WAYNE D. ANGELL

Wayne D. Angell is Chief Economist and Senior Managing Director of Bear Stearns & Co., Inc. Dr. Angell joined Bear Stearns in April of 1994, where he analyzes U.S. and global economic trends and speaks frequently with institutional investors.

From February 7, 1986 to February 9, 1994, Wayne D. Angell served as a member of the Board of Governors at the Federal Reserve. He served as Chair of the Board's Committee on Federal Reserve Bank Activities and as Chair of the G-10 Committee on Payment and Settlement Systems, Basle, Switzerland.

Wayne Angell was born June 28, 1930, in liberal Kansas. He received a B.A. from Ottawa University in Ottawa, Kansas in 1952, and an M.A. in 1953 from the University of Kansas. After completing his coursework for a Ph.D., he began a two-year period as a full-time Instructor in Economics at the University of Kansas, in 1954. In 1957, Wayne Angell completed his dissertation, The History of Commercial Banking in Kansas, 1854-1954, to fulfill the final requirement for a Ph.D. in economics.

In 1956, Wayne Angell began an extended career at Ottawa University as an Assistant Professor of Economics. He was promoted to full professor in 1959. He served as Department Chairman, Division Chairman and, from 1969 to 1972, as Dean of the College. After a three month sabbatical trip to study economic development in India, Nepal, Burma, Thailand, Philippines, Hong Kong, and Japan, he returned to classroom teaching from 1975 to 1985. He continued to broaden his economic interests by completing two terms as a Director of the Federal Reserve Bank of Kansas City, and by two more around the world study visas to South East Asia, with focus on India, China, and Malaysia. Also, he added new direct business experience as a Bank officer and director, as well as consulting with banks and thrifts in Missouri, Kansas, and Colorado. During this period, Wayne Angell concentrated his attention on the increasingly complex task of managing interest rate and prepayment risk. He had a significant responsibility for the development of a dynamic hedging strategy and evaluating alternate strategies such as interest rate and prepayment forecasting.

Three years after beginning his professional career at Ottawa University, Wayne Angell became a candidate for the Kansas State House of Representatives. He won a closely contested race in the Republican primary while declining to accept contributions to escape the law limiting campaign expenditures to $150 per election. He then won the general election in November 1960. He secured a coveted seat on the appropriation's committee as a freshman legislator and one year later became a subcommittee chair. He was reelected in 1962 and 1964, chaired the Water Resources Committee and the Economic Development Committee while continuing his appropriations committee assignments. He was an active Republican serving as precinct committeeman, as a member of the state Republican platform committee, as Vice-Chairman of the Kansas State Republican Legislative Campaign Committee and as Chairman of the 1964 Kansas 3rd Congressional District Republican Convention.

From 1951 to 1985 Wayne Angell was a partner in farming with his brother Charlie Angell. Their farm acreage was expanded from 1100 acres in 1951 to 3300 acres in the 1970s. Their developing banking and legislative interests were more efficiently managed by using a high-performance single engine airplane to cover all the bases. Wayne Angell received his private pilot license in 1951.

Wayne Angell is the recipient of numerous honors and awards including Phi Beta Kappa from the University of Kansas in 1953, Who's Who in America, honorary Doctor of Humane Letters from Ottawa University in 1992, Distinguished Kansan of the Year of the Native Sons and Daughters in 1987, and Distinguished Service Award from the Alumni Association of Ottawa University in 1980.