in January 2004, and was named President of the corporation in October 2004. He assumed responsibility as Chairman and Chief Executive Officer in April 2005.

During his tenure, Mr. McDaniel has helped lead the company to record levels of financial performance and implemented important enhancements to Moody's ratings practices. Some of these initiatives include growing the core ratings and research business globally, implementing international expansion and new products, and improving professional practices in the ratings business by enhancing credit policies, rating committee processes, and credit research capabilities.

In his earlier days with the firm, Mr. McDaniel served as Senior Managing Director for Global Ratings & Research. He was Managing Director for International, with responsibility for designing and managing regional expansion in Asia, Europe and the Americas.

Mr. McDaniel also served as Managing Director for Moody's Europe, based in London. In that capacity, he was responsible for managing all business and rating activities for Moody's in the region. He began his Moody's career as a Senior Analyst in the Asset Securitization department in New York.

Mr. McDaniel holds a J.D. from Emory University School of Law and a B.A. in political science from Colgate University. He was admitted to the Bar of the State of New York in 1984, and is a member of the board of directors of John Wiley & Sons, Inc. and the National Council on Economic Education.

Robert G. Kula, EVP and Group Head of Quantitative Risk Analysis in Risk Management, KeyBank
Robert G. Kula is Executive Vice President and Group Head of Quantitative Risk Analysis in Risk Management. His group's responsibilities include economic capital attribution and reporting, building commercial risk rating models, and the development of Key's operational risk program. He is a member of the Risk Capital Committee, the Operational Risk Committee, and ALCO.

Bob joined the former Society (now Key) in 1991 in the Credit Programs and Analysis Group. He became the Risk Manager in Bankcard (1995-1997), and then became the Manager of Consumer Economic Capital (1998-2001) and the Director of Economic Capital (2001-2004). He was the Director of the Client Strategy Group (2004-2005) just before taking his current role in Risk Management. Prior to working at Key, Bob worked at Bridgestone/Firestone in both their credit card division in Brook Park (1983-1989) and their financial analysis group in Akron (1989-1991).

He earned both his bachelor's degree (computer and information science) and MBA (finance) from Cleveland State University. He is a member of the Risk Management Association (RMA) Risk Management Committee. He is a Finance Committee Board member at his church, where he also teaches religion to 5th graders.

Robert Scanlon,Group Chief Credit Officer, Standard Chartered Bank
Bob joined Standard Chartered Bank in January 2004 from CSFB.  He is responsible for oversight of all credit risk and credit model validation.
Mr. Scanlon carries over 35 years of experience in the financial services industry and has held senior positions at HSBC, UBS and CSFB. A career Risk officer, he began building his expertise in emerging market in the 1980’s across all areas of corporate and institutional banking.
A frequent speaker at industry events, he has served as the President of the London Chapter of the Risk Management Association, is presently a member of the Board of Trustees of GARP (Global Association of Risk Professionals), and holds a Fellowship in the Chartered Institute of Bankers.
Standard Chartered PLC is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is ranked in the top 25 among FTSE-100 companies by market capitalization.
Standard Chartered has a history of over 150 years in banking and is in many of the world’s fastest growing markets. It has an extensive global network of over 1,200 branches (including subsidiaries, associates and joint ventures) in 56 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. As one of the world’s most international banks, Standard Chartered employs over 40,000 people, representing 80 nationalities, worldwide.

Roger M. Stein, Managing Director, Research and Analytics, Moody’s Investors Service
Roger M. Stein has been working in the field of applied quantitative credit research for almost 20 years with particular focus on default prediction, loss given default prediction and model validation. He is currently the Managing Director of Research and Analytics for Moody's New Products Group in New York where he leads a team of researchers and scientific programmers that is responsible for developing quantitative tools for evaluating credit risks and for valuing credit risky securities. These tools are used internally by Moody's analysts and externally by investors and market participants. The group was formed in 2005 and its products are currently in use by over 80 institutions. Dr. Stein also headed up Moody's Global Managed Funds Group from 2005-2007. This group which is dedicated to the rating of money market, bond and other fixed income funds as well as a diverse range of closed end funds and other collective investment vehicles. Prior to this, he was Managing Director of Research and Analytics at Moody's KMV where he co-headed the firm's research and product development activities. Before Moody's acquisition of KMV in 2001, Stein headed up research for Moody's Risk Management Services. He is founding member and co-chair of Moody's Academic Advisory and Research Committee. Dr. Stein has a Bachelor's degree from the State University of New York at Binghamton in Mathematics and Japanese Studies and a Masters degree and a Ph. D. from New York University. He has taught at and is still a frequent lecturer at the New York University Stern School of Business, has authored numerous academic and professional articles on quantitative finance and credit, is on the editorial boards of the Journal of Investment Management and The Journal of Risk Model Validation and is the co-author of Seven Methods for Transforming Corporate Data into Business Intelligence (1997, Prentice Hall), a text on the commercial applications of machine learning, expert systems and statistical methods. He is also the co-author the forthcoming Active Credit Portfolio Management in Practice (Wiley), a text on applied credit risk modeling, management, and valuation, due out in January 2009.

