Mitigating the Impact of Risky Investments (CDOs, Credit Default Swaps, and others): A Practical Guide for Municipalities and other public works companies

Steven Chamberlin
Manager, Tax Exempt Bonds, Compliance & Program Management
Internal Revenue Service

As CPM Manager, Steve leads the IRS’s voluntary compliance, taxpayer assistance, and compliance analysis and review programs within the Tax Exempt Bonds Division. In this capacity, he directs the resolution of tax violations voluntarily brought forward by governmental issuers, the review of claims for recovery of overpayments of arbitrage rebate, the planning of compliance activities within segments of the tax-exempt bond market, and the review of examination cases. Steve is also responsible for providing technical assistance to the Director and the Field Operations staff, coordinating formal guidance projects with Chief Counsel and Treasury offices, and developing education and compliance initiatives. He joined Tax Exempt Bonds as a Tax Law Specialist through the Presidential Management Fellows Program.

Steve received both a Juris Doctor and Master of Science in public policy and management from the University of Oregon as well as a Bachelor of Arts from the University of Puget Sound. He is currently a member of the Missouri State Bar.

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Edward J. O'Connell
Partner
Jones Day

Ed O'Connell has an extensive practice in the structured finance and derivatives area, concentrating particularly in collateralized debt obligations, both cash and synthetic. He is experienced in the representation of issuers, underwriters, servicers, investors, credit enhancers, trustees, and rating agencies in connection with assetbacked and mortgage-backed securities. Most recently, he has been actively involved in restructurings of entities engaged in structured finance as well as advising parties in connection with rights and obligations in structured finance transactions.

Ed is a frequent speaker and writer on the subjects of structured finance and derivatives. Recent articles include "An Overview of CDO Transactions," The Review of Securities and Commodities Regulation (April 2, 2008); "ABCs of Synthetics ABS," Journal of Structured Finance (Spring 2006); "Tracking the Growing Popularity of CDOs of ABS," Capital Markets (June/July 2005); and "Understanding ISDA's Credit Derivative Rules," International Financial Law Review (August 2003).

Admitted
New York

Education
Wagner College (B.S. 1982); Fordham University (J.D. 1986)

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Joel S. Telpner
Partner
Mayer Brown LLP

Experience
Joel Telpner is a transactional attorney whose practice is concentrated on representing financial institutions, derivative dealers, investment banks, private investment funds and end users in designing, structuring and negotiating complex derivative transactions. Joel advises clients on a broad variety of financial products and transactions, including total return and credit default swaps, synthetic products, credit and equity-linked products, hedge fund-linked products, structured and leveraged finance transactions, CDOs/CLOs and other securitization products. He also has extensive experience advising clients on trading and regulatory issues involving various capital markets products.

Joel structures and provides regulatory advice concerning investment vehicles such as hedge funds, funds of funds, onshore and offshore investment vehicles and structured investment vehicles. He often focuses on products and structures that reflect the growing convergence between structured products and private investment funds. Joel designs and structures financial instruments and products that create hedging, leverage and liquidity opportunities for funds and that provide indirect leveraged synthetic investment opportunities for investors. He works with hedge and private equity funds in designing and structuring investment opportunities that can take advantage of the growing role that these funds are playing as alternative providers of capital. Joel also has extensive experience with a wide variety of other capital markets transactions, including negotiated acquisitions, corporate finance and venture capital.

Joel has been recognized as a New York Super Lawyer and is a recipient of the Harry R. Mancher Young Leadership Award. Prior to joining Mayer Brown in 2005, he was a shareholder in the firm of Greenberg Traurig LLP (2002–2005) and served as Managing Director and Chief Legal Counsel at Koch Ventures, Inc. (1999–2002). From 1994 to 1999, Joel was Director and General Counsel at CDC North America. Earlier (1991–1994), he worked as First Vice President and General Counsel with the New York branch of Bank Julius Baer & Co, Ltd. and Bank Julius Baer Securities, Inc. Between 1983 and 1991, Joel held appointments with two other law firms in New York. He is conversant in French.

Education
Wharton School, University of Pennsylvania, MBA, 1999 • The University of Iowa College of Law, JD, with distinction, 1983; Editorial Board, Iowa Law Review; Executive Editor, ASILS International Law Journal • The University of Iowa, BBA, 1978

Admitted
New York, 1984

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Mitigating the Impact of Risky Investments (CDOs, Credit Default Swaps, and others): A Practical Guide for Municipalities and other public works companies
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