TNB USA Inc. (TNB) is a Connecticut-based depository institution. It was issued a Temporary Certificate of Authority by the Commissioner of the Department of Banking of the state of Connecticut as an uninsured bank in August 2017. TNB seeks to serve institutional customers by offering safe depository services at attractive interest rates.
Mr. McAndrews is an economist specializing in the economics of money and banking. Most recently, he was executive vice president and head of the Research and Statistics Group at the Federal Reserve Bank of New York from 2010-2016 , a position for which he was cleared for and held Top Secret security clearance from the federal government. In that role he led a group of 285 professionals in the formation of economic and financial policy analysis for the Bank and in the collection of data for regulatory, supervisory, and monetary purposes, and in the formulation of new approaches to data management for the Bank. Jamie served on the Bank’s Management Committee and its subcommittees, and participated in leadership development programs at the Bank.
Jamie was a member of the steering committee for the Federal Reserve System’s Comprehensive Liquidity and Analysis Review (CLAR) from its founding in 2011 to 2016, and served as Associate Economist to the FOMC in 2012. He represented the Bank on a number of international committees devoted to retail and large value payments, funding liquidity, and monetary policy implementation. Mr. McAndrews played a prominent role in the New York Fed’s financial stability efforts, including contributing to the design of several liquidity facilities during the financial crisis.
Jamie retired from the Bank after 19 years of service at the Bank and 28 years of combined service to the System. He joined the Bank in 1997 as a senior economist transferring from the Federal Reserve Bank of Philadelphia. He has written extensively on topics in monetary policy implementation, the liquidity of banks and markets, and monetary arrangements in U.S. history. Recent topics include the economics of dealer banks, the management of central bank liabilities, and fire sales in securities’ markets. Jamie holds a bachelor’s degree and doctorate degree in economics from the University of Iowa.
Mr. Park was the founder and managing member of Compound Capital Management, a private investment company established in 2013 which focuses on long-term fundamental investing in stocks, bonds and real estate. Gene was also a Senior Advisor at Teneo Holdings, specializing in financial strategy and capital allocation advice to CEOs and CFOs of Fortune 100 companies.
Prior to Compound Capital, Gene was the founder and CEO of Quadrant Structured Investment Advisers, a private investment company launched with $400 million of equity capital in 2007. Throughout Mr. Park’s management of the company, Quadrant had a compounded annual return of 20% compared to less than 2% in the S&P for the same period (over five years).
Prior to Quadrant, Gene was a Managing Director and Head of North American Structured Credit for seven years at AIG Financial Products Corp. primarily responsible for managing the company’s corporate credit portfolio and business. As described in Michael Lewis’s book “The Big Short”, Mr. Park was instrumental in identifying the risks of and closing down AIGFP’s sub-prime mortgage business two years prior to the financial crisis of 2008, ultimately saving taxpayers over $100 billion in bailout money.
Before AIGFP, Gene was a Managing Director and Head of North American Structuring at General Re Financial Products Corp. for seven years with a focus on structured interest rate and credit derivatives.
Prior to GRFP, Gene was an analyst at Tiger Management, a multi-strategy hedge fund and a management consultant in Ernst & Young’s Financial Services Consulting Group.
Gene graduated with a BS in Operations Research and Industrial Engineering from Cornell University.
Mr. Calcagno has worked in the financial industry for the past fifteen years with a focus on automating and streamlining business operations. His skill sets focus on deconstructing large complex systems and rebuilding them in an intuitive, robust and efficient manner.
In 2007, James joined Quadrant Structured Investment Advisers, a private investment company, as the Head of Analytics. His role included portfolio analysis and reporting, development and execution of rating agency capital models, as well as the creation and build-out of a trade order and risk management system for the company’s +$20 billion credit derivative portfolio. Since inception, James was able to save the company over $25 million by replacing third-party services with those internally built systems. By taking a hands-on approach, he was able to streamline Quadrant’s infrastructure in such a way that even as the business grew significantly over time, the firm’s expenses were able to be reduced by over 50%. James was an Executive Director of Quadrant.
James was also a consultant to a large alternative asset manager. His most recent project included a complete overhaul of the company’s control and reporting systems. The client has a complex structure with over 50 funds under management. By automating and simplifying their process, James reduced the delivery of the end-of-month management reports from fifteen to seven business days, while decreasing man-hours allocated to the reporting process by 70%.
Prior to Quadrant, James spent four years at OTA’s Multi Strategy Fund. His focus at OTA was to design and execute in-house software, to automate portfolio creation, trade execution, risk management and reporting.
James graduated with a BS in Management Science with concentration in finance and economics from MIT’s Sloan School of Management.
