Paul DeRosa Appointed to Ambac Board of Directors
03 Juillet 2008 - 3:29PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced today
that Paul DeRosa, a principal of Mt. Lucas Management Corporation,
a hedge fund management firm located in Princeton, New Jersey, has
joined its Board of Directors effective July 7, 2008. The addition
of Mr. DeRosa to the Ambac Board increases its membership to seven.
Of the seven, other than the Chief Executive Officer, all are
non-employee directors. Commenting on the appointment, Ambac
President and Chief Executive Officer, Michael Callen, stated, �The
addition of Mr. DeRosa to our Board further enhances its depth and
expertise. His skills will be particularly valuable to Ambac at
this time. I�ve known Paul for over 30 years and I look forward to
working with him on the challenges facing Ambac.� During the past
30 years, Mr. DeRosa has served in a variety of positions, starting
as a research economist at the Federal Reserve Bank of New York. In
1975, he joined Citibank NA., where he was responsible for
developing Citibank�s business in financial derivatives in the
early 1980�s and was also the head of the bank�s proprietary bond
trading. In addition to his line responsibilities, Mr. DeRosa
authored Citibank�s interest rate risk management system, which
subsequently became the model for the system adopted by the BIS.
Mr. DeRosa then co-founded Eastbridge Capital Inc., a bond trading
company and primary dealer in United Treasury bonds, becoming CEO
of the holding company in 1995. He joined Mt. Lucas in 1998. Mr.
DeRosa holds a PhD from Columbia University and is the author of
several books and articles on subjects in economics. Ambac
Financial Group, Inc., headquartered in New York City, is a holding
company whose affiliates provide financial guarantees and financial
services to clients in both the public and private sectors around
the world. Ambac's principal operating subsidiary, Ambac Assurance
Corporation, a guarantor of public finance and structured finance
obligations, has earned a Aa3 rating from Moody's Investors
Service, Inc. and a AA rating from Standard & Poor's Ratings
Services; Moody�s rating is on negative outlook while Standard
& Poor's maintains a credit watch negative. Ambac Financial
Group, Inc. common stock is listed on the New York Stock Exchange
(ticker symbol ABK).
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