Information Management Network Managing Director Scott Brody released a statement regarding a news item that appeared in the New York Post about United Capital Market's CEO John Devaney.
The article detailed Devaney's being booed for his remarks at the recent Information Management Network ABS East conference, accounts of which were completely false.
The following is Brody's statement:
To New York Post, Teri Buhl, and your Investor Source:
As the host organization of this year's ABS East conference (and member organization of the U.K.-Based Daily Mail Group which owns many venerable media titles worldwide), we were shocked to see the false report published by Teri Buhl of the New York Post regarding her comments on John Devaney of United Capital Markets. The conference of 1,300 attendees (of which Ms. Buhl was not present) opened with an overview panel that included John Devaney, along with other market participants. While there was the usual cordial disagreement among panel participants, there was no "booing" or heckling, nor did anyone leave the stage contrary to what the New York Post printed. This type of inaccurate, sensationalized reporting devalues the New York Post as a credible news source. John Devaney has been a friend to the industry, and a very generous one at that. His firm provided liquidity to numerous institutional accounts when many dealers would not. It was through his commitment to the securitization industry as a whole that IMN was able to offer the fixed income community a worthwhile venue to share ideas, raise concerns and promote market liquidity. His indefatigable efforts did much to assist organizations such as ours in educating the market as to the benefits that securitization has to offer businesses and consumers alike. This article is a piece of fiction plain and simple.
Scott Brody, Managing Director, Information Management Network