After more than a year on the sidelines, Hans Bald returned to ABS, hired by Credit Suisse First Boston for his expertise in commercial paper.
Chase Securities recently hired Jeffrey Flug to be the managing director of its national sales effort. Flug will handle the sales of high-grade corporate bonds, mortgage-backed securities, and asset-backed securities among many things. Prior to his newfound position, Flug was with Goldman Sachs for 12 years.
June 13-14 in Chicago: Strategic Research Institute presents Equipment Lease Securitization in the Year 2000. For more information call (800) 599-4950.
June 21-24 in Barcelona, Spain: Frank J. Fabozzi Inc./InformationManagementNetwork present The Fourth Annual Investors' & Issuers Summit on: Global Asset Securitisation. For more information call (212) 768-2800 ext 1.
More predatory lending hoopla: A California resident has file a lawsuit against Metris Companies and its credit card arm, Direct Merchants Credit Card Bank. The suit alleges that the company practices deceptive and illegal practices when soliciting customers to purchase services such as theft protection, warranty extension and appliance repairs.
Michigan residents may see a 5% rate cut in their utility bills thanks to legislation approved by the state House. The legislation would allow for the sale of $8 billion in binds to recover investments in power plants and other facilities due to the increased competition that the bill would create. Money obtained from securitization would go into additional rate cuts and then into a fund that would assist low-income families and pay for environmental clean-up projects.