Shisheng Qu, Ph. D., Director, Moody’s KMV
Shisheng Qu joined Moody’s KMV in 2004, and is currently in charge of research and management of the public EDF model. During his tenure in the firm, he contributed to the releases of the financial EDF model of 2004, the Japanese EDF model of 2005, and the EDF8 model of 2007. He has also involved in other research activities including credit migration and single obligor valuation.

Prior to joining the firm, he researched empirical asset pricing at the University of Texas at Austin as a Ph.D. student, focusing on institutional investors and analyst earnings forecasts. He is originally from China, where he received his Ph. D. in Engineering Mechanics from Tsinghua University, and worked in the International Finance Department of China Development Bank.

Steve Wiggins, Senior Director, Moody’s KMV
Steve Wiggins is a Senior Director at Moody’s Analytics, where he focuses on helping asset managers, insurance companies, and hedge funds extract maximum value from MKMV solutions. Steve is also the lead specialist for MKMV's Valuation platform. Steve previously led MKMV's sales and relationship management effort for asset managers and hedge funds in North America. Prior to joining MKMV, Steve worked as a management consultant at A.T. Kearney, specializing in financial institutions. His consulting experience spans multiple industries (from banking, to insurance, securities, and central banking) and geographies (from the US, to Canada, Europe, and Southeast Asia). Previous to that, he worked at CS First Boston in fixed income portfolio strategy, focusing primarily on mortgage-backed securities and derivatives. He has also worked in Equity Research for Merrill Lynch. Steve graduated from MIT with a BS in Economics, and holds an MBA in Finance and Strategy from Wharton. Steve joined KMV in June 2001.

Tomer Yahalom, Ph.D., Associate Director, Moody's KMV
Tomer Yahalom is part of the Portfolio Research Group at Moody's KMV. His work is focused mainly on structured products and their modeling in RiskFrontier and CDO Analyzer.

Tomer holds a Ph.D. in Operations, Information and Technology from Stanford Graduate School of Business, an M.S. in Statistics from Stanford University, and a B.Sc. in Industrial Engineering and Management from Technion - Israel Institute of Technology.

Yashan Wang, Ph.D., Director, Portfolio Research, Moody's KMV
Yashan is a Director in the Portfolio Research Group at Moody's KMV, where he leads the research efforts in the valuation models of all single name assets. In addition, Yashan provides quantitative client support for Moody's KMV CreditMark, Portfolio Manager and RiskFrontier.

Prior to joining Moody's KMV, Yashan was with MSCI Barra as a Senior Research Consultant. Previously, Yashan was an assistant professor at the MIT Sloan School of Management, where he taught classes in probability and stochastic processes to Ph.D. and MBA students. Yashan's research work has been published in Annals of Applied Probability, Operations Research, and Manufacturing & Service Operations Management. His current research interests include credit risk modeling and Monte Carlo methods in financial engineering.  

He has a BS in Electrical Engineering from the University of Science and Technology of China and a Ph.D. in Management Science from the Graduate School of Business, Columbia University.

Yiannis Tsiounis, Ph.D., CEO, Moody's Credit Quotes.
Dr. Tsiounis is managing the Moody's Credit Quotes division of Moody's Analytics, which focuses on OTC price discovery, pricing and valuations. Moody's Credit Quotes consists of the BQuotes team, which was acquired by Moody's in January of 2008.

Yiannis founded and was the CEO of BQuotes in 2004 in order to fill in a need of inadequate price discovery in the OTC markets. Before BQuotes Yiannis was a partner at Etolian Capital since 2003, trading CDS and corporate bonds, using a quantitative Merton-model based strategy. In 2002 and 2003 Yiannis consulted for Concord, EFS (acquired by First Data Corp. in 2003).