Mr. Melchior has over twenty five years of experience in finance and the capital markets. Dean’s senior level experience includes key roles in finance, technology, risk management, and accounting.
Most recently, Dean was a Managing Director at Lehman Brothers Holdings, Inc. At Lehman, Dean was instrumental in developing frameworks for and negotiating settlements and closeouts of derivative positions with billions of dollars of claim value. He was head of interest rate derivative and FX valuation, and was also responsible for hedging and risk management of ongoing live portfolios.
Prior to Lehman, Dean served as a consultant concerning valuation and accounting for derivatives. Preceding his time in serving as a consultant, Dean was part of a group at the Carlyle Group that set up Carlyle’s first publicly listed fund. He worked on the launch of the fund and held risk management and treasury roles.
Before his role at Carlyle, Dean was a risk manager at UBS. At UBS, Dean covered a wide range of derivative and cash products, across emerging markets, high yield, investment grade and government and agency markets.
Prior to UBS, Dean was a product manager at the software firm Principia Partners. Principia provides a complete front-to-back software solution for structured and vanilla derivative and cash instruments. While at Principia, Dean also held Quality Assurance and Client support management roles, improving the firm’s offering in those areas.
Previously, Dean was a Senior Vice President and trader at DKB Financial Products, the first market-making derivatives business for Dai-Ichi Kangyo Bank, predecessor to Mizuho. Dean joined a group of twelve to create the business from the ground up and contributed in developing platforms for valuation and risk management, before and while running a very profitable interest rate swap book.
Dean graduated with a BS in Economics, concentration in Finance from the University of Pennsylvania, The Wharton School of Business.
Mr. Gorton is The Frederick Frank Class of 1954 Professor of Finance at the Yale School of Management, which he joined in August 2008. Prior to joining Yale, he was the Robert Morris Professor of Banking and Finance at The Wharton School of the University of Pennsylvania, where he taught during 1984-2008. Mr. Gorton has done research in many areas of finance and economics, including both theoretical and empirical work. He is the author of Slapped by the Invisible Hand: The Panic of 2007 (Oxford University Press), Misunderstanding Financial Crises (Oxford University Press) and The Maze of Banking (Oxford).
Mr. Gorton has consulted for the U.S. Board of Governors of the Federal Reserve System, various U.S. Federal Reserve Banks, the Bank of England, the Bank of Japan, and the Central Bank of Turkey.
Mr. Gorton received his doctorate in Economics from the University of Rochester. In the field of economics, he received Master’s degrees at the University of Rochester and Cleveland State University, and also received a Master’s degree in Chinese Studies from the University of Michigan.
Mr. Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University’s Graduate School of Business, and Professor (by courtesy) in the Department of Economics, Stanford University. He has been on the finance faculty at Stanford since receiving his Ph.D. from Stanford in 1984.
Darrell is a Fellow of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, a Fellow of the American Academy of Arts and Sciences, and a member of the board of directors of Moody’s Corporation since October 2008. He was the 2009 president of the American Finance Association. In 2014, Darrell chaired the Financial Stability Board’s Market Participants Group on Reference Rate Reform, which lead to recommendations by FSB to further reform LIBOR and to make a transition to alternative benchmark reference rates.
At Stanford, Darrell teaches a doctoral course on asset pricing, an MBA course on debt markets, and an MBA course on China’s financial system. He actively supervises doctoral students in economics and finance.
Darrell’s recent research focuses on capital markets and financial stability. His research is published in journals such as Econometrica, Journal of Political Economy, and Journal of Finance, among others. His recent books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012). His complete list of research publications and professional activities can be found here
Mr. Nance is a Director and CEO of Quadrant Structured Products Company, Ltd., (“Quadrant”), a credit derivative products company he helped start in 2007. He is a second term Trustee of Miss Porter’s School, Farmington CT, where he serves on the audit, finance, and investment committees; he was a two term director of the National Futures Association (“NFA”), and he remains a member of the NFA’s Risk and Compliance Committee.
Martin is a Fellow of the Institute of Chartered Accountants in England & Wales. After qualifying as a Chartered Accountant he received his credit training at Manufacturers Hanover Trust Company, New York, where, as Vice President and Group Executive, he oversaw a multibillion dollar credit portfolio for predominantly Fortune 500 companies and was selected to participate in the Advanced Corporate Finance Program at Harvard Business School. Subsequently, he held senior positions at Bankers Trust (Managing Director and head of that firm’s Risk Management Advisory business), and Barclays Bank (Executive Vice President and Managing Director). He was a senior vice president of one of AIG’s insurance businesses, Head of Business Development at Aladdin Capital Management and, immediately prior to joining Quadrant, was a Managing Director at Magnetar Financial LLC.