Greg Drennen, the manager of the $9 billion securitized product account at New York hedge fund The Clinton Group, says that his remarks about Credit Suisse First Boston's mortgage-backed security group in the Sales Professional Of The Year Award (BW, 8/19) were taken out of context. Drennen says that he did not mean to imply that he has ceased transacting business in MBS or asset-backed securities with CSFB because of sales pro Tom Corrnachia's departure, and that "the way the remarks were presented might give the impression that this is the case." Drennen says that his only intent in making the remarks was to convey a deep personal and professional respect for Cornacchia's efforts as a salesman, regardless of the firm he is working at.
MBS Hedge Fund Pro Clarifies Remarks