From 1999 till 2001 Yiannis co-founded and was the CTO of InternetCash, an Internet payments company, and from 1995 to 1999 he was a senior researcher at GTE Labs (now Verizon Labs). Dr. Tsiounis holds a Ph.D. in Cryptography and a M.Sc. in Computer Science from Northeastern University, and a B.Sc. in Mathematics from University of Athens, Greece.

Vanessa Wu, Senior Director, Moody's KMV
Vanessa Wu is a Senior Director at Moody's KMV and heads the Portfolio and Valuation Product Management team. This team is responsible for RiskFrontier, DealAnalyzer, CreditMark, and CreditEdge Plus.

Vanessa joined Moody's KMV Client Service team in February 1997 after a few years in litigation and economic consulting. Vanessa assisted global financial institutions in the implementation of Moody's KMV's solutions for risk assessment and credit portfolio management, including two years in the KMV London office. Prior to Product Management, Vanessa headed the Global Client Support and Training team.

Vanessa holds a BS with Honors in Applied Mathematics with an Emphasis in Business Administration and a Specialization in Computing from the University of California, Los Angeles.

Ivo Antonov, Managing Director, Moody's Analytics
Ivo Antonov, a Managing Director at Moody?s Analytics, is responsible for knowledge management, business development and research in the Consulting Services arm of Moody?s Analytics. In that capacity, Ivo works with a global team of analysts that helps clients with the development, validation and calibration of internal rating systems.

Since joining Moody?s in 1999, Ivo has facilitated the adoption and implementation of credit decisioning and quantitative credit risk tools at major financial institutions worldwide and has actively participated in more than 35 client engagements. Prior to joining Moody?s, Ivo spent six years as a corporate banker and business development executive with a merchant bank.

He holds a master?s degree in Computer Science from Technical University of Sofia and an MBA from Cyprus International Institute of Management.

Paul Widuch, Senior Vice President, Northern Trust Company
Paul Widuch is Senior Vice President in the Credit Policy division of Northern Trust. His responsibilities include the in-house implementation of credit risk components of Basel II and the formulation of and ongoing ownership of credit risk economic capital methodology and models.

Prior to joining Northern Trust, Paul Widuch has spent more than 15 years in various roles at ABN AMRO in the fields of leverage finance, credit risk management and economic capital.

Paul Huck, Senior Economist, Federal Reserve Bank of Chicago
Paul Huck is a senior economist and economic advisor in the financial markets group of the Federal Reserve Bank of Chicago. Prior to joining the group, he was responsible for a model review team in Supervision and Regulation at the Chicago Fed that conducted reviews of quantitative risk management processes at large banks. He also was a member of a number of inter-agency working groups as part of the US implementation of the Basel II regulatory capital framework.

Prior to coming to the Chicago Fed, Huck taught economics at Wake Forest University in Winston-Salem, North Carolina. He received a B.S from Marquette University, an M.B.A. from the University of Washington and an M.A. and Ph.D. in economics from Northwestern University.

Philip K. Chamberlain, Managing Director, Bank of New York Mellon
Mr. Chamberlain is a Managing Director in the Bank of New York Mellon?s Risk Management and Compliance Sector, and Head of Credit Modeling. Responsibilities include functional leadership for the Bank?s Basel II credit implementation, as well as oversight of the Bank?s Credit Risk Data Warehouse, economic credit portfolio model, return on credit risk and internal ratings models, and credit risk data generally.

A graduate of Yale and New York Universities, Mr. Chamberlain joined the Bank in 1973, has worked on Basel II implementation since 2000.

Jim Sarrail, Senior Director, Moody's KMV
Mr. Sarrail has an extensive background in credit risk management. As a Senior Director at Moody?s KMV, he currently assists a wide variety of financial institutions on the use of quantitative tools for managing individual credit risk exposure, as well as portfolios of credit-risky instruments. Prior to joining Moody?s KMV, Mr. Sarrail worked in the corporate treasury group at McKesson Corporation, where he helped to manage the firm?s short-term and long-term capital needs. Mr. Sarrail has also held a variety of positions in wholesale lending at the Bank of America, where he developed RAROC pricing/profitability tools focused on economic capital allocation and the marginal impact of new business transactions. He received a Master of International Management degree, from the American Graduate School of International Management, Thunderbird, and a BA in Economics from Bucknell University.