People
Ira Powell recently joined Goldman Sachs as a vice president in the bank's conduit group, reporting to Randy Harrison, also a vice president. Powell moved over from Merrill Lynch where he worked under Stew Cutler, who runs Merrill's short-term commercial paper finance group. Before that, Powell ran the conduit group at Fitch.
Matt Cooleen, formerly of AIG Risk Finance, recently left the company to take part in the development of a new, wholly-owned subsidiary of Chubb Life Insurance Company of America, according to market sources. Further details were not available.
Spurred on by the recent departure of Lehman Brothers' CFO, several members of the firms' MBS and ABS teams are reportedly shifting certain responsibility levels, sources said. Following the shift of Mike Mazzei from Lehman's commercial mortgage conduit to the head position of Lehman Re earlier this year, ABS veteran and managing director Nelson Soares, who had been working on FIGs, is returning to the asset-backed securities department along with fellow managing director Paul Sveen, working mainly on non-mortgage-related product. Additionally, Martin Harding's responsibilities have increased as well, as he will continue to handle all mortgage-related ABS and residential MBS product, as well as the entire warehouse lending business, certain principal transaction-related responsibilities, and emerging business units, such as Internet-related endeavors.
Dan Bevill, formerly of Enterprise Re., recently joined Ambac Assurance Corp. as a first vice president in the structured insurance group. Bevill reports to Mike Schozer.
Miscellaneous
Vermont Electric Power Producers (Vepp Inc.), a non-profit corporation that facilitates the buying and selling of alternative power and which is eyeing a $150 to $200 million stranded cost securitization, is seeking a declaratory ruling from the Vermont Public Service Board regarding the Board's authority to issue the required securitization order. Vepp is aiming to do an administrative securitization, which is a securitization that can be executed without enabling legislation.
The Board met last July 12 to discuss the matter and will meet again tentatively on August 23 to conduct a workshop on the subject. If the Board decides positively on the issue, Vepp will go to the state legislature - which would be convening in January and adjourn in April - to enable the firm to do the securitization as tax-efficiently as possible. The planned securitization might take place right after the state legislature adjourns.
