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About the Author

Gary Gray, Ph.D. is a Visiting Professor of Finance at The Pennsylvania State University and is a consultant to investment and commercial banks. Previously he was a Managing Director with Lehman Brothers and was with Shearson Lehman Brothers and E.F. Hutton prior to the Shearson merger. Dr. Gray has been an investment banker/financial engineer since 1972, specializing in new product development in municipal bonds and preferred stock. He has been responsible for a number of innovative financial products including: tax-exempt zero coupon bonds and capital appreciation bonds; tender option crossover refunding bonds; RIBs/SAVRs; Municipal Call Hedging Option Program (Muni CHOPs); Bond Payment Obligations (BPOs); agricultural revenue bonds; secondary market programs for tax-exempts and preferred stock, including Multiple Option Municipal Securities, and a variety of Unit Investment Trust products and leveraged limited partnership structures.

Dr. Gray attended Penn State on a football scholarship and played inside linebacker and was a graduate assistant coach under Joe Paterno. He has articles published in numerous periodicals including Harvard Business Review and Municipal Finance Journal. He is the author of Running with the Bulls, Lyons Press, 2001, and coauthor, along with Pat Cusatis, of Municipal Derivative Securities: Uses and Valuation, which was published by Irwin Professional Publishing in October, 1